Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-10
STOCKSGO HIGHER
ON HEAVY BUYING
Increase in Steel Tonnage
and Drop In Call
- ,fasspSf sss - 49, r sFss' F..t l,ss.s
Rate Occur.
BY STANLEY w. PRENOSIL,
Associated Press Financial Editor.

NEW YORK, October 10-The I'M
expected increase of nearly 245,000
tons in the September untitled orders
of the United States Steel Corporation,
announced at noon today, brought a
flood of buying orders into the stock
market and sent prices whirling upward
as panic stricken shorts" rushed to
cover their commitments United States
Steel common ran up 1914 points and
scores of other issues were marked up
8 to IL points, some of them having
shown losses in the early trading.
Meanwhile, call money again dropped
from 6 to per cent and time money
was in fair supply at Sis percent for
all maturities. Wall Street was count
ing on a large decrease in Federal
Reserve brokers loans to be announced
after the close, but these weekly state
ments have provided so many disap-
pointments in the past that several
traders took advantage of the rally to
tighten their commitments. One of the
largest brokerage houses in the Street
also urged its customers who had car
ried stocks through last weeks break
with paper losses to reduce their hold
ings.
Steel Report a Surprise.
In view of the recent decline in steel
output and the reported falling off in
the demand for steel from the automo-
tive and building industries, most spec
ulators were not looking for any large
increase in the Steel Corporations tom
mage. In the short space of two hours
Steel common gained more than it lost
in any full session Of last weeks declirf-
ing markets. Other steels rallied In
sympathy, Republic gaining points. !
Extreme gains of 8 to nearly II
points also were registered by the Amer
lean Tobacco issues, IngersaH Rand,
Western Union, American &; Foreign
Power, Motor Products, Worthington
Pump. American Can, Auburn Auto,
General Electric, Westinghouse Electric,
Allied Chemical and Johns Manville,
the first three reaching new high
ground for the year. Among the many
strong stocks to advance to s points
we're Atchison, American Water Works,
American Rolling Mills, Consolidated
Gas and United States Industrial Alco-
hol.
Gains at Opening.
Bullish price tendencies predominated
at the opening, with buying orders dis
Byers showed an initial gain Of 35s
points and Missouri Pacific common,
American Can, General Electric, Peo-
pies Gas and Houston Oil advanced 8
points or more. American Tobacco is
sues moved into new high ground.
Westinghouse Electric, Consolidated
Gas, Ludlum Steel and Loose Wiles
climbed point or more. International
Combustion opened with block of
IL 900 shares at 35H, of q and Atchi-
son and American Smelling yielded
about point each. z%fs.s.s 5ae.
The general easing of credit condi-
tons revived bullish confidence and en-
couraged resumption Of pool opera
lions. It also led to considerable short
covering, particularly in some of the
high-priced speeialties. for which there
Is a thin market Wide differences of
opinion still existed over the weekly
Federal Reserves brokers' loan state
ment to be issued after the close Of the
market. but the, genera, expectation was
that 1t will be favorable