Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-16
ADVANCE IN STOCK
MARKET RESUMES
Further Gain in List Laid to
Increased Public
Interest.
BY CHARLES F. SPEARE.
special Dispatch to The stai


NEW YORK. February IGNORE
| hopeful signs from Washington that
| Congress will be able to complete its
business and adjourn, and that there
| will not be occasion for an extra Ses-
| sion. laid the foundation for another
strong stock market today.
The way in which stocks acted was
| complete surprise to the professional
| interests who had found satisfaction in
and took the position that Wall Street
| had temporarily discounted all of the
| goods news. Apparently they did not
reckon with public sentiment. This
was reflected in a decided increase in
| buying orders early today which abb
sorbed the initial offerings and soon
placed the list where the shorts were
again compelled to protect themselves
by a further reduction in their COM
| mitments.
Strength Well Distributed.
Trading broadened out materially.
With the market declining on Friday
and Saturday, transactions had dwin-
died, but on the upturn today there
was again large turnover though not
the number of big blocks of stocks in
leading issues that had been quoted
previously. 1t was the breadth rather
than the size of the market and its
rugged strength that most impressed
those who followed its fluctuations.
The important movements centered
in shares that had the greatest effect
on speculative sentiment. Outstanding
in this respect was Westinghouse Elec-
trio. in which there is supposed to be a
large short interest. This stock rose 4
points before midday and at its top was
nearly 20 points above the January low
It is significant of the change in atti-
tude of the Street that it's period of
greatest buoyancy has taken place since
the announcement that the company
was curtailing its operations in view of
slack business.
American Can advanced az points
by midday. This was logical inasmuch
as the company made report showing
5000 a share earned last year, or Slight
ly more than in 1929. The same rela-
tive improvement was indicated in the
statement for the IL months by the
Continental Can Co., whose stock also
was firm. The amusement group was
particularly prominent, with every mem
Der in it showing good advances and
Loew's, its leader, anticipating benefits
in the way of an increase in the divi-
dend at todays meeting.
Such leaders as United States Steel
and General Motors were inclined to
be backward for a while, but eventually
they took part in the days rise.
Standard Oil of New Jersey recovered
more than its dividend The utilities,
while not especially active, moved up
easily, with the largest advances in Con-
solidated Gas, American Water Works,
North American and Public Service of
New Jersey.
Finally the rails joined in with the
other groups, New York Central adj
vancing points, Chesapeake & Ohio
and Baltimore & Ohio ia and Penn
sylvania and Southern Pacific, each u
by midday. And all this in spite of
statistics published today indicating the
extent of last years collapse in earn
ings of nearly all of the carriers.
Trading Volume Gains.
After a slow start the market in
creased its pace and advanced to a
new high for the year on the average.
Westinghouse Electric was the fea-
ture, running up nearly points to a
new top above l0l. General Electric
was point higher. These two COM
panies have jointly formed the Electric
Apparatus Export Association, accord
ing to an announcement today.
Loew's was another active feature.
reaching a new top at SO, up ga, on
reports that the dividend rate will be
increased. Fox, Radio-Keith and Cen
eral Theaters Equipment all made new
highs Money renewed unchanged at
1l2 per cent. During the first half
hour trading amounted to 100000
shares. against 100000 on Saturday.
United States Steel advanced a
point to 1861. Vanadium gained 2
points to a new 1881 top. Auburn
AutoSran up 6 points to 1876. General
Motors. Packard and Studebaker gained
fractionally. In the utilities American
Power g. Light and United Corpora
ton were strong. Oil shares were
quiet, but Houston Oil reached a fresh
top. United Aircraft gained frac-
tionally to a new high for the year
Foster Wheeler, Vulcan DEFINING and
American Commercial Alcohol also
reached new top prices. Rails were
quiet. American Can at 1195s was up
more than 2 points, rejecting net
earnings for 1880 slightly above the
1929 level.