Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-20
STOCK PRICES GAIN
ON HEAVY BUYING
Market Leaders Advance
Sharply on Favorable News
Developments.
BY GEORGE r. HUGHES.

Special Dispatch to The Star.
NEW YORK, october 2o.-A budget
of favorable overnight news develop
mentS at home and abroad brought
heavy buying orders into the stock mar
ket today and sent prices to the best OF
the current recovery. Business was so
heavy for the first half hour that the
ticker fell minutes behind. During
this period the turnover was four times
that of Monday.
American Telephone 81 Telegraph
and United States Steel led the adj
vance, the former crossing 1873 and the
latter crossing II. Auburn Auto jumped
nearly points. j. I. Case was in active
demand for both accounts, up TO
points.
Rails Share in Advance.
The railroads were not quite as prom
inent but they were nearly all higher.
New York Central and Union Pacific
gained points and were the most ac-
tive, except for Baltimore g. Ohio. The
oils were featured by fractional gains
in the standard shares. Consolidated
Gas and the food stocks were favored
elsewhere in the list.
Sentiment was helped by the more
conciliatory attitude Of Japan in the
Far Eastern dispute, by semi-ofhcial
assurances from Washington that the
gold Withdrawals were nearing an end
and by increasing evidences Of general
business improvement.
Reasons assigned for the better feel
ing in Wall Street included the con-
ciliatory attitude adopted by Japan in
the Far Eastern dispute, semi-official
assurances from Washington regarding
81 NIB eoid n hQ
nearing its end, and at the same time
prediction that foreign liquidation in
the stock market would shortly cease;
scattered evidences of trade improve
ment not conclusive perhaps, but very
encouraging. and, finally. the action OF
the market itself, which seemed to show
a strong technical position.
All the popular speculative mediums,
industrials, rails and utilities, shared
more or less in the advance. Perhaps
the most impressive was the rally in
United States Steel, which above II was
at the best of the current recovery.
There Is still doubt as to the action of
the directors on the dividend a week
from today. but those best informed be-
| lieye that the rate will be maintained
at 81 quarterly. II the trade reviews
Wednesday should prove favorable. 1t
would be easy to stampede the short in
terest.
Opening Is Higher.
Opening prices were higher.
The arrival of copper producers for
the coming world-curtailment confer
ence brought bidding into the red
metal shares, which were uniformly
fractionally higher. United States
Steel common at 697s was up half
point.
Foreign developments were reflected
in an active and rising London stock
market Sterling at 1892 was up 234
cents at the opening here. Formal pro-
hibition of gold exports by Canada was
not unexpected. as that country. for all
practical purposes. has been of the gold
standard for more than a year. Flush
production in Oklahoma explains the
gain in weekly crude oil output.
American Telephone at 1877 was up
Ia points. Atchison at ll6is was up
only a shade. which also was true of
Chesapeake & Ohio at 323s. New YORK
Central at 6ll4 opened up a point.
Union Pacific at HE gained 2l2.
Standard Oil of New Jersey at $3.50
rose a. its action being typical OF the
| oil shares.
North American advanced a point to
3el2. Public Service Of New jersey at