Show RALLY ENI Recovery Is Made as Bears Bear Take Profits but Market Closes Lower NEW YORK May 15 P Tb The stock market slid down clown to the general gen eral cral level of the bottom of the bear market in the most active trading pf the week Friday but recovered substantially in the final dealings a as bears took their profits In preparation Preparation tion for the week end enil Extreme losses of 2 to 5 points In Ir several prominent issues were can canceled or cut in half by tile the late wave of short covering The market closed moderately lower however for th the sixth successive session The turnover turn suet and a half million mil over was around two lion shares GENERAL MOTORS FALLS The rile decline embraced several Is ues that have recently resisted pressure pres pres- sure notably General Motors which sold off more than 2 points then regained re- re re regained gained about half its loss U. U S. S Steel and American Can recorded extreme losses of between 4 antI 5 points both coming coining within striking distance of the mark then reduced their losses by around half Extreme drops of about 3 ponts in III Vesting Westinghouse house Electric and Allied Chemical were canceled Among miscellaneous ous issues closing 1 to 2 lower were American Waterworks General Electric Electric Elec Elec- Union Pacific Southern Pacific Northern Pacific Dupont and Sears Atchison lost about 3 Auburn dropped 16 then recovered all but about 3 Standard of N. N J. J closed a fraction higher in short covering on publication of Its 1930 earnings Bear pressure and discouraged selling by investors were indicated in brokerage circles as important sources of the continued pressure The itic week end business reviews in indicated that there had been some slackening in the seasonal slowing up of general business activity but such favorable aspects as appeared were largely negative Motor production production pro pro- was reported holding up well but the feeling that this month will likely see the seasonal peak in tile the motor industry may have been a factor fac fac- tot tor in the selling of motor shares MONEY MARKET CHANGES The weekly brokers brokers' loan and Federal Fed Fed- eral cral Reserve statement reflected re recent recent re- re cent changes in the money market The brief period of 1 per cent call money was reflected in total withdrawals withdrawals with with- of by town out banks and non bank lenders disgusted dis- dis dis disgusted gusted with tile the low return New NewYork NewYork York banks however made up 67 of this so the net reduction In loans was only Although Al- Al Al Although though strictly comparable figures are arc not available tills this be bethe the lowest total of brokers brokers' loans since 1924 Were it not for the steady trickle of selling by investors the low total of loans would be distinctly distinctly- fa- fa fa The Federal Reserve system showed a shrinkage of about 40 in bankers bankers' acceptances held despite slashing of rates and attractive tive buying prices offered It ap appeared ap- ap that banks had refrained from selling their acceptances until convinced no more favorable rates would be offered |