Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-30
RECOVERY IN STOCK
PRICES RESUMED
Market Again Points Higher
as Distress Selling Ap-
pears Completed.

by LNe ASSOClaLeQ FTeSS.
NEW YORK. October 30.-Panicky'
selling of stocks, which has been sweep-
ing the markets of the country for
the last week, subsidized today and prices
rallied briskly as strong investment sup
port made its appearance. A few new
soft spots were ferreted out, but stocks
generally sold much higher, gains in
many of the active issues ranging from
5 to 80 points. Bankers, meeting in
informal conference at the Offices OF
j. P. Morgan & Co. this noon, privately
expressed the view that the situation
had materially improved.
Declaration of extra dividends by the
United States Steel and American Can
companies yesterday, followed by special
disbursements today by the dictaphone
and Bon Ami companies and an in
crease in the regular dividend of A. o.
Smith Co., coupled with other favorable
developments, aided the advance.
Record in Clearings.
New York bank clearances set a new
high record at 500,000,000 today as
a result of yesterdays record breaking
stock market session.
Call money renewed at per cent as
against yesterday, with time money
quoted at per cent for all maturities.
The stiffening of the rate today was
due to heavy month-end demands for
funds, and possibly some Withdrawals
from the call money market for invest
ment in high-grade securities.
Total sales crossed the 5,5OO, O0O-snare
mark before midday, with the ticker
then about an hour late.
Rally at Opening.
Rallying tendencies were evident at
the opening, United States Steel rising
points to lit, American Telephone z
points to 121 and Canadian Pacific 81
points Radio opened with a block
of 10000 shares at SO, up one-half, and
New Haven rose points Trading con-
tinued in huge volume, with many blocks
of 10000 to 10000 shares appearing.
Consolidated Gas opened with a block
of 10000 at 921a, up three-quarters, and
International Nickel opened with like
block at 80, up 2. Standard OIL of Cali
fornia, however, sagged ~ points, and
a block of 10000 shares of American
Can was taken at 1872, off one-half
The rally which developed late in
yesterdays riotouS session was carried
forward with increasing vigor in the
| first half hour. Statements of leading
bankers and heads of investment trusts
| that they were heavy purchasers Of
| stocks yesterday brought in a large ac-
| emulation of overnight buying orders.
A little selling cropped out here and
there, but it failed to make an impress
/ SION on the strong upward movement.
United States Steel soon extended its
gain to IA, touching 1914. American
Can, after sagging fraction. turned
upward and soon showed a gain of
points, at 122, but then slipped back to
| 119. American Telephone rose 10
! points to 214 Westinghouse Electric
rose points and North American 10.
General Electric soon touched $50, up 8
points.
Overnight News.
The overnight news included the
favorable third-quarter earnings re-
port of United States Steel. showing
net almost equal to that of the second
quarter, despite the slackeuing of ac-
tivity. Also, Steel directors declared an
extra dividend of 81 and American Can
| directors declared like extra While
raising the annual rate from So to 81.
Trading was in large volume and at ,
10 o'clock the ticker was nearly Is min
utes behind. The early transactions
! were far less wild than yesterdays,
j however. Total sales to 1920 were l.
945 900, in contrast to more than 81
100000 in the same period yesterday.
Foreign exchanges were steady, with
sterling cables at $4877s.