Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-13
STOCKS IN REBOUND.
AFTER EARLY LOSS
Market Points Upward in
Afternoon Despite Poor
Trade Reports.
BY CLAUDE A. JAEGER,
Associated Press Financial Editor.

NEW YORK, June 13-After a fort
night of steadily declining prices, in
terrupted by only one rally worthy Of
note, bears began to lose their courage
in today'S stock market and extensive
short covering set in motion a broad
upturn, accelerated by hasty buying in
anticipation of a substantial technical
rebound.
A few supporting orders appeared in
pivotal shares at the opening, but bears
were able to depress the list subStan-
TALLY during the early trading. The
market became extremely dull on the
decline, however, and shorts were in
clined to accept this as warning that
the selling movement, momentartly at
least was completed. BY midday early
losses were generally regained. Trading
up to midday was in about half the
volume of the same period yesterday.
Sentiment Confused.
Market sentiment in brokerage cir
Giles remained vague and confused, how
ever and commission houses heSitated
to make buying recommendations, fear
ing that the rally might prove as short
lived as that of Tuesday. There was no
inclination to forecast a sustained up
ward movement until a decided turn
appears in business. Unsettlement of
commodity prices was still an unre-
moved fly in the speculative ointment.
Copper prices were reduced another
quarter of a cent to 1914 cents a pound
with rumors of some metal moving at
II cents the recent low. The Annalist
weekly wholesale commodity price in
dex dropped about 2 points.
The decline of $1O3 900 600 shown in
the weekly brokerage loan compilation
was about in line with expectations and
apparently was not market factor.
Credit rates continued their fresh de-
cline, with call loans renewing at az
per cent for the first time since March.
The abundance of credit, however, con-
tinueS' primarily a reflection Of slack
business. The Annalist preliminary in
dex of business activity for May was
announced at 80, a new low for the
cyclical decline which started in Au-
gust, II point below the level of March.
Shares mounting about points and
more above yesterdays close included
Eastman Kodak, Foster Wheeler, Inter
national Business Machine, Case, Penn
Dixie preferred, and Spang Chalfant,
the last named reaching a new high
for the year. Spang Chalfant through
its affiliation with Byers, hes been
helped by the record demand for pipe.
Other Gains.
Shares moving up to more than 3
points included u. S. Steel, Bethlehem,
Consolidated Gas. Westinghouse Elec-
trio, American Can, Radio, Standard
Gas, Byers, Air Reduction and yellow
Truck.
During the morning selling losses of
2 to 8 points were numerous with AL
lied Chemical making the maximum
drop, only to rally smartly. American
Telephone touched a new low for the
year at 214, before rebounding. U. s.
Freight was depressed to a new low
under SIS, compared to the 1880 peak
of 103, in selling based on the light
movement of freight.
The leadership of U. S. Steel '?hich
reached 1855 in the last hour, gave con-
siderable impetus to the general re-
covery, and active stocks were pushed
point or more above the previous
close. American Telephone rebounded
nearly points. from the earlier low.
American Can showed a net gain of
more than 4 and other pivotal indus
trials improved couple of points. The
close was strong. Sales Appropriated
$500, 900 shares.