Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-08-29
STOCKS IN ADVANCE
AS SHORTS COVER
Rail and Industrial Issues Are
Featured in Light
Trading.
BY CLAUDE A. jaeger,
Associated Press Financial Editor.

NEW YORK, August 29.-Bears who
waited until the last day before the
three @day week end suspension to close
out their short contracts found stocks
could be bought only at increasingly
higher prices in today's stock market.
Rails, which had been heavily sold
by the bear crowd, because Of the low
Summer volume of freight traffic, the
lowest In eight years, made one of the
most pronounced upturns of the SUM-
ner. A long list of important indus
trials. utilities and merchandising
shares made moderate Roadway, Trad
ing was extremely dull, however, as
many operators had already left town
for the week end.
Many Gains Recorded.
Few important shares failed to gain
an much as q point. Advances OF 3 TO
n ar more were recorded by American
Tobacco B, Westinghouse Electric, East
man Kodak, Coca Cola. Rock Island,
Southern Railway and Canadian
Paeiflc. In addition, Atchison, Union
pacific. New Haven, Air Reduction,
American Telephone, Macy and Real
SILK Hosiery gained 2 or more. United
states Steel trading ex dividend, gained
noer than 2. Transamerica made one
of the best gains since It's transfer
than 2. coincident to announcement OF
EXPANSION abroad. Packard, however,
eased under considerable liquidation.
THE bull leaders probably. applied
uoYne uressylre to the bear faction, 10
give the list a Arm tone at the end OF
fhe week: Prominent spectators Tor
the advance have been hoping 1or a
better market after Labor day, put II
Is acknowledged that the extent OF the
progress to be made will depend upon
successful restoration OF public conn.,
dence In the stock market.
The DAYS corporate news was light
and inclined to be unfavoraole, put IL
involved situations apparently alreaoy
discounted. Most conspicuous were an
nouncements of passing OF the OllVer
Farm Equipment participating pre-
ferred dividend and the Celotex pre-
ferred dividend.
Advance In Rails.
The advance In the rails may have
represented more than short covering,
for July earnings statements, while
showing q reduction Of about 80 per
cent from last year, are running little
better than June, as compared TO; 1Sz9,
and more than so class l carriers have
already reported.
wall Street was inclined to place
decidedly favorable mCeTpIeIab1ou Oh
the brokerage loan figures, showing Tor
the second week moderate reduction
for period of rising stock prices. II
the buying has been entirely OF pro-
fessional character. as some OF the more
pessimistic observers have felt, the f1g-
ures indicate that professionals were
paying cash.
While a reduction Of $26,o00,00O is
moderate bulls point out that the VOL
ume of trading has been small.
Call money continued abundant at
2 per cent as eagerness to place funds
for the three-day period offset with
drawals to meet holiday currency re-
ouirements. The Federal Reserve con-
dition statement showed a reduction in
the volume of credit outstanding for
the latest week. The system will be
able to Offset any credit Tightening
which may appear next week. The
pinch of month end settlements u
usually felt a few days after the LIST.
A resumption Of the gold movement to
France caused no concern IN banking
circles.