| Show STOCKS CLIMB 3 TO T 1 POINTS IN RALL llY Active Short Covering ar anc and Investment Buying Bring Upturn NEW YORK June 4 VP IV Active short covering and some Investment buying combined to give the stoc stock market another strong rally Thurs Thurs- day Net gains ranged from 3 to 9 points In tho the active Issues Extreme rises were cut by taking profit In t the final dealings Rails displayed marked vigor ar and it Ris v as their spurt that started tl the movement wa early in the afternoon after after- noon after a period of oC early reali ing lug non The rise in the carriers wc was wa prompted in rie part by news that t the Great Northern had been ben permit permitted d dby by the interstate commerce commis commission sion to advance freight rates on co coin coal in part of its territory U. U S. S Steel it led the te rise ri In the in fri industrials il- il soaring about abut 4 points point an and closing clasing 3 8 5 higher American Telephone Telephone Tel Tel- ephone finishing at 1 was wa WI u up 4 41 1 New York Central Pennsylvania Pennsyl vania Baltimore z Ohio Southern Souther Suther ana Pacific Louisville Nashville Roc Rock Island and numerous other ra rails I advanced ad advanced ad- ad Union Pacific soared 3 to 5 9 and Eastman Eatman Kodak Koak 8 CASE UP 8 POINTS General Electric Radio and Amerlean American American Amer Amer- ican lean Can closed about a point pint hl higher her Case Cae which had harbored a 1 large larg short interest rose 8 8 while there wa waa was wasa a similar gain in Ingersoll Ingersol Rand Allied Allied Al Al- lied Hed Chemical Western Union ani and Westinghouse gained 3 Sales were In the neighborhood o of shares share Wall Wan street treet decided not to pass pa too to hasty a judgment on the tho rapid re re- re hat covery a The market has lia ha reached several everal so called selling climaxes Ii In Inthe the last twenty months month only ti to towing wing wing lat into a reaction and brokerage houses ito wanted to t await avalt its it perform performance ance under uder fire fro before venturing a abele belief anc that an important turning point bele had been reached It was WM re recalled recalled re- re pint called that after the last lat sharp shar re rebound rebound re- re bound caled a few weeks ago the market marke bund dropped a just as a quickly as it had hac risen rin Investment banking houses house got a abig abig big surprise In the size siz of the over oyer subscription to the new government bond issue isue although a heavy demand had been expected The tremendous ben inquiry for tor the 3 8 1 per r cent bonds bond speaks eloquently of the vast ast vat reser reservoir reer- reer speak investment voir of oC funds fund awaiting investment So far money from this thi accumulation tion Ion has ha flowed owed only into highest highet grade rade issues and bankers have ha he beer neen en I impatiently awaiting its turn into is secondary obligations New financing In recent weeks ha has n very cry small smal pending the appearance appear appear I ance nce of more settled conditions in Ic inthe inthe the bond market Brokers began to t pass pa on to t their thou customers the lower margin require requirements I ments of or the banks and several firms bank brought their own demands down to tol the new rates in the hope of awaken awakening awakening ing public rao interest Lacking awaken I outside support the markets market's marets chances chance of a sustained advance without help from the business buies situation are not particularly lustrous It I also alo was wa remembered bored that poor second quart quarter r earnIngs earnings earn earn- ear ear- bred ings statements tat por are still sUl to be reckoned reck- reck with although some observers contend that these have been ben well uell wel discounted d. d News from trade and Industry was wa scant Johnson Johnon rallied briskly despite depie the first reduction Inthe Inthe in inthe the shoe ho company's dividend possibly possibly possibly pos pos- sibly an omission had been looked for Woolworth's May sales sale were off of 47 4 per cent In comparison with wih 1930 but part of the loss lo was wa attributed to the par fact tact that this year Memorial day fellon fell fellon fel on a Saturday thi and a a Saturdays Saturday's business busness bui- bui bus busi ness a is worth roughly a million dollars dollars dollars dol dol- dol- dol lars ne to I the company President Parson Parsons Parsons Par Par- sons son t said there had been a stady steady Increase in increase In- In crease since April 1 There were wore no developments in the money markets market and the 1 2 11 2 1 per cent call c loan renewal rate still held t |
