Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-04-17
STOCKS IN ADVANCE
AS SHORTS COVER.
Market Improves During Day.
Industrial Group in Ac-
tive Demand.
BY GEORGE T. HUGHES.


Special Dispatch to The Star.
NEW YORK, April 17.-With de-
cided increase in volume, today's stock
market broke out of its trading range
and initiated broad advance.
While the industrials accounted for
the bulk Of the business, the rails were
not weak and one or two of them shared
in the improvement. The one striking
exception to the upward trend was
United States Steel and 1t recorded in
the latter dealings.
Call money held at 8 per cent until
the last half hour, when the ozicial
rate was reduced to 712 per cent.
Among the late features were At
lantic Refining, International Mercan-
tile Marine preferred, Chrysler, where
spectators for the decline were taking
in contracts, and Hershey Chocolate.
The oils were uniformly strong as the
session drew to a close.
The selling Of Steel, which was in
evidence at the start, was presumably
a reflection of disappointment at the
terms Of the offering of new stock.
The speculative fraternity had expected
something better, meaning a larger is
sue Of new shares, and consequently
higher valuation Of the rights" This
view of the matter, of course, overlook
ed entirely the remarkable demonstra-
ton of financial strength which the
corporation gave In being able to pro-
vide so large a share of the funds
necessary for redemption Of the bonds
out Of surplus.
List Shows Strength.
A good deal of the selling was for
short account, and some of it came
from oxnjy, M
reason why any of it should represent
liquidation of fully paid for stock.
The heaviness in steel had no effect
on the rest of the list, which at times
was almost buoyant. The feature was
International Telephone g. Telegraph,
which had recorded a 12-point gain be-
fore the session was two hours over.
At the same time General Electric, re-
spending to the large increase in first
quarter orders, just announced, had adj
vanced more than points, with West
inghouse Electric selling points higher.
U. S. Industrial Alcohol, which had
been strong yesterday, ran up points
more to within a fraction of it's high
for the year. Air Reduction improved
in sympathy with Alcohol, in which 1t
has large interest.
Other points of strength included
<AhAOA wan SdiA, dOONC Aoi, anu dSdut dL
a new high. for the present shares:
Radio, and in the automobile section
Marmon Motors, which sold higher
than ever before listing on the big board
Independent motor stocks in general
ranged higher. but that was partly due
to short covering.
The improvement was shared oy the
copper stocks. With the price of the
metal stabilized around 10 cents, the
larger producers can make satisfactory
Profits. Anaconda came back points,
Greene Cananea 4 and the others in
proportion. Mail order stocks were
strong. as an overextended short in
terest made its retreat.
There were isolated instances of
strength among the oils. One of them
was Atlantic Refining, which it was pre-
dicted would make a good showing in
the quarterly earnings statement.
Union Oil of California was in demand
Pan-American Petroleum "B" kept step
with Standard Oil of Indiana on the
curb on the report that the latter
would make an offer of a share-for-
share exchange.
Call money renewed at per cent
and was firm at this rate. The demand
was not large, but neither was the
supply.