Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-11-07
RALLY IN STOCKS
CHECKS DECLINES
AFTER EARLY DROP
Market Rebounds in impress
Sive Fashion as Confident
Wave of Buying Develops.
DISTRESS LIQUIDATION
is BELIEVED COMPLETED
Brokers Express View That Market
Has Reached Bottom
Price Level.
BY STANLEY w. PRENOSIL,
Associated Press Financial Editor.


NEW YORK, November breaking
sharply to new low ground on what ap-
peared to be further distress selling at
the opening today, stock prices there
upon rallied in spectacular fashion,
wiping out most of the early declines
Of IS to nearly $32 a share in the lead
ing issues, and converting many Of
them into gains, ranging from 81 to $lS
a share. It was one of the most inn
pressive recoveries since the current
'bear" market started with the disas-
trous break Of october "a.
See End Of Decline.
Many brokers accepted the strong
buying support which came into the
market after the frst furry of selling
had subsidized as evidence that the mar
ket had struck bottom" at least for
the time being, and that the bulk OF
the distress stock that has been over
hanging the market had been cleaned
up. The rally started before, the end
Of the first hour and continued through
to the close, although final prices
showed some concessions from the
days high levels.
ouentns of trading Monday, today's ses-
sion of the New York Stock Exchange
was limited to three hours, closing at
pm. Just before the close, the
ticker was reported as 70 minutes late,
with indications that the usual last
minute rush of trading would delay the
priting of the final quotation for aocut
two hours.
Closing Prices.
Closing prices, together with net
changes compared with the previous
close on so leading issues are given
below. When trading ceased at l pm,
the stock ticker was approximately two
hours behind In reporting transactions,
and the final quotations we're furnsned
by the stock exchange over the nono
ticker:
& Foreign Power, 73, up 13; Amerieaa
Smelling, 7419, down Ia; American
Telegraph g. Telephone, 22o, up Il;
Anaconda Copper, S5l2, up sas; Andes
Atlantic refining, a.. up "a; Balti.
more a. Ohio, 1l5l4, up 2k4; Barnsoaii
"A.D "a. up "a; Bethlehem Steel, 80,
up 6k: Briggs Mfg. 1878, down u;
Canadian Pacific, 205, up 4; Cerro De
Pasco, SO, down /.
Chrysler, 80 II, down "a; Colorado Gas
q Electric, II, up s.; Columbia Grapho-
phone, 241z. up III; Commonwealth d
Southern, 1885. down u; Consolidated
Gas, eS3z, up 734; Erie Railroad, So, up
a.; General Electric. 224, up l8; Gen
eral Foods, 4S7s, up rs.
General Motors, ASH, up 8; Cold
Dust, ~, up 434; Hudson Motors, AZ,
no change; Johns Manville, lis, up Is;
Kennecott Copper, 67lk, up * Missouri,
Kansas &C. Texas. S53s, up 39s; Mont
gomery Ward, 621z, up 5; National Casn
Register, rs, up /; National DAIRY
Products, 497s, up As; New York Gen.
trail, 1876, up 5ls.
Packard Motor, 17K, up 9s: Pan
American Petroleum B, so. up Is Par
amount Famous Lasky, 527s, up 594.
Radio Corporation, 37ls, up S; Sears
Roebuck, 1929, up 4ss; Sinclair Con.
solidated Oil, 26S, up "; Standard OH
New Jersey, 631s. up 2A; Studebaker,
4eIa, down 3ss: Texas Corporation,
53ss. down II; Texas Gulf Sulphur, "a,
Union Carbide, 811k, up 1O1k; Union
Pacific, 2241a. up 93s; United Aircraft,
4s, down 7ss; United Corporation, 30A
up 8: United States Steel, I7412, up S Vi;
Vanadium, 81. down 112: Warner Pic
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