Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-06-04
ADVANCE IN STOCK
PRICES RESUMES
Market Scores Further Gains
After Early Period of
IrreguIarity.
BY GEORGE T. HUGHES.

special DlSpatcn 70 Inc oLar
NEW YORK, June 4.-Testifying to
the complete reversal of sentiment in
Wall Street, today's stock market scored
additional substantial gains all along
the line.
The markets action was all the more
impressive because of the extraordinary
improvement it had registered the day
before. Something of a setback would
not have been surprising today, after
SO. rapid an advance. but while there
was realizing at intervals it was abb
sorbed and the leaders forged steadily
ahead to close around the best.
Commodity markets advanced today
along with stocks. Grains shook off
the weakness resulting from the Gov
eminent withdrawal of support from
wheat Wednesday and cotton ran up 81
a bale. Bonds and bank stocks were
strong also.
In the stock market the railroad
shares made 4he best showing, with
advances going to 5 and points in the
higher-priced members of the group.
Opening quotations were irregular,
realizing after Mondays violent recov-
cry bringing prices down in individual
instances and further Short-covering
advancing them elsewhere. During the
morning hours the professional bear
faction tested out the market by offer
ing stocks. The list sold off point or
so, but there was no renewal of the
panicky liquidation that had pressed
down so severely on the list during
the past three weeks. Instead, resist
ance was encountered on the decline.
and by noon quotations were rising
again.
Early Advances.
1t was a market without particular
feature. Stocks moved more with re-
gard to the technical position than
status. 1t was evident that all the
short covering had not been accom-
plished Wednesday. For example, Ma
tional Lead, stock with small float
ing supply, but one which had been
recklessly sold short, jumped points
on insignificant volume. Eastman
Kodak opened nearly 6 points higher,
although reacting somewhat afterward.
The chairman of the company was
quoted as saying that he anticipated
no change in dividend policy this year
and that sales were approximating
these of 1928
The most encouraging sign. however,
was the rally in the railroad stocks.
Here New York Central was the leader,
closely followed by Atchison and Penn
sylvania. Reports that the st. Louis
was on the way to solution helped
sentiment Great Northern preferred
ran up nearly points, Delaware &
Hudson made similar gain, and in
the lower priced issues st. Louis-San
Francisco and st. Louis Southwestern
gained Baltimore & Ohio crossed so,
up points from the recent low.
Support for Steel.
Strong support was in evidence for
U. S. Steel Naturally, the large gain
of the preceding session brought some
selling early today, but it was well abb
sorbed, and the stock; approaching go,
made a new high on the recovery. The
feeling in steel circles was that con-
sumner demand could not be much
longer delayed. Motor stocks were not
as prominent, but adyiceS from the
trade were optimistic. General Motors
held firmly, but made little further
progress.
Following the announcement OF the
banks on Wednesday of reduction in
margin requirements on collateral
loans, many brokerage houses reduced
their requirements to customers-all
indicative of confidence in the exist
ing price level.