Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-01-23
ADVANCE IN STOCK
MARKET RESUMES
Many Issues Sell at Best
Prices Since December
Break.
BY GEORGE T. HUGHES.
oecial Dispatch to The Star.

special Dispatch 10 Inc star.
NEW YORK, January 23.-Strong
and active, the stock market today
moved ahead almost uniformly to the
best of the current recovery. A num-
Der of important issues sold at the
highest since the December break.
Overnight orders were predominantly
on the buying side. The list opened
higher and moved ahead with only in
tervals of hesitation throughout the
morning.
Short Sellers Close Accounts.
There were still plenty of skepticS in
the street who argued that there had
been no improvement in business to
warrant an aggressive upward move
ment in stocks. They urged that prices,
particularly of the so-called blue
chip" class, had not been Debated to
correspond with quotations for the ma
iority Of shares and that annual state
ments still to come would result in fresh
liquidation in this part of the list
On the other hand, professional Wall
street never argues with the tape"
and when the market showed unmistak-
able signs of wanting to go up, the
skeptics either closed out their short
commitments or bought stock to share
in the profits of the expected advance.
Then, too, the new decrease in brok-
ers' loans had some effect on serti-
ment, although loans have been going
down 16 out of II weeks and decreases
have come to be the normal thing, this
defiation of margin accounts has a
cumulative effect.
Stocks which had been sold heavily
FOR short account rallied briskly today.
Besides Auburn Auto. which again
moved up on re-purchases by specula-
tors for the decline, stocks of the grade
of j. I. Case, Bethlehem Steel and
North American, all of them favorite
targets for the bears, were actively
bought at higher prices.
Investment Group Gains.
The investment stocks, of which. Of
gradually gained ground In this CLASH
f1cation comes General Motors, which
sold today at the highest for the month
in response to estimates of at least
So a share in earnings for last year.
Among the rails Norfolk & Western s
gain represented the same kind of buy
ing UP to points it was adjusting
its price to the probability that 1880
net when the year end accounts are
made up would show over $21 share.
American Telephone & Telegraph was
demand.
1t was significant today that volume
increased when prices were advancing
and fell off on the reaction. Among
the special features we're General Rail-
way Signal bought on the report that
untitled orders at the start of the
year were the largest on record and
Worthington Pump whose small float
ing supply makes it quickly responsive
to any increase in buying orders.
Early Advances.
Stimulated by another reduction in
brokers loans and by the action of the
advanced uniformly in early dealings.
in the improvement, but the industrials
were the more active.
United States Steel crossed 142 in
volume, General Motors sold within Il
Of it's best since the December break,
and Eastman Kodak gained points.
All the utilities were strong under
leadership of American Telephone and
Consolidated Gas. Shorts in Auburn
Auto saw that stock advance against
them, on top of the II points 1t had
gained in the two preceding days.
In the railway list Lackawanna and
Norfolk e. Western were the features.
Other carrier issues in demand in
cluded Great Northern, Northern Pa
cific, Baltimore & Ohio and Illinois
Central. The turnover in the first half
hour was 456,40 shares. Money re-
newsd at IL per cent.