Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-10-28
RALLY IN STOCKS
CARRIED FURTHER
Practically All Groups Par
ticipate in Upward Trend
of Market.
BY GEORGE T. HUGHES.
to The Star.

special DlSpatcn 10 Ine othI'
NEW YORK, october 28,-The rally
in the stock market was extended early
today, with all groups OF shares making
gains of some amount.
Sentiment in the Street was much
more cheerful, partly as result OF the
way in which the market had rallied
at the close on Monday and partly be-
cause of increasing evidences OF
stronger technical position.
United States Steel Is Strong.
The weekly statement of the report
ing member banks to the Federal Re-
serve Board showed a drop OF $1l6,-
OG0 900 in loans on securities, indicating
that progress is being made toward
liuuidation here as we'll as in the matter
of brokers' borrowings. A week ago
the drop in this item was only $lO,-
900 900, so that good deal OF the I'M
provement came about during the past
week.
In the early trading United States
Steel was conspicuously strong. Divt-
dend action was due to be announced
after the close, and evidently specu-
lators short of the stock did not care to
take chances of an extra being de-
clared, although such action was
deemed improbable in the best-inform-
ed circles. Steel selling at l54 during
the morning was more than 10 points
higher than at the low less than week
ago.
Even the lately despised rails did bet
ter today. Atchison was the leader,
running up some six points. Atchison
reported an increase in net for Septem-
Der over the same month a year ago,
Notwithstanding the drop in gross. Nor
folk g. Western declared an extra divi-
dend of So share on the common
stock today, in addition to the regular
quarterly disbursement Of $3.50 share.
The September report made an un-
favorable comparison with that OF q
year ago, but Norfolk & Western has
made a much better showing than the
other carriers, and earnings show q
wide margin over dividend require
ments, even taking into account today'S
extra.
Some Issues Overs0ld.
There are numerous situations such
as that revealed today in published
ANALYSIS of Mack Trucks. That COM
pany has paid of all bank loans, has
purchased marketable securities and
now is stated to have net current as
sets of 81 more per share than the clos
ing price of the stock on Monday. In
issues in this position the selling has
been carried to absurd extremes Mack
Trucks was up today, and so was Au-
burn Auto.
Speculation for the rise continued in
Radio-Keith and in Vanadium, where
there is supposed to be an uneasy short
interest. United Fruit recovered a part
of the loss Of the day before, nIerchan-
dising stocks did better, notably Macy,
and there was a good demand for the
food shares particularly National Bis
cult. In the oil list Houston was the
favorite because Of its natural gas in
tereStS
Call money renewed at 2 per cent,
but outside money could be had at IA
per cent, with little or no demand.
Early Trading.
Sweeping aside their early irregulari-
ty stocks staged an advance in the first
half hour, which was partly erased
shortly thereafter. Sales in the first
80 minutes amounted to 337, 900 shares
compared with 231 100 shares in the
same Monday period. Call money re-
neWed at 2 per cent.
Amusement shares, after the early
rise of utilities and specialties, were
prominent in the upSwing. Radio-K Keith
Orpheum, which showed a gain in the
third quarter profits of 100000 over
the second quarter, before preferred
dividends, was fractionally higher.
Loew's, on which an extra dividend Is
anticipated. rose 2 points and Fox and
General Theaters Equipment were each
up point.
New York Central was up a small
fraction, despite its September net in
come which was about one-half the
profits reported in the same 1929
month, Southern Railway lost ~
points, but most Of the other carriers
were up shade.
National Surety opened up 3 points
and added more on the first few
deals. Equipments were up a trifle. r.
H. Macy & Co., climbed 2 points. Mont
gomery, Ward and Woolworth likewise
advanced