New Britain herald., 1930-11-13
Stock Market Prices Rally for
 Third Successive Day Despite
 Furry of Selling During Morning
Shares Particularly Show Gains - Price of Red Metal Rises - Short Covering in Large Vol ume as Bears Retreat.

New York, Nov. 13 lP)-Share prices rallied for the third successive day in today's stock market-a phenomenon not witnessed in weeks but the recovery was not contin- Ued until another furry of selling had been absorbed in the morning.
 The copper shares again displayel conspicuous strength, ref1ecting a further advance in the red metal price. These issues held firm during the morning, when numerous losses of 1 to points were recorded else where. This decline was cancelled by early afternoon, however, and replaced by gains Of 10 ' in prom inent issues, Trading was moder- ately active.
 American Smelling Rises
 American Smelling rose about points, and issues advancing 2 to 3 included Kennecott, Calumet and Arizona, Howe Sound. Inspiration, Miami, Granby and Calumet and Hecla. Anacoada rose 1 1-2. Cerro De Pasco was held back by reports of disturbances at it's mines in Peru. Allied Chemical got back into the 200 class with point rise, and Norfolk and Western .lso re- turned to the blue chips class Shares advancing 10 included Consolidated Gas, DuPont, American Tobacco B, American Power and Light, Electric Power and Light, Woolworth and St Louis Southwest crn. Union Pacific and Western Union advanced '. American Tele- phone and Locws fell off points, then recovered. |. S. Steel sold off a point. then rallied to show a mod crate gain.
 Short covering was in large vol ume. as the bear retreat was accel- era.ed by various rumors, which were nevertheless, uncomfortable or denied The report that the stock exchange was considering punitive measures against certain bears was revived, but it gained no encouragement at the exchange. The beard of governors met yesterday, but the meeting was described as "routine.' Also, a report has been widely circulated in speculative quarters that Eugene Meyer, govcr- nor Of the federal reserve board, as planning a constructive statc- ment, This was denied, and it was explained the reserve authorities
 have no thought of issuing any spe- clal analysis at this time.
 Copper More in Demand Copper dealers reported consum- CTS were bidding at 1o1a cents a pound, an increase of F cent on top
 of yesterdays gain of F. The . Chamber Syndicate Des Mcteux 1 Francais. which represents the
 French metalIugical interests, issued a complaint that American produ- COTS were withholding copper to force prices up. It is said in copper trade circles. nevertheless, that 1 a price of at least fl cents would be viewed as reasonable here. Copped rangd between F and 14 cnts from the latter part of 1923 until the autumn Of 1928, when it started a climb that carried the price above
 70 cents early in 1929. It quickly settled down to IS, and held there for about a year
 Conspicuous in the days corpor- ate news was the declaration of d dividend Of 25 cents by Chicago & | Northwestern. making total divi- dends for 1880 S4 a share. against a previous annual rate of S5. St. Louis-San Francisco, however, or dered the regular quarterly payment of g, although the lower earnings mad given rise to expectation of a reduction in some quarters. October railway earnings statements. soon 10 appear, are expected to reflect the benefits of operating economics. Call money was offered in the out side market as low as 1 per cent, while the official rate held at 2. Nf y,nn D .nn ID NI