Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-12-24
STOCKS ARE FIRM
IN STEADY UPTURN
Utilities and InduStriaIS Fur
niSh LeaderShip-0ther
Groups Improve.
BY GEORGE T. HUGHES.
Special Dispatch to The Star.

special Dispatch 10 Inc otaI'
NEW YORK, December 24.-Whether
| it was due to the holiday spirit or the
cut in the bank rate or a retreat OF
the bears. todays Stock Market session
was one of slow but steady advances.
The utilities and the industrials were
the leaders but there was no weakness
in the rails. Trading was on small
scale, which made the rise all the more
| impressive.
Rate Reduction Surprises.
The Street was surprised by the re-
| duction in the New York Federal Re-
| serve Banks rediscount rate to 2 per
cent, but how much of an influence that
| was on share prices today it was hard
| to say. That there was more cheer
| full feeling at the opening could not be
| denied, even though the reason there
| fore was not plain. At any rate, there
| was no more concern about the bank
| ing situation, which now seems well
cleared up.
The business news was not so COM
! forting. Railway car loadings declined
more than the seasonal rate and were
| down sharply on the week, as we'll as
from the corresponding week a year
ago. The statistics on crude oil produc-
ton showed a total the lowest since
October, 1926, but this was Offset by
| the increase in gasoline in storage.
News of the maintenance of the regu-
lar dividend rate on Anaconda was
| received shortly before noon, removing
one uncertainty. Copper stocks were
higher, but they had been well sup
ported all during the unsettlement
earlier in the week, apparently in antici-
patton of this action. A statement by
the Anaconda directors put present
operating costs at 7.18 cents a pound
before charges and after charges at
ket for the metal is 1925 cents a
pound.
Gains Numerous.
Railroad stocks were slow to respond
to the reports of progress at the confer
ence of executives on the consolidation
situation, but the Seahoard receiverShip
was ignored. Baltimore g Ohio. Union
Pacific and Atchison were the leaders
on the side of advance in the railway
list in early trading
A long list of industrials made size
able gains, with o. S. Steel, above 140,
the leader, followed by American Can,
up to points; Westinghouse Electric
and General Electric The feature of
the day, however, was the strength in
the specialitieS, such stocks as General
| ItcA4 dCGJIlGS, OIi4OlI SdI UIQes SdIidQt
Dry and U. S. Industrial Alcohol. Food
stocks were in brisk demand, including
Borden, Corn Products and National
Biscuit. In the merchandising list
Macy had sharp rise. Shorts in j. I.
Case and in Auburn covered at prices
from 10 6 points higher than the pre-
ceding close.
There was also hurried taking in Of
commitments for the decline in the
utilities. Before noon American Water
Works was up from 4 to points, and
Standard Gas up over points, with a
similar gain in Consolidated Gas and
higher prices for American Telephone.
North American and Public Service of
New Jersey.
Early Trading Slow.
The market made slow progress dur
ing early trading on a small turnover.
The absence from the street of many
operators, already embarked on their
| Christmas vacations contributed to the
quietnesS: and the reluctance of the
bars to force the issue in the face of a
new cut in the New York Federal Re-
| serve rediscount rate accounted for the
slow advance.
Call money was unchanged at . per
cent, though funds were available in
the outside market at l X per cent In
the first half hour there were 267, 900
shares traded against 427,3 300 on Tues
day.
U. S. Steel opened a shade lower but
crept up to show slight gain at 1898
Vanadium was active and - points
higher. Kennecott and Anaconda led
the coppers upward. Union Pacific fea-
tured the rail group with a 5-point
gain. Baltimore & Ohio and New York
Central were also strong.