Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-09
STOCKS co HIGHER
IN ACTIVE MARKET
Rail Shares Lead Advance,
but Profit Taking Checks
InduStriaIS.
BY GEORGE t. HUGHES.
Special Dispatch to The Star.


NEW YORK, October 9.-The rail-
road shares monopolized the speculation
limelight in today's stock market. In
dustrials were subjected to heavy real
lzlng, and while there were some adj
vances, most of this part of the list had
a reactionary trend, while the carrier
shares were buoyant
The market opened at about the level
prevailing at the close on Thursday.
There was heavy turnover, however,
and at intervals the tape fell three or
four minutes behind. After an hour or
so Of irregularity the rail stocks forged
to the front, and before noon the lead
erS were up anywhere from to points.
Various reasons were assigned to this
demonstration of renewed confidence,
or better, perhaps. reawakened hope for
the rails. One of them was that the
administrations efforts toward credit
Improvement would eventually be ex-
tended to include the railroads. An
other was the prospect of a decision
on the rate case, and inasmuch as the
interstate Commerce Commission often
gives out its decisions on a SATURDAY..
1t was suggested that the ruling might
come tomorrow.
The railroad wage situation entered
INTO the discussion in brokerage Offices.
one story was that the brotherhoods
mad. been approached on the PROPOSE
llon That they accept q wage cut volun-
taruy, report seemingly far fetched.
Whatever the cause, railway issues were
the undlSputed leaders on the side of
advance
Opening prices were mixed.
An advance in the Federal Reserve
rediscount rate TO 2l2 per cent and a
crop TO record low level in brokers'
loans we're interpreted as bullish de-
velopmentS Du Pont opened on a
4,O0O-share deal at 81 unchanged
Other blocks were not so large United
States Steel opened with a 2,000-share
trade at II, off Is.
Active industrials were irregular.
American Can, Columbian Carbon,
General Foods, National Biscuit, Stand
ard Brands and Woolworth were slightly
higher. Small losses occurred in j. I.
Case. Fox Film. Westinghouse and
Montgomery Ward. Mine shares were
flrmer, with fractional advances in An
aconda International Nickel and Ken
necott.
In the rails, Baltimore g. Ohio drop
ped point below today's dividend-de-
duction. level Chesapeake Corporation
and Reading were higher. the latter by
nearly 3 points. Great Northern pre-
ferred, Lackawanna and Canadian Pa
cif1c were slightly lower. American
Telephone at 1873 was nearly . points
lower. but American e. Foreign Power
Columbia Gas & Electric and Public
Service of New Jersey had fractional
Improvements. Oils were little changed
General Motors led the automotive
group in point of activity. but was
slightly lower in price. Auburn drop
ped over points
The markets course was irregular
after the opening. but around the end
Of the first hour. prices started strongly
upward. Standard Gas e. Electric.
Southern California Edison and West
ern Union, after initial heaviness, ad-
vanced fractionallv.
United States Steel recovered a point
OF its opening loss. but was still off on
the day Bethlehem Steel and Repub-
lie Iron e. Steel were higher on the
day. InduStrials gained actively. Rails
were higher. chiefly because of the in
fiuence of a firm market for carrier
bonds. Atchison gained 3 points and
New York Central had a sharp ad-
vance
During the first half hour trading
amounted to 100000 shares. compared
TO 100000 on Thursday Call money
renewed at 1l2 per cent. after Is min
utes' hesitation. during which efforts
were made to have the official rate re-
newed at a higher level