Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-08-20
BULLS IN CONTROL
OF STOCK MARKET
Speculation for Rise Pressed
Forward AggressiveIy on
Cheerful Reports.
BY CLAUDE A. JAEGER,
Associated Press Financial Editor

NEW YORK, August 2o.-Specula-
ton for the rise was pressed forward
aggressively in today's stock market,
the bull leaders, undaunted by isolated
weaknesses in special stocks, such as
the 'coppers and safety razor issues.
More cheerful reports from the steel
industry and better tone in the COM
orators to work for higher prices. al
though some recalcitrant bears offered
opposition here and there feeling that
signs of business improvement were
still altogether impalpable
Motor Issues Covered.
A few issues sold up TO nearly 10
points, and gains of to or more
embraced most of the important shares
After announcement of reduction of
the Hudson Motor dividend shorts were
sent to cover in several of the motor
issues, Auburn and Hupp gaining 5
and more. Shares gaining 6 or more
included International Business Ma
chimes and Case. Shares advancing 3
or more included American Water
Works, American & Foreign Power,
Vanadium. International Harvester,
Eastman, Johns Manville and American
Type Founders, while such issues as
United States Steel, Bethlehem, Amer
lean Can, Westinghouse Electric and
Public Service of New Jersey mounted
almost as much. Federal Mining, an
inactive issue, sold at lis, 35 points
below the last transaction, and the
lowest in three years,
The fact that dispatches quoting Sec
rotary Mellon yesterday as looking for
business improvement in a short time
we're repudiated by him after having
been widely mentioned by financial
news tickers and by brokers wires
seemed to cause no concern, for Mr..
Mellon said he wished no Interpretation
to be placed upon his denial Of the
statement, and what he was reported
as having said was in line with much
private banking opinion in Wall Street.
Street Reports Good.
The weekly steel trade reviews were
the most encouraging of trade surveys
coming to hand. Iron Age seemed to
see few rays of light for the flrst
time in several weeks. 1t placed ingot
output at SO per cent OF capacity,
against So last week, the first gain
since the week after the Fourth OF July.
Composite steel prices, however,
showed no further weakening, and
strength in Pittsburgh scrap, which was
marked up so cents a ton today, was
cheering. Steel. formerly Iron Trade
Review, said: steel scrap, usually a
reliable indicator of impending change
in market conditions, is stirring under
the surface and giving signs Of better
conditions"
The bull faction felt that such unfa-
vorable developments as another falling
off in freight movement, as reported
for the week ended August 8, omission
of the Warner Quinlan dividend and
reduction of the Hudson Motor annual
rate from SIS to SO share, had been
foreSeen for soTae time, and should not
prove important factors in the market.
The American Petroleum Institutes
weekly statistics were again favorable,
and reports indicating a little better
progress in crude production curtail-
ment in Texas counter balanced re-
ports of dissension in the Oklahoma
city pool. In some quarters, however,
there was still tendency to look Tor
a weakening in midcontinent crude
prices, as the peak consumption period
will be over in few weeks.
Call money, after renewing at 212
per cent. was finally reduced to per
cent, the first time it has reached that
rate at the loan desk in 10 days,
although outside funds have been plen-
titul at per cent.