Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-05-11
STOCKS IN ADVANCE
AT SHORT SESSION
Market Absorbs Profit TAX
/ Ing and Pushes Ahead to
Higher Average.
BY JOHN L. COOLEY,
Associated Press Financial Editor.

NEW YORK, May 10.-The stock
market surmounted the obstacle of week
end pront-taking today and closed with
Q sprint that brought net gains of 2 to
2 points to many Of the prominent
shares.
The session, Of course, contrasted with
last Saturday, both In the direction of
trading. Today's sales were 1880, $50
shares against 4.S67,530 a week ago
when the recent decline was speeding
under full sail.
Speculative activity for the advance
began in the utility shares, but soon
overlooked into the industrials and spe-
cialties. Bulls took The view that the
dullness of the market yesterday meant
the completion of forced liquidation and
they pushed ahead their favorites with
the best show of confidence seen this
week. Aided by rather extensive short
covering, they had little difficulty in
moving up virtually the entire list.
Steel Tonnage Report.
The decrease Of 216.433 tons in the
steel corporations back log was some
what larger than had been predicted,
but the drop had been well discounted
Dy bLlc SUCK, WHICH kaulSQ points,
closing at the top price Of 172sa. The
April decline in untitled orders CON-
pares with an increase of 90,905 tons
during March and rise of 16045 tons
In April, 1929. April shipments this
year exceeded those Of March by nearly
90, 900 tons
Copper shares acted well on reports
Of increased buying of the metal. Ana
conda and Kennecott rallied about 2
points each and Chile gained 4.
The squirt In the utilities, which re-
marked up by O 6-point rise In Electric
Power q Light. Buying of the stock
was accompanied by reports that the
plan for the United Gas Co. merger
would become effective. next week.
Columbia Gas, Consolidated Gas,
American Telephone, American &
Foreign Power. United Gas Improve
ment, and Stone a. webster particle
pated IN the advance to the extent of
3 to 8 points.
The large short interest In United
Aircraft was severely squeezed. under
pressure yesterday in anticipation OF an
unfavorAble earnings report, the stock
dropped more than a point below FRI
days close, but rebounded nearly and
closed with gain of 511. The earnings
statement showed 80 cents q share for
the first quarter, against $1.05 on q
smaller capitalization in the same
period Of 1929.
New Highs Recorded.
New highs for the year were made
by Borden and the American Tobacco
stocks, the latter rising 8 and 4 points.
Johns anville, which is expected to
benefit from improvement in new con-
struction, rose 8.
Aside from the. United States Steel
tonnage statement, the days news was
dull. stock exchange member borrows
ings disclosed gain of clio of / per
cent In the ratio of loans to market
value Of shares on May /, or before the
break In prices reached its peak. Fig
ures on the quoted value of all listed
shares, as Of the same date, revealed a
decrease Of $770,839,647 during April
Commodity prices made some I'M
pruvement. Wheat rose about q cent
and half on the strength Of the Gov
eminent crop report. Corn and cotton
were generally steady.
Foreign exchanges eased. Sterling
cables sagged TO q new low for the year
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