Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-20
STOCKS ARE FIRM
| IN UPWARD TREND
Market Shows Strong Under
tone-BuSineSS News
Continues Mixed.
BY GEORGE Il. HUGHES.

special Dispatch 10 The star.
NEW YORK, November 2O.-Selling
at or around the best levels of the
movement, the stock market today
again revealed an unusually strong
technical position. It was more active
on the advance and turned dull on the
decline, as it did In the preceding ses-
sion. and 1t gave increasing evidence Of
an over-extended short interest.
AS far as the news went there was
little change. For the moment fear Of
another crisis In the grain markets was
removed but the copper metal situation
continued unsatisfactory, with q small
tonnage said to have changed hands at
1914 cents q pound, against the oncial
price Of IL cents pound. World cop
per output for October was up from
that of September and demand in the
metal market was slack.
Other Trade News.
California oil output last month was
higher than that Of September. while
cigarette output fell OF during the
nor in railroad earnings was there any
significant improvement. There were,
however, good reports from individual
companies and there was expectation
Of a seasonal increase In retail and
distributive trades.
Another development which heartened
the friends of the railroad shares was
the declaration by Atlantic Coast Line
of the usual $3.50 extra dividend on
the common It had been thought pos
Sible that this might be omitted.
The real driving power back Of the
market today was the steadily growing
uneasiness of operators for the decline
Estimates Of the extent of the short
interest were revised upward.
Motors Improve.
Motor shares were actively bought
under the leadership Of General Motors
| and Chrysler. Executives Of the leading
automobile producers were said TO be
entirely confident Of the leading auto
mobile producers were said to be en-
| tireIy confident Of the outlook for next
year. Even though sales do not improve
| In the proportion as expected, profits
will rise, it is predicted, through BETTER
control Of expenses now being practiced.
| But the producers regard 1t as certain
| that the backed-up demand for replace
ments will result In much larger bust
ness.
United States Steel gave impressive
leadership to the general industrial list,
| selling at the best OF the recovery.
| American Can, Westinghouse Electric,
General Electric and Standard Oil of
New Jersey were prominent on the side
| Of advance In the stocks that had
been most heavily sold the buying was
still more effective, as for example Air
Reduction. Merchandising stocks which
| were IN favor included r. H. Macy,
Hahn Department Stores, Best & Co.
and to a lesser degree mail order stocks.
Utilities rallied against the shorts,
although most Of the gains were
moderate. Copper stocks were quiet
and so were the rails.
Opening Is Higher.
The market, after q quietly higher
opening, entered q period Of rising
prices, more impressive perhaps than
recent recoveries Some of the buying
was traced to European sources.
Activity was intense on the upturn.
United States Steel, while point high
er, was one of the more conservative
movers Allied Chemical, Case Thresh-
ing, Loew's, Worthington Pump, Vana-
dunn and American Telephone had
gains of points or more. Money re-
newed at 2 per cent unchanged. Sales
during the first half hour amounted to
400 800 shares compared with ZIG, 400 in
the first half hour Wednesday.
The motors were generally strong.
Among utilities Consolidated Gas, Elec-
trio Power g. Light, North American and
Public Service of New Jersey led the
advance. Oils gained fractionally.
United States Rubber and Goodyear
were favorites. Rails shared in the i'm
provement, with New York Central and
Pennsylvania most active. Mine shares
improved especially American Smelling
a. Refining and Cerro de Pasco.