Evening star., 1930-11-30
STOCK LIST HIGHER
IN LIGHT TURNOVER
Short Covering Tends to Lift
Quotations at Close of
Market.
BY CLAUDE A. JAEGER,
Associated Press Financial Editor.

NEW YORK, November 29.-Bears
gave the stock market an upward tilt
today, as they closed out their short
contracts at the end Of week Of slow
", but almost steadily, sagging prices.
The market was extremely dull, the
turnover of about 650,000 shares max
ing the smallest Saturday total since
August, but the list, as a whole, mani
tested the best tone since the upturn
of a week ago yesterday. Prominent
shares generally closed l to 2 points
higher.
Copper Prices Firmer.
A slight stiffening in copper prices;
report that the Burlington Railroad
plans to pay a substantial extra divi-
dend, partly from surplus; indications
of q slight pickup in retail trade, with
expectations of further gains as
Christmas club funds are distributed
Monday, together with the further drop
of $63,000,O00 in brokers loans, pro-
vided what background there was in
the days news for the advance. Pri-
marily, however, the market appeared
to be governed by technical internal
conditions.
There was some further selling of
rails and utilities in the first hour, but
this soon gave way to a gradual up
turn. Atchison, after losing 8 points,
rallied to close up IA. The rails gen.
orally recovered With all important
october reports now in. it is estimated
that the aggregate decline in net oper-
ating income from a year ago was
about 26 per cent, a less satisfactory
comparison than that made by Septem-
ber, but better than the comparison
made by earlier months of the year.
Gains Recorded.
Issues gaining point or more in
American Telephone, North American,
Kennecott, u. S. Rubber, Sears Roe
buck, Anaconda, Calumet & Arizona,
Northern Pacific, Pennsylvania, Dupont,
Paramount, Westinghouse Electric,
Loews, Illinois Central, New Haven and
Consolidated Gas.
Woolworth was bought in some
volume, moving up 2 points, as block
of 15,400 shares was taken on the way
up. Other shares gaining points or
more included Eastman, Goodyear, Air
Reduction, New York Central and Allied
Chemical FireStone preferred advanced
. 3. Rock Island, however, declined 2
points to new low.
The firmness of the copper issues was
In response to news that one OF the
custom smelterS which recently reduced
the price Oh req ulSVdl 70 1U12 Ccuto
had pu; it's price up to IL. 1t was said
in traC circles, however, that buying
remained ~uiet. and it might be some
time before = larger producers could
sell much metal at the price of IL
cents, to which they are still holding.
Rubber Shares Strong.
The rubber shares showed the best
group strength In several days, although
crude rubber has sagged again this
week, rubber brokers state that the
industry as a whole seems to be in the
strongest inventory position in some
time, and that replacement demand
for tires must appear in substantial
volume during the next few months.
The oils failed to participate in the
advance. but held about steady.
Reports from the steel industry indi-
Gated further Slackening OF operations
in the youngstown area next week. 1t
Is estimated that output there win be
cut from 46 per cent Of capacity to 4S
per cent. Week end reviews, however,
indicate that the industry Is meeting
with success In its efforts to stabilize
price schedules for finished steel.