Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-08-15
STOCKS FORCED UP
AS BEARS RETREAT
Several Shares Gain SIS to
SIP in Late Rush to
Cover.
By the Associated Press.


NEW YORK, August 15.-The over
grown bear faction clumsily stumbled
into trap in today's stock market, and
was forced to pay fancy prices to get
out.
A long list of important shares shot
up to IL points in the final hour of
trading, as the bears, after three days
of unsuccessful efforts to send prices
lower, fell over each other to buy back
the shares they had sold short, and
found disconcertingly little stock for
sale.
United States Steel shot up points,
one of the sharpest advances In this
premier issue in recent years, such issues
as American Telephone, Vanadium,
Columbian Carbon Air Reduction. West
inghouse Electric and American Can
gained to 10, while Case mounted IL.
Profit taking by traders who bought at
lower levels for a turn caused some
recessions from the best levels.
With some 100 stocks lending fiat"
indicating that the borrowing demand
is so great that borrowers are willing to
forego interest on the funds deposited
with lenders, the bear faction appears to
have attracted what Is perhaps an I'M
precedented following. Some brokers
estimate that the short interest amounts
TO between 100000 and 100000
shares.
Try for Quick Turn.
While many observers insist that
these estimates are too high, the feeling
that some unexpected piece of good news
might create a sudden demand for
some 100000 shares to cover short
contracts has definitely impaired bearish
courage. Some professional traders
have begun to try for quick turn on
the upside, although there has been
little or no inclination to organize any
new bull campaign.
The market sold of about 1 to 5
points in spots during the morning, but
important shares held about steady, and
before midday most of the losses were
regained, while long list of issues sold
up l to 3, with a few making wider
gains The tobacco issues were strong,
American Tobacco B shooting up more
than g. American Machine 81 Foundry,
which makes tobacco machinery, traded
for the first time this week, shooting up
more than\20. Shares making advances
of about to 3 points included United
States Steel, American Can, Eastman
Kodak, National Biscuit Public Service
of New Jersey, Dupont, Johns Manville,
Air Reduction and one Of yesterdays
weak features, Republic Steel common.
Extensive rainfall apparently break-
ing the drought over some OF the most
seriously affected areas, was one of the
most bullish developments of the day.
Such developments as unsatisfactory
earnings reports and rumors of reduc-
tons in dividends appeared to have been
pretty well discounted marketwise, al
though the coppers sagged somewhat in
response to reports that both Kennecott
and Anaconda may make further redbe-
tons.
Late Price Changes.
The International Paper & Power
issues, which were acutely weak yes
terday, flrmed up after publication of
the statement showing June quarter
deficit of 81 300, 900 after dividends. It
was learned at the Offices of the COM
pany that the drought had not affected
its hydroelectric properties. Warner
Bros. sold off points after announce
ment of the issue of rights, then rallied.
Chrysler was steady to firm in response
to its June quarter report, showing the
dividend practically earned and cash
position further strengthened.