Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-02
STOCK PRICES GAIN
IN STEADY MARKET
Activity Remains Small, but
Many Issues Score
Higher Marks.
BY GEORGE r. HUGHES.
Special Dispatch TO The Star.

Special Dispatch TO The star
NEW YORK, November 2.-Respond-
ing to the budget of good news over the
week end. today's stock market worked
slowly higher Activity was still on a
small scale and there were no large
advances. Nevertheless, the feeling in
the Street was distinctly more opti-
mistic
The two groups which were most ia
voTed from the start were the stocks
representing corporations doing bust
ness with the farmer and the oil shares.
1t was. of course, the continued ad-
vance in wheat which brought buying
into the agricultural list as It was the
rising prices for crude oil in the South
west which benefited the oil shares.
Under the former classification Interna-
tional Harvester, j. 1. Case and Sears,
Roebuck we're actively bought, The oils
were represented by Standard Of New
Jersey and a long list of the very low
priced issues.
Oils Popular.
Enthusiasm for the oils was tempered
by the action of the SoconyVacuum
directors in declaring a dividend OF %
cents a share. against 40 cents paid III
the previous quarter The stock. how
ever, did not sell of, as indeed there
was no reason why it should inasmuch
as the price had discounted some re-
duction, and even at the market the
yield on the new rate was still between
So and z per cent. Standard Oil of
New Jersey declared the usual IS cents
extra and the regular Is cents quarterly
dividend. There had been no suggestion
of change here and the stock sold at
a new high on the recovery. 1t Is so
long since the oils have had any claim
on speculative attention that it is not
surprising the gains were modest.
Elsewhere in the list American Tele-
phone e. Telegraph, North American
Co., American Water Works and other
utilities showed an upward trend, with
Electric Power Sc Light, however, still
under the influence of the offer of new
stock. Food stocks were strong. led by
National Biscuit Columbian Carbon
was the star performer in the chemical
group. Loew'S was slow to respond to
its excellent earnings statement, but
that was characteristic of the market.
Spectators for the rise have taken
too much punishment this year to be
aggressive now.
The railroad shares did not make so
good a showing. New York Central
was distinctly heavy, rejecting uncer-
IdlIlby dDOub Lie AchL uiEAuSlld. AhCSl
est in the wage situation was Just as
great as ever, but confidence was lack
ing as to the outcome of the negotia-
tons between the executives and the
brotherhoodS.
In the other markets the feature was
the weakness in sterling exchange, off
712 cents by noon The explanation
advanced was imports into Great
Britain in anticipation of tariff action.
Probably, also, withdrawal of support
extended to the pound during the re-
cent election campaign was a factor in
the weakness.
Opening Is Higher.
The market opened active and
higher.
The week end rise in commodities,
such as oil and wheat, had cheer
ing effect on the Street before today's
opening. The California oil output
decline, improved sentiment in steel
trade, unchanged commodity weekly
averages, the gain in Canadian car
loadings and discussions of wage re-
auctions by Dominion union rail work.
ers also were regarded as constructive.
The London Stock Exchange was closed
because of a holiday, but sterling
here opened at $3771a, off 51h cents.
U. S. Steel, at 677s, was up %. Gen.
eral Motors, at 1854, rose y. Standard
Oil of New Jersey, at IS, gained u.
General Electric, at 307s, and West
inghouse, at 49,, we're each up u
-Roebuck, at 435s, showed a gain
of q, and Montgomery Ward, at 127a
was up 20. Stimulated by the advance