Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-04-02
ADVANCE IN STOCKS
BRINGS OUT BUYING
Coppers Join Oils and Util-
tiles in Heavy Volume
of Trading.
BY STANLEY w. PRENOSIL,
Associated Press Financial Editor.

NEW YORK, April 2-Trading on
the New York Stock Exchange conttn-
ued at a record breaking pace today,
with the market showing increasing IT.
regularity, but with the bulliSh forces
still In control of the price movement.
Flurries of selling swept through the
market at frequent intervals, but new
leaders were quickly brought forward
and the general level of prices invaria-
bly, worked higher. Total sales crossed
the $500, 000-share mark at midday,
with the ticker running more than hall
an hour behind the market in the early
afternoon.
Profit-Taking Heavy.
Heavy profit-taking was apparent In
many issues today in anticipation OF q
large increase in Federal Reserve
brokers' loans tomorrow Bear" traders
subbornly opposed the advance Of many
issues, but they caused only temporary
set-backs. Worthington Pump, which sold
as low as 10 yesterday, snapped back
to 1856 today. United Aircraft was car
ried down * to 80 in the morning,
but had rebounded to new high at
1924 by early afternoon. Similar re-
coveries took place in numerous other
specialties.
While public participation has been
showing a large increase in volume,
some Of the large commission houses
report that small spectators are not
being loaded up with stocks, due to
extensive switching of commitments.
Transfer of numerous blocks OF 5000 to
$4,000 shares in the last few days Is
believed to be due, in part, to buying
by strong financial interests, presum-
ably for the account Of investment
trusts.
The days business news did not fur
nish much ammunition for SPECTATORS
for the advance. Feight car loadings in
the week ended March % totaled only
875, 542 cars, q drop of SEAS below the
preceding week and reduction OF 3d.
$50 cars below the corresponding week
of 1929.
The Iron Age review reported mod
crate upturn In steel output, but ex-
planned that no sharp rebound in &C.
tivity was looked for and indicated that
some producers believed that the indus
try would do well to maintain It's re.
cent gains. Pig iron output, in contrast
with the decline in steel ingot output,
increased about per cent in March,
the daily average for that month being
the largest of any month since last
November The American Petroleum In
stitute reported a decline Of 81 700 bar
rels in the daily average of crude oil
production last week.
Radio, in which large short inter-
est is reported to have developed, was
again a strong feature in today's mar
ket, crossing SO to a new peak price for
the year. ]. I. Case jumped nearly 2
points on unconfirmed rumors Of mer-
ger discussions with Allis- Chalmers
Coppers gathered strength on reports
of a better export demand for the red
metal and the optimistic trade fore
casts of leading executives In the in
dustry, Anaconda, Cerro de PaSco,
American Smelling and Kennecott
reaching new high ground.
New Peak Prices.
Among the many public utilities, In
dustrials and specialties to register new
peak prices for the year were Ameri-
can International Bendix, Consolidated
Gas, Electric Power & Light, North
American Co., National Power g. Light
and American Water Works.