Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-11
BRISK RALLY SENDS
STOCKS ON UPTURN
Motor Shares Take Leader
shin to Rout Weakness
in Early Trading.
BP GEORGE Y. HUGHEs. I

Special Dispatch 70 The Star.
NEW YORK, MAY ll.-Weak In the
early trading, the stock market rallied
briskly In the afternoon today under the
leadership Of the motor shares, the dis
tributive stocks and certain Of the food
issues. Most Of the utilities were higher
also.
During the hrst hour prices ranged
lower In continustio of the weakness
in evidence ct the close m Saturday.
The same tactics were IN uSe, nan1elv
cepterine Are IN = few issues which
had shown Themselves sensitive to pres-
sure One Of these ives !, l. Case,
which went 20 another new low on
heavy offerings coincident with uues-
tioning of the safety of the present
dividend rate. Another, as on Satur-
day, was .Johns-Mansville. which also
made O. new low although the loss was
not as great. Union Carbide was freely
offered and broke 2 or 3 points Amuse-
ment stocks were weak, with Fox Film
at new low.
The railroad list had its share Of
weak spots Northern Pacif1c made
new low for the present shares and
Great Northern sold off sympathetfcslly.
The market price Of the former would
indicate downward revision of the
dividend rate which. however. would
have q ne drastic 20 '1,Stifv he present
o,oLetiop iaLsapsnns mace a. new
low 70 zoe 6r+t noI' snd So"rh""u
7cu~aV 400 OF
All tnloaen ne s.InoS ,Ooiq ,ousi H.
sueg oeid. out ssslnSG .ue reuo. IN
ne suon.oilP StotgE ~ ~Es GeoArsi
MoioIs aoo AuoAn. me laGter uo 8 O.
points, while the rest OF the list was
selling OF. Food stocks were in good
demand, including general foods and
corn products. Distributive stocks were
we'll supported, instances being Macy
Kroeer Grocery and WoolWorth. A
number OF loW-prjced stocks, of which
Radio was the leader were well bought
Strength in United Aircraft was
founded on reports Of an increase in
passenger trsf6c for April over the lines
of its subsidiary, National Air Trans
port, of over 100 per cent from that of
the preceding month. Standard indus
trials did little one way or the other. but
during the morning hours United States
Steel and General Electric held at or
above Saturdays close.
Trading was in low volume with no
indication OF important liquidation. IT
was still q professional market with the
bears taking all the risk, although there
W1S SUSPICION iTdb Lne Selling IN
special issues was designed TO conceal
covering elsewhere. CAN money re-
newed at per cent which wss the low
est renewal rate In over 30 years.
The market rallied in the early
afternoon, in many instances erasing
all the early losses. New Haven was
strong feature in the railroad list. but
stocks of the Northwestern roads were
still in supply. United State Steel sold
at the best of the day at this stage,
up at one time nearly points. Cen
eral Motors made a new high on the
recovery and the utilities did better
under the leadership of Consolidated
Gas and North American. Columbia
Gas was an exception and sold on divi-
dend doubts. ChrySler was moderately
higher and du Pont improved with
General Motors
Up TO 30 O'Clock only llOO.O
shares had changed hands and a. that
time the tape was barely moving Both
sides seemed reluctant TO take a stand.
'Copvrtght, 1891