Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-13
STOCKS IN RALLY
ON SHORT COVERING
Market Works Upward After
.lrregularity in Early
Dealings.
By GEORGE t. HUGHES.
Special Dispatch to The star.


Special Dispatch to The star.
NEW YORK, April 13.-The oversold
position in which the stock market has
been working itself for the past two
weeks developed into a fair-sized rally
in today's trading Despite the special
weakness in individual issues, the trend
was upward, mostly on short covering,
but with scattering OF new buying as
well.
Opening quotations were irregularly
lower. Vanadium was under severe
pressure, rejecting doubt about the out
come of the dividend meeting on We'd
nesday. The stock sold off over points
to new low on the reaction. West
inghouse Electric was weak again, also
in new low ground, in response to
further reports Of disappointing show
ing in the first quarter. Johns-Manville
was better supported, with the news
about its three months earnings dis
counted for the present at least.
New Lows in Rails.
In the railway list new lows were
made by Southern Railway, by Nickel
Plate and by Missouri-Pacific preferred
These early declines, however, were on
set by pronounced strength in the Amer
lean Tobacco shares at new 1881 tops
and by a broad covering movement in
an assorted list of industrials, including
Allied Chemical, Radio and Radio
Keith, Worthington Pump. and Bethle-
hem Steel. None of these gains was
large enough to suggest anything else
than retiring of commitments for the
decline, but they attracted attention
and gave the market an appearance OF
strength.
Copper stocks were bought on the
Improvement in the metal market. One
company advanced the price of copper
wire, and 1t was said there was no
metal available under 10 cents pound
Anaconda was the chief beneficiary, but
American Smelling g. Refining and
Kennecott worked higher. Utilities had
a moderate up trend, including Amer
lean Water Works, North American Co.,
Standard Gas g. Electric and American
Telephone.
Among the items of news was a re-
duction in the dividend rate on Julius
Kayser common to 81 annual basis,
against the $3.50 previously paid. Cerro
de Pasco reported a net loss for 1880
of 81 ,e86,S36, after taxes, depreciation
and depletion, against a net income Of
81, 729,113 in 1929. Car loading figures
for the week ending April IL were a
little better than those for the pre-
ceding week, but still much under the
total of the same period year ago. On
the other hand advices from the North
west we're to the effect that high CLASH
fication freight was showing crafty
ing increase.
The market was governed mostly.
however, by it's technical position. The
best that could be said was that I'M
fa Al IN Hou
power to induce liquidation.
Early Trading Dull.
Prices turned downward after an ir-
regular opening. Trading was dull.
During the first half hour 200 900 shares
changed hands, or the same as on Sat-
urday. Call money renewed unchanged
at 1la per cent.
Vanadiunn was q weak feature, drop
ping 4l4 points. The companys d.
rectors meet soon for dividend action.
It's weakness affected other steel stocks.
United States Steel was of u and
Bethlehem, Republic Iron & Steel and
Crucible were all lower. Selling of the
rails continued. with the weakest is
sues being Southern Railway and Mis-
souri-Pacific, both of which touched new
lows. Chesapeake Corporation, how
ever, was higher. There were fractional
gains throughout the motor list, with
Auburn and General Motors most active.
The utilities were heavy, with small
losses i'll American g. Foreign Power,
Consolidated Gas, Electric Power 81
Light and Public Service of New Jersey.
Among the oils Mexican Seaboard,
Standard Oil of California and Texas
Corporation were lower. In the spe-
cialties, both classes of American To-
bacco stock were sharply higher, the
B stock at new high for the year. In
the mine group, Cerro de Pasco was
weak following publication of its annual
report. Active industrials that were
weak included: American Can, Diamond
Match, Eastman Kodak, General Elec-
trio. Johns Manville and Woolworth
Westinghouse touched new bottom.