Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-21
RAIL SHARES RALLY
IN CLOSING HOURS.
Late Turn Upward Halts
Downward Movement in
/ Earlier Trading.
ny GEORGE II. HUGHES.

Special Dispatch 10 The STAR
NEW YORK. MAY 81 tC.P.A) The
downward movement on the Stock Ex
change was interrupted in the last hour
ut today's session by spirited rally, led
hv railway shares.
The market had been weak during
tl,s morning, WIN many rev lows, h-t
all ~ them snonS tbs !ndu5t-.2le 9r
he utilities Tns Isll' ~e.a cc-1Splcu
ouElo stezCv In r.lGs ltaInccn reports
, srrsaa +hrcugn. -na ,s.rsst mat rhe
rhsncsc * the cslriere c1tsiniog an
;ncrsssa in 3ates we@e 1svorahls, A.
.oocs; Immediately thsTs ESE e. SCI 2nnla
40 take III shorts, ana The buying spread
from the rails to the rest CT the list, IN
many instances erasing all OF the early
loss and leaving the list irregularly
higher on the day.
Among the stocks to benefit from the
change in sentiment were American
Telephone and United States Steel, the
last named above par and both of them
in demand to retire contracts for the
decline Woolworth was another strong
issue, General Motors. on which a raid
had been staged during the morning,
came back over ell the lost ground.
The one deduction that it, seemed
fair TO make was that the bear faction
known that one prominent operator. up
20 very recently associated with this
party, had deserted temporarily at
least.
Lower prices were the rule at the
opening and stocks picked out for at
tack sold stea Oily lower for two hours.
During this time selling was directed
against General Motors, probably the
most important stock that had stood
- cYia In efo dTy q
recent depressed markets: against an
assortment OF 'specialties including
vanadiurn and Worthipgton Pump.
against Western Union. American
water Works and Electric Power H.
Light in the utility group. against Fox
and Loew's in the amusements and
against American Can. Every one OF
the year.
There is no doubt that the break
In American Telephone a. Telegraph
wednesday following its slump earlier
IN the week. disturbed many small
holders of stocks. Telephone he's long
been regarded as a premier investment
issue and its sensitiveness unsettled
sentiment. The weakness In Cities
0Service on the curb was another sit
uation that played part in the days
proceedings.
Then there was no heartening bust
ness news as an Offset Copper metal
was reported as selling at S34 cents .
pound. the lowest in history. Large
blocks Of Anaconda were thrown on the
. market and the price of that stock went
70 a new lou. There we're runlors of
new financing. but no authoritative
statement Air Reduction. Coca Cola
and Corn Products were other stocks TO
make new lows.
Through it all. however. United States
Steel was consistently supported. It's
range wss very narrow and most of the
time II held at or above the preceding
close American Telephone 81 Telegraph
met good buying and showed rallying
tendency. There was no weakness in
the rails, although New York Central
was lower for time. One of the most
encouraging things about the market
was the stout resistance put up by the
railways shares. H. remains 70 be seen
whether the rails will point the way for
the rest of the market, as they have
been doing so many times this year.
The market remained an irregular
affair in the afternoon, Allied Chem
tcal broke 5 points tn a new low and
General Electric was heavy, reflecting
nervousness over tomorow's dividend.
Western Union sold at par and Case.
dividend action on which was scheduled
for this afternoon after the close, weak
ened., 49,
Railroad shares held firm. Union
Pacific up 2 or 3 points, Pennsylvania
up a point and Atchison up over
points furnished a striking contrast 10
the heaviness In the industrials. Amer
tcan Can rallied and Fox Fflm came
back for gain on the day. The mar
ket however. was less active on the
recovery than II had been on the de-
cline.
- fCnnrrirht 1921