Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-02
STOCK PRICES GAIN
AS CREDIT EASES
Drop in Call Money Stimu-
Iates Recovery-Adyance
Is Broad.
BY STANLEY w. PRENosIL.

NEW YORK. october 2.-Pass-
ing of the month-end credit stringency,
signalized by drop from 9 to per
cent in call money, stimulated the re-
covery of prices in today's stock
market. Some irregularity developed
during the morning as waves of SELL
ing, presumably set in motion by
bear" operators to test recent resist
ance points, swept through the market,
widespread forced liquidation.
While considerable difference of opin-
ion still exists as to the future course
of prices, most of the leading commits
sion houses advise their customers today
that the market was entitled to at least
a technical rally after nearly three
weeks of almost steadily declining prices.
which have cut down market values
from 10 to 20 per cent in many Of the
leading issues. Subsistence of foreign
selling was an encouraging factor.
Steel and Car Loadings.
Iron Age reported marked falling
off in the automotive demand for steel.
due in part to the preparation of
manufacturers of low-priced cars for
changes in models. but again empha-
sized the heavy railroad demand. Car
loadings for the week ended Septem-
Der 81 showed substantial increases over =
the corresponding weeks of 1923 and
1927 and the previous week. A further
substantial drop in the daily average
of crude oil production also was hailed
as a bullish factor.
High-priced Specialties rebounded in
rather spectacular fashion on the lift
ing of selling pressure. j. I. Case and
Foster Wheeler preferred each jumped
Is points and Columbian Carbon scared
1874 to new high record at 1903.
Standard Gas &, Electric, which dropped
more than 20 points yesterday, rallied
IL. Westinghouse Electric common
and first preferred, Commercial Solv-
ents. Gillette Safety Razor, Thinker
Roller Bearing. American Machine s.
Foundry, General Electric, National
Biscuit. Ludlum Steel and A. M. Byerf
sold to 10 points higher.
Opening Is Higher.
Strong buying support came into tJl
market overnight. and prices generally
opened higher. io-Keith-Orpheun,
which was heavily bought yesterday,
opened with block of 10000 shares at
1914, up IL. International Harvester
showed an initial gain of 2as points,
American Can and Montgomery Ward,
American International, Consolidated
Gas. American & Foreign Power and
Westinghouse Electric advanced a point
VI IAOIC. OllIOll GdCl4lC 0lOHPCC "a
points and American Smelling and In
ternational Match preferred Ia each.
Early buying was Influenced, in part,
by the speculative belief that the mar.
ket was entitled to a rally after nearly
three weeks of almost steadily declining
prices. Reports Of brisk upturn in
steel output, and further increase in
freight car Ioadings, also had bullish
effect on sentiment.
Steels and motors, which have been
under heavy pressure, were in the fore
front of the early advance Some of the
/ high priced specialtiee also snapped back
quickly on the lifting of selling pressure,
| Commercial Solvents running up
points. Columbian Carbon 5L Electric
Auto Lite Az and Underwood Elliott
Fisher 8. Myer & Bros. moved up to a
new high record.