Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-01-30
STOCKS IN ADVANCE
AS SHORTS COVER.
Trading Volume Increases as
Demand for Selected
Issues Grows.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, January 30.-Begin-
ming with the industrial specialties, in
which the short interest was driven to
cover in panic-Stricken haste, today's
stock market moved forward agrees
sively on increasing volume.
Selected issues were in urgent de-
mand from the start and as the day
went on the movement broadened out
to include the better grade of invest
ment and reimbursement shares. The
demonstration against the shorts, which
seemed to have been accurately timed,
approached the spectacular. 1t found
the market bare of offerings for the
small group of equities which had been
most heavily sold for the decline earlier
in the month.
Decline in Loans.
Probably the continued decline in
brokers' loans during period when
prices had been advancing and the re-
sistance the market has displayed to-
ward pressure on Thursday persuaded
the professional operators in charge OF
the days proceedings that 1t was
good time to test out the possibilities
on the side of advance. They found the
going easy and they made the most
of their opportunities.
Coming down to cases, Auburn Auto,
as usual, rushed forward at a pace
that could fairly be described as vio-
lent for the market nowadays Before
noon it was up between and points.
Next came Worthington Pump, which
during the same time jumped full 8
points Then Lambert was taken up
and, in rapid succession, A. M. Byers
Columbian Carbon, Foster Wheeler and
Vulcan DEFINING.
In some of these issues pools were
plainly at work, and in others the
market was readjusting itself to an
earnings position better than recent
quotations had indicated but as far
as known in none of them was there
anything new today to account for the
excited advance. The bugaboo that
frightened the market so badly Thurs
day-namely, the soldiers bonus bill or
bills-had seemingly been forgotten.
Amusement Group Strong.
Besides the speciaIties already men
toned, the amusement stocks were
strong, with new highs for this year in
Fox, Loew's and Paramount-Publix.
Radio was bid up again, taking along
Radio Keith to the best since the flrst
of the year. j. I. Case and Westing-
house Electric, each of them harboring
-
ering. One or two Of the baking stocks
were strong. international Cement,
which is understood to be making a re-
markedly good showing, came to life,
but 1t was not so easy to influence the
more conservative issues.
improvement in much less degree
came into United States Steel Ameri-
can Can and General Motors, although
Motors did duplicate its previous high
for the year. The railroads were neg
lected and price changes in this part
Of the list were irregular. Wabash COM
mon sold off again, rejecting the I'M
favorable dividend action on the pre-
ferred issues. Oils were a shade higher
but not very active. In general it was
speciality market.
Early Market Strong.
Specialties and amusement shares
featured strong and active early mar
ket The further reduction in brokers'
loans, along with earning reports that
proved better than anticipated and the
belief that a compromise would be
reached on the soldier bonus plan,
frightened the shorts with the result
that a heavy covering movement got
well under way before the end of the
first half hour
Auburn Auto and Worthington Pump
were the leaders In this movement, the
former moving up to LAT, a gain of
IA points, and the latter rushing
ahead GA points to S214. Coco-cola,
up 27s, and Columbian Carbon, up
2 y, were strong spots in the specialties.
New highs for the year were scored
by Fox Film, Paramount-Publix and
Loew'S. Radio and Radio-Keith
equaled their previous peaks.
Ward Baking A. which was up 67a
points Thursday, rose 21s in the first
half hour today. Illinois Central regis
tered new high at 8812. Sales in the
first half hour Appropriated 100000
shares, or about the same as on Thurs
day. Call money renewed at ~ per
cent.