Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-10-24
STOCK PRICES GAIN
IN STRONG MARKET
Leading Issues Advance on
Stea& E'Nlu-IndustriaI
List Featured.
BY CHARLES F. sPEARE.

NEW YORK, october 24.-The stock
market today was stimulated by the
Improvement in pivotal issues that
marked early dealings. The betterment
registered by the rails, especially the
Van Sweringen group, after their n-
regular opening. and the continued adj
vance of leading industrial shares
spread to other sections of the list as
trading progressed.
Steel shares, under the leadership OF
United States Steel, moved higher fol-
lowing the moderately optimistic state
mentS of the leaders of the industry at
the opening session of the American
Iron and Steel Institute, United States
Steel at times in the forenoon showed
a gain of points, while the steel list
averaged an advance of more than
point.
General Electric and Westinghouse
Electric, which at intervals in forenoon
dealings were up about 3 and points,
respectively led the manufacturing Sc
curities Other industrial shares, such
as American Can, Allied Chemical,
]. l. Case and Johns Manville. scored
gains ranging from l to Z points by
midday.
Gains in Early Trading.
Prices worked higher in early trad
ing. The railroad group, after "a weak
opening, turned around with the rest
of the market and most OF the stocks
of Van Sweringen roads, which were
widely depressed in Thursdays session,
made small recoveries.
Erie came up a point from its low.
Chesapeake & Ohio recovered 2 points
and Allegheny Corporation, after equal
ing it's previous low, advanced to net
gain of q. Other rails to make re-
coveries were Atchison and New Haven
United States Steel extended its OPEN
ing gain to 234 points. Westinghouse
was IL points better. General Elec--
trio rose 2. United Aircraft climbed
ia. Another market feature was Cen
eral Railroad Signal, up points. IT'LL
tiles, motors, oils and mine shares were
higher. Cerro de Pasco, after opening
weak, recovered to a net gain OF Il
point Allied Chemical was points
higher.
In the first half hour sales totaled
366 800, against $4,000 in the same
period on Thursday. Call money re-
newed at 2 per cent
Trade News Varied.
Overnight news that greeted the open
ing of the market was of diverse
character. The $139, 000,0 900 decline of
brokers' loans brought. the total OF
81, 613, 900 900 to the lowest figure since
November "a, 1926, and only $204, 000,-
600 above the record low of May 10,
1926. The record peak of brokers' loans
stood at $1,000 100000 on october 2,
1929.
Although the shrinkage of brokers'
loans indicated that recent buying has
been better than recent selling, less
optimism was generated by the weekly
Federal Reserve statement, which showed
a decline in circulation of $50, 100000,
which contrasted with gain Of $64,-
100000 that required period Of three
weeks.
Trade items were equally diverse.
Construction statistics, both weekly and
monthly, showed increases, but gasoline
demand decreased. Unfavorable earn
ings reports offset those indicating
maintained or increased net incomes.
The lowered price of copper was fol-
lowed by reports of conference or
leading producers to be held here to
discuss trade regulation.
The extent of the early decline in
the rail division may be cleaned from
the fact that eight fairly active issues
Lehigh Valley, st. Paul common, Della
ware g. Hudson, Delaware, Lackawanna
& Western Erie, Missouri Pacific, New
York, Chicago e. st. Louis and Texas
Pacific-hit new low prices for the year.
Later some OF these securities, especial
ly those of the so-called Van Sweringen
group, staged robust rally.
Food Shares Advance.
Food shares, on favorable earning
statements, such as that of General
Foods Corporation, met moderate de-
mand at advancing levels. ADJUSTMENTS
also rallied, with the greatest activity
in some of the lower-priced issues like
Radio-Keith-O Tpheum.
The copper division, despite the cut
in red metal and its products, made
some recovery around midday as a re-
suit of the report of the producers
conference, which caused some cover
ing of shorts. While this movement
was in progress Calumet & Arizona
opened up az, Anaconda rose fraction
ally and Cerro de Pasco got up more
than a point.
Public utilities, under the marshall
ship of American Water Works and
American g. Foreign Power, were strong.