Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-08-24
STOCKS ARE FIRM
IN QUIET MARKET
Pool FavoriteS Marked Up,
With Bull Party Con-
trolling Prices.
BY CLAUDE A. jaeger,
Associated Press Financial Editor.


NEW YORK, August 23-The stock
market came to the close of q quiet
week with the bull forces maintaining
undisputed leadership today.
Trading was extremely quiet, sales for
the two-hour session aggregating 700.-
600 shares, but several pool favorites
were marked up 2 points or more, and
gains of point or so were numerous
among pivotal shares. The market
closed with a firm tone.
Short Covering Active.
More short covering than profit
safety razor stocks, Autostrop shot up
nearly 10 points, and Gillette gained
moderately. Although the rails have
been heavy all the week, Atchison and
Frisco rose more than 2, also probably
ref1sct'1o retirement Of short positions.
Unitsu Aircraft, Loews and Colum.
bian Carbon, in which groups Of profess
Sional traders have taken an interest
this week, all moved up about 2 points.
The pool activity In Radio Keith, how
ever, failed to make much Roadway. A
movement was started in General
Bronze which rose 2 points, on the heels
of publication OF report of its untitled
orders totaling 6.500,0o0. American
Machine g. Foundry rose more than 2
to a new high for the present stock.
Such issues as American Can, U. S.
Steel, Johns Manville, General Electric,
Fox Sears Roebuck and Radio gained
Fox, Sears-Roebuck and Radio gained
of shares participated In the rise to
some extent with the exception of the
oils and coppers. Firmness in the grain
market was helpful to stocks. A few
stocks were heavy, notably Sinclair, At
lantic Refining and Bindex, rejecting
unfavorable earnings reports.
The market was favorably influenced
by statements from President Hoover
and Secretary Mellon holding out real
hope of continuance of the income tax
reduction, and discrediting predictions
Of large Treasury deficit.
Survey Optimistic.
Week end business reports and sur
veys coming to hand were mildly opti-
n1fstic. Bank clear1ngS as reported for
the week by Dun's, however, still failed
to show any change of trend. Cities
outside Of New York showed drop of
about 81 per cent from last year, and
including New York, the reduction was
nearly 80 per cent, rejecting In part
lessened stock market activity.
Earnings reports from oil companies
continued to reflect unsatisfactory con-
ditions in the industry. Sinclair re-
ported only 40 cents q share for the
FIRST half, compared to dividend re-
quirements of 81. Atlantic Refining
earned only 81 .05, about equal to reg
ular dividend requirements, but only
a third Of the net for the same period
a year ago. Bendix Aviation, which
serves the autonotive and Airplane In
dustries, reflected the curtailed OPP
erations in both during the first half
with net Of Is cents share, against
S256.
week end reports from the steel in
dustry, however, maintained the more
hopeful note of q few days ago. OPP
erations in the Youngstown area are
expected to show little Improvement
next week, and steel scrap prices at
Chicago were marked up 80 cents ton.
There Is no money market on Sat-
urday, but easy money early next week,
growing q little firIiier as the month
end approaches, was looked for in
banking circles. Federal Reserve open
market operations are expected to pre-
vent any important tightening Of rates.