Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-15
STOCKS IN RALLY
ON BRISK BIDDING
Market Makes Progress on
Reports of Early Relief
for Railroads.
BY GEORGE T. HUGHES.
cjai nisnafr 70 The Star

NEW YORK, october 15.-Stimu
lated by reports that something was to
be done for the benefit of the railroads,
either in the way Of an early decision
on the rate case or in the form OF sup
port for railway bonds, the stock mar
ket today turned sharply upward. re-
covering practically all Of the ground
lost in the preceding session.
The rally, which was In evidence right
at the opening, was led by the railway
issues and had immediate effect on
sentiment toward the market as a
whole. All the rails were strong, with
gains that up to midday ran from / to
2 points to as high as and 6.
Next to the rails the utilities were
the chief beneficiary Of the better feel
ing. American Telephone g. Telegraph.
which was weak Wednesday. notWith-
ST. ding the remarkably good earnings
today. What looked like short cover
ing came into American Power & Light,
American Water Works, North Ameri-
can. and Standard Gas g. Electric.
Consolidated Gas received good support
and Western Union. which had been
sold Wednesday on the cut In the divi-
dend, came back partially.
Industrials Of the grade Of Eastman
Kodak, Allied Chemical. American Can
and Air reduction were up 2 to 6 points.
Pullman, the dividend rate on which
was reduced from a 81 to SO annual
basis after Wednesdays close, advanced
easily, showing that the cut had been
more than discounted. Tobacco stocks
rallied under the leadership OF Ameri-
can Tobacco and a number OF low
priced shares were in active demand
including White Motors.
There was q check in the advance
during the first hour but the market
then resumed Its upward trend. Air
Reduction extended Its initial gain TO
ga points. Allied Chemical, q stock
in which there is reported TO be a
heavy public short interest. was
points higher. Eastman Kodak, J. I.
Case and Westinghouse also were
sharply higher.
American Telephone advanced 3
points to 1884,. The same was true in
a general way OF many active issues.
1t was noticeable that higher priced
stocks were the more active and had
the larger gains. Trading during the
first half hour amounted to 100000
shares, the same as on Wednesday.
Call money renewed at 2 per cent.
Opening prices showed gains ranging
from fractions to points.
United States Steel at 6634 was up r.
dt <OT4 buAlSo anu
General Motors was up the same
amount at 247s. Standard Oil of New
Jersey at 81 rose l point.
In London and other principal Euro
pean markets price trends were some
what firmer as the Sino- Japanese situa-
ton seemed less tense. Domestic devel-
opments included a reduction in Pull
man, Inc, dividend; lowered third
quarter earnings by General Electric,
Western Union and Johns Manville: q
decline in September construction
awards, q further advance in 90-day
bills and lower opening quotation for
sterling here.
Westinghouse at 4534 advanced 194,
American Can was up ! point at 8034
J. l. Case rose l34 at ASH. Drug. Inc,
was up at STA, Consolidated Gas at
69l2 gained IA and North American
was up y at 3494 A block OF $500
shares Of American Telephone came out
at 1929. up 2as. Du Pont at SIS was
up -.
New York Central opened up 11s at
So. Southern Pacific at STA and Penn
sylvania at 32ss advanced n. Western
Union rose p to 8412. Johns -Manville
lost a point as a result of its earnings
report. Union Carbide dropped frac-
tionally to 32's, despite a contract OBJ
tanned from r. c. A. Victor Corpora
ton.