Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-14
ADVANCE IN STOCK
PRICES CONTINUES
Market AbSorbS Profit TAX
ing and Maintains Up
ward Trend.
BY GEORGE t. HUGHES.
special pispatch 70 The star.

Special Dispatch to The Star.
NEW YORK, November IA
though changes were as rule, in small
amounts. trading In the stock market
today went on In an atmosphere of
tempered optimism in striking contrast
to the ruling sentiment only a few
days ago. The price trend was upward,
not emphatically so, perhaps, but GER
tainly reaSsurin9 after so many Ses-
sions Of urgent liquidation.
Weak Spots.
Among the weak spots in the early
trading were some of the amusement
shares notably Fox Film and Loew's,
but this selling did not unsettle the
rest of the list. For time during the
first hour the electrical manufacturing
stocks were heavy and almost all Of
the time at least one or two members
of each group Jagged behind the rest
or sold off moderately.
The tone of the market as a whole,
however, was much better. Copper
stocks maintained their recent gains
and, except for Cerro de Pasco, which
was affected by the disturbances in
Copper metal was sold in the domestic
market at IL cents a pound and the
amount available at this level was said
to be small. No one development has
given so much encouragement as the
recovery in copper.
Another heartening feature was the
better feeling toward the railroad stocks.
Liquidation in this group dried up arc
there were scattered advances, incluo-
ing those in Great Northern preferred,
Union Pacific and Chesapeake q Ohio
The tobacco stocks rebounded sharply
under the leadership Of American To-
bacco shares.
Utilities Group.
In the utility list American Tele-
phone showed resistance to selling ~
had not exhibited earlier In the week,
while Columbia Cas- North American
Co Consolidated Gas and other stocks
of that caliber gained at the expense
OF the shorts.
At the start Unied States Steel
seemed heavy, but before noon 1t had
rallied well above the preceding close
and to the best Of this recovery on
buying stimulated by the bullish atti-
tude taken toward the market by a
house long associaed with that stock.
General Motors acted much the same
way. hesitant in the first hour, but
later on making up the dividend which
came of the price today.
Probably the decrease in brokers
loans announced by the Federal Re-
serve overnight carrying the total down
to the lowest since the record was kept,
vas not an important influence in the
market, but 1t did emphasize the eX-
tent of the LIQUIDATION that has taken
place and the strong underlying po-
sition.
Call money renewed at 2 per cent,
but loans we're available at concessions
on the outside.
Upward Trend Resumed.
The market, after a strong opening,
reacted and hesitated for a few min
utes, but before the end of the first
hour had resumed its onward march.
This was true Of the Ezeat body Of
stocks and of most of the active lead
ers, though United States Steel con-
tinued weak after dropping its opening
gain.
The second upturn paralleled the is
suing of a bullish statement on mine
stocks by q prominent stock exchange
house. Money renewed at per cent
unchanged. During the first half hour.
trading amounted to 347, 500 shares
against 4l5.900 in the first half hour Of
Thursday.
North American was a feature,
dropping rapidly to 6S5s, OF nearly 2,
and then recovering the lost ground
with the same swiftness. Utilities like
Commonwealth g. Southern, Console
dated Gas and United Gas & Improve
ment we're strong.
In the motors. Dupont was strong
spot, but Chrysler sagged slightly. In
the industrials General Electric dropped
to point loss, but Coca Cola, National
Dairy Products and Radio were finn.
Anaconda, Calumet g. Hecla, Cerro De
Pasco, Nevada and st. Joseph Lead
led the mine stocks. Rails were quiet.
Norfolk & Western gained 33z points.
Oils we're strong.