Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-21
STOCKS MAINTAIN
ADVANCING TREND
Market Sells Off in Early
Trading, but Later Turns
Upward.
BY GEORGE t. HUGHES.

Special DlSpdtCH W AUG ctat.
NEW YORK, November 2l.-Stocks
maintained a firm tone in today's mar
ket, despite the extent of the recent
rise and despite continued professional
pessimism. Trading was conducted at
q slow pace and without the slightest
sign of speculative excitement, but the
activity was larger on the side Of adj
vance than it was on the side Of decline.
First quotations today were fraction
ally lower, in continuation of the re-
action in the last hour on Thursday.
There were no large losses, but for an
hour or so the list looked decidedly
heavy. And yet in the first half hour
only 242,9 900 shares changed hands, the
lowest in three weeks After this SELL
ing had been absorbed, prices hardened
and the advance was slowly and eau
tiously resumed.
News that might have been expected
to affect trading was scanh The de-
crease in brokers loans, announced by
the Federal Reserve overnight, brought
the total to another new low, but de-
creaSes have been recorded now for
eight consecutive weeks without at any
time being an important factor in the
market. Business developments were
not especially encouraging, including,
as they did, 8 decline in electric power
production. The one decisive influence
back of the rise was the increasing
nervousness of an overwhelmed snort
interest.
Motor Stocks Popular.
Motor stocks were still in favor under
the same leadership as on Thursday
Chrysler and General Motors. The mo-
tor accessory group advanced sympa-
thetically, with Electric Auto-Lite ana
Briggs prominent. Reports from motor
plants In the Midwest told Of stepping
UP of production and Of large orders Tor
new models.
United States Steel after an early set
back pushed ahead and the same was
true of General Electric, Westinghouse
Electric, American Telephone & Tele-
graph and American Can. The feature,
however, was the interest taken in the
low priced issues, many of which were
active and strong Advances were made
by Simmons Co., Remington Rand, and
Republic Iron g. Steel and there was
an erratic rise in American Brown Vo-
veri preferred amounting, at one time
to nearly IA points.
Short commitments in Air Reduction
were taken in at higher prices, while
the Aircraft stocks showed strength
amounting to buoyancy. United Air
craft was the leader, with Bendix fol-
lowing along.
Copper stocks did not participate in
the improvement. In fact, Calumet &
Arizona was sharply lower on news that
production had been curtailed between
IA and is per cent. The truth is that
demand for copper metal at the new
high price has been disappomtedly
small.
Railroad stocks also were slow to
respond to the better feeling In the
Street. Chicago Great Western pre-
ferred was moderately higher, but Della
ware g. Hudson sold of. Chesapeake q
Ohio reported a sharp decline in Octo-
Der gross, but an increase in net operat-
ing income Another favorable develop
rnent was the declaration Of the regular
preferred dividend by Gulf, Mobile &
Northern.
Opening Is Lower.
The market, following lower open
ing, showed a disposition to improve in
spots although there were hardly
enough gains to Offset the initial losses.
Slight improvement in commodity
markets, the reduction in brokers loans,
and the general tendency to try to in
terpret things In a bulllsh light were