Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-10-20
STOCKS Stronger
IN LIGHT TRADING
Market Displays Firm Up
ward Trend as Offerings
Are Light.
BY CHARLES F. SPEARE.

Special Dispatch to The Star
NEW YORK, october 20.--While it
may be attributing too much impor-
lance to foreign political conditions in
their bearing on the American stock
market to say that the rally in prices
today was influenced by the success Of
the German government in Saturdays
elections. 1t is true that there was no
other development over the week end
to which the recovery might be
credited.
Nothing came of rumors that we're
in circulation at the end of the week
and this relieved the financial district,
whose nerves have been badly frayed.
The action of some of the leading in
dustrial stocks suggested that they
were receiving support from banking
interests identified with them. The
fact that prices have had such ter
rife fall without a rally was in itself
to the technical advantage of the mar
ket.
Early Offerings Light.
With all these conditions surround
ing them, stocks opened strong and,
contrary to what has happened recent
ly, they advanced during the morning
session Offerings we're withheld and
on transactions once more at the low
ratio of last week there developed gains
ranging from to 8 points in such in
dustrials as General Electric, Westing-
house Electric, johns ManviIle, Sears
Roebuck, j. I. Case, Air Reduction,
Eastman Kckad and Allied Chemical.
The public utilities were also in bet
ter demand gaining ! to 312 points by
midday. American Telephone &c Tele-
granh, Consolidated Gas and American
a. Foreign Power showed the most sub
stantial improvement. Oil stocks were
higher, in spite of the cut IN gasoline
prices now taking place. United States
Steel advanced points in the first two
hours and other iron and steel stocks
were steadier on somewhat better trade
reports from the Pittsburgh and
Youngstown districts.
The coppers, motors and the rails
made less response to the more cheerful
market sentiment than did the other
groups The fact that September rail-
road earnings will be published this
week and cover wide territory and VIII
show a poor comparison with a year
ago, though better net results than III
july or August, had the effect of tenn
porarily withdrawing support from car
rier issues. However, there were rallies
of two to two and one-half points in
those rails whose dividends are unques-
toned. such as Atchison, New York
Central. Delaware G. Hudson and South
ern Pacific. New Haven dipped below
90 to a new low price for the year and
then. advanced.
on the basis of 60-point average
decline in industrials since the market
first started to react in September,
there should be rally Of from 25 to 40
per cent to correspond with market
precedent. What has happened in the
past, however, may not apply to the
present.
Trading Is Quiet.
There was the same tendency OF the
market to become quiet today after it
had enjoyed the first benefits of the
improvement in the week end news ana
technical conditions, as there was for
it to dry up previously after certain
amount of liquidation had been effected.
In the volume Of trading, both on de-
clines and rallies, the market has re-
fused to follow traditions this month:
This has made it more difficult to read
its future.