Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-13
PRICES FOR STOCKS
HOLD HIGHER TREND
Days Business Marked by
Slow but Definite Up
ward Movement.
BY GEORGE T. HUGHES.
Special Dispatch to The star.

Special Dispatch to The Star.
NEW YORK, August ia slow but
well sustained upward movement char
acterized today's more active stock mar
ket The advance was more consistent
in the industrials than in the rails,
but both groups participated,
The Street was full of rumors, but
this time they we're bullish and not
bearish rumors Probably most of them
were designed to intinidate the shorts,
but the very fact that such tactics were
employed testified TO the change in SEN
timent Stocks sold off somewhat at
the end, but still left of higher on the
day.
Among the features in the last hour
was the buying of the rubber shares
and the food stocks. Merchandising
issues were strong all day.
The two most important develop
ments, so far as they affected the stock
market. were the declaration Of the
regular dividend on Union Pacific COM
mon and the signing by the Governor
of Texas of the new oil conservation
law. along with the steps taken TO put
the law into effect. There had been no
real doubt about the Union Pacific div
idend, but the news stennEed the sell
ing in railway stocks, which, up TO the
time of the announcement, had been
very heavy.
In the first half hour Great Northern
preferred made a new years low and
New York Central was weak on the
publicity given to the siX-month earn
ings statement, showing only 90 cents
share for the stock, against $4.63 a
share in the first half Of 1890. This
wears earnings, however, were all eff
fected in the second three month period,
the first-quarter operations having re-
suited in a deficit after charges. so that
the road had really improved its posi-
ton currently.
Union Pacific ran up or 3 points
on the dividend news and Atchison
made a similar gain. New York Gen.
trail Baltimore IL Ohio and Southern
Pacific regained their earlier losses, but
buying in this group was still re-
strained by the weakness in railway
bonds.
The. Texas news was taken as highly
constructive and practically all Of the
oil shares we're in good demand. Gen.
eral Asphalt, Atlantic Refining and
Standard of California were up a full
point, with fractional gains by the
others. Socony- Vacuum made a new
high since listing.
Short covering went on in United
States Steel which at the close We'd
neSOay nigHL WAS iOdDlAS az o-4o pIt-
MUM The Street seemed to read
more encoura cement into the trade
reviews than had appeared on the sur
face and Steel common got back to
within a point of its high on the re-
covery. Commitments for the decline
in Westinghouse we're retired actively,
J. I. Case and Allied Chemical moved
ahead and Johns Nda1lville fell into line.
In all of these issues there had been
stale short accounts.
Elsewhere in the list the meTchan-
dising stocks did better, particularly
Safeway Stores. Bohn Aluminium q
Brass duplicated it's old high. Aggres-
sive operations for the rise were in
itiated in Radio, a block of 10000
shares coming out at 20, up more than
point. Reinsurance as To the divi-
dend by the president Of the company
brought a sharp rally in General Rail
way Signal.