Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-04-30
STOCKS co HIGHER
IN VIGOROUS RALLY
Aviation, Steel and Copper
Groups Display 0utStand-
ing Strength.
BY GEORGE T. HUGHES.


! Special Dispatch to The Star.
| NEW YORK, April 30.--In the most
active trading in a month stocks forged
ahead today in buoyant fashion. The
market was strong from start to FIN
| ish. realizing sales being easily absorbed,
| although just before the end prices
recedod slightly from their best.
| Call money dropped from a renewal
rate of ID per cent to 10 per cent for
new loans, and there was no concern
over credit apparent at any time.
| Industrial issues of all descriptions
! shared in the improvement. The rails
were steady but dull.
Among the late features were Ameri-
| can Can, at the highest for the present
| shares; American Telephone & Tele-
graph, responding to the announcement
of rights to subscribe to a convertible
bond issue; Advance Rumley. at peak
price and Sears-Roebuck up almost 5
points.
For todays upward swing there we're
various explanations. In the first place
there was urgent short covering, OPP
orators for the decline taking in con-
tracts put out in the preceding session.
and almost invariably at higher prices.
Professional Wall Street, influenced by
the spectacle of money rates, practical
ly higher than at any time in eight
years, fastened to take the short side
whenever the list showed signs of wa
vering This element, which had OPP
Grated true to form yesterday, was re-
verGing the process today.
Then there was the matter of cor
poration reports. some of them for the
year and some of them for the quarter,
but nearly all of them highly favorable.
Anaconda Copper is the outstanding il
lustration. Its profits for 1923. made
when copper was much below its pres
ent price, were taken to forecast much
larger income this year. Reports from
the motor car manufacturers. especial
" the balance sheet showing so rich
in cash. were anything but bearish.
Finally there was a certain amount of
new buying stimulated by the action
of the tape itself
High-priced industrials were promi-
nent among them Commercial Solvents,
up IL points at a new high. United
States Industrial Alcohol and Air Re-
duction. which have virtually the same
executive management, went along to-
gether to new highs. The talk was of a
closer affiliation between the two. Amer
lean Rollings Mills. only recently listed,
likewise made a new high.
The spectacular performer was Unit
cd Aircraft & Transports ton. At 149
this stock was up II points on the day
on top of an eight-point gain yesterday.
At times the trading was so wild that
the specialist refused to accept stop-loss
orders. Columbia Graphophone. which
was one of the stocks under bear pres
sure the day before, recovered all the
loss and more.
The steels and coppers were both
strong as groups. United States Steel,
anticipating a favorable earnings state
ment to be made after the close. was
up two points above 1879. 1t is inter-
esting to note that Steel sold today
less than five points below its record
high. and that in 14-per-cent money
market. Bethlehem Steel recovered
along with the leader Among the
copper stocks Anaconda and Kennecott
were the most prominent, but all i'm
proved more or less.