| Show MART R RALLY llY WIPES OUT Trading Quiet but Prices Move Up When Shorts Begin to Cover NEW NW YORK June 8 Thc P P The Thc stock stok market swung into it another rally raly to today today to- to t- t day eMly eMily easily overcoming early heaviness ness which had centered In the rail I ral ne ha center issues iu s. s Trading Taig was wa quiet in i r ison with the turnovers of last lat week but prices moved up Insistently durig during dur dur- ing ig th the th afternoon afton move as n shorts sort discouraged discouraged aged by the quick quck reversal from Irom the morning moring ae trend began bega to ta cover Sales Eales were less le than shares Net gains gai ranged from 1 to 6 t points pint in the th te pivotal issues United States Steel Steel closed cloe 2 points pint higher at 91 4 4 1 after aler an a early drop of ot 2 5 American American Ameri Amen can Can Ca was wa up 4 and there were ad advances advances ad- ad vac vances of ot 3 to 4 in i American Telephone Telephone Tele Tele- phone Eastman Eata Kodak Koak Western Westeri Union Union Unon Carbide Case Cae Johns Johns- John Manville and ad Public Service of New Jersey Rails Rall made up loses losses running to tOI nearly nearl 5 mae points pint which followed publication pub pub- of Pennsylvania's poor pooi first frt pr quarter earnings stat statement met Atchison Atchi- Atchi son got bank back bk virtually all al of at an extreme ex extreme ex- ex drop of or 4 3 43 New York Central Central Ceta Ce- Ce Cen Cen- ta after losing loing 3 8 35 8 5 closed clod 3 points pit to the good Rock Island was up 4 OILS TURN STRONG Oils turned strong apparently helped by expectation that merger negotiations between Standard of New Jersey and Standard of or California Call Cali fornia fonnia would be encouraged by the governments government's decision In the tho Vac- Vac case c c. c New Jersey rallied rallied ral ral- ral- ral lied more than 2 Oln points ts Closing of a half dozen small smaIl banks in Chicago seemed to have little ef effect effect effect ef- ef here nor was there an appreciable reaction to week end news on the German situation Weel Weekly y economic surveys took look the view that last weeks week's w ks k's rally was v W primarily manly marily impelled by technical market conditions pointing out that so EO far there was nothing in the business outlook to support a belief belier that an important upturn was as asat at hand In general Wall street circles which warmly welcomed the halt In the three month decline probably will willbe willbe be satisfied if it the market goes goe into an interval of or dullness characterized character character- by narrow price changes SHOWS OPTIMISM I Firmness of or the oil on stocks reflected ted a more optimistic attitude toward I conditions in that industry Advices from California said a R rather substantial substantial sub sub- rise in crude prices was WM expected expected expected ex ex- in that territory within the next few days while the recommendations recommendations of the Requa committee c were regarded as constructive Early weakness of the rail stocks seemed to be largely in sympathy with Pennsylvania's poor first quarter ter ten which showed a a. net loss of 1205 1 41 after taxes and charges compared compared com corn pared with net income of more than SI a year ear ago Another un unsettling unsettling tin un- settling influence appeared to be the possibility of another cut in New NewYork NewYork NewYork York Centrals Central's dividend at the directors director's tors tor's meeting on Wednesday There is talk of a reduction to a a. 4 or 5 basis Two important railroad meetings are scheduled for this week Executives Executives Exec tives tl of southern roads are to t meet in Washington tomorrow to hear a a. report on the progress made by the castern eastern roads in their move fo for or higher high high- er Cl freight rates CARRIERS TO CONFER On Thursday representatives of the western southern and eastern carriers confer conter in New York in an effort to coordinate action on the rate question Meanwhile a survey of car loadings for the first fortnight fortnight fortnight fort fort- night in May disclosed a a. slight improvement improvement improvement im im- im- im provement In comparison with the first two weeks of at April as related to 10 toa toa a year ear ago The pickup was most noticeable in hi the central western area arca Money was dull and rates unchanged unchanged un un- changed call loans renewing at the theold old 1 2 11 2 1 per cent rate |
