Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-02
ADVANCE IN STOCK
MARKET RESUMES
Most Groups Display Upward
Tendency After Early
IrreguIarity.
BY GEORGE t. HUGHES.

Special Dispatch 70 The Star.
NEW YORK, March Overcoming
all effective opposition but not dissipat-
ing the professional skepticism, the
stock market resumed its advance to-
day. The rails did not participate and
some of them were weak-but they are
no longer representative either of the
trading sentiment or of the market as
a whole.
AS far as the news went, traders had
the optimistic summary on business
conditions given out at Washington, the
terms of the new Government financing
and the recovery in the copper metal
market to take into account when they
came down to business today. 1t was
doubtful whether the Washington bust
ness report had much affect, but Sec
rotary Melons announcement was in
terpreted favorably. For the time be-
ing, at least, nothing was heard about
the supposed adverse effects to come
from the bonus legislation.
Professionals Bearish.
Meanwhile the market gave evidence
of a strong technical position, but pro-
fessional operators were bearish and
the short interest was still very large,
as the borrowing demand for stocks
testified This demand shows itself not
so much in the loan crowd on the floor
as in the arrangements the shorts made
privately with houses that have stocks
to loan.
An advance in the export price Of
copper, following the hardening in the
domestic quotations Saturday, was re-
flected in higher range Of prices for
the leading copper shares. Motor
stocks were strong, almost without ex-
ception. In the first two hours Cen
Motors %alx
at its high of the year and was being
taken in large blocks. Hudson was up
over a point and Auburn skyrocketed
10 or IL points. Motor accessory stocks
were sympathetically higher, notably
Electric Autolite.
Steel and Oils.
The action of United States Steel
and Standard Oil of New Jersey was
especially interesting because these two
stocks represent industries about which
the most doubt is expressed in specula-
tive circles. The oil situation could not
be worse, according to the gossip of the
day. and there is much uncertainty
about the steel price level. But Stand
ard Of New Jersey held firm above $50
share, and United States Steel was
The chances are that the short interest
in both is none too sure of it's position.
Elsewhere in the list pools were busy
with the lower priced issues American
Radiator was strong and the aircraft
stocks were taken up. with active buy
ing of Bendix Aviation and United Air
craft. Food stocks moved ahead under
the leadership of National Dairy Prod
ucts Worthington Pump and j. I. Case
were higher on short covering.
1t was different story with the rails.
In the first hour weakness cropped out
in New York Central, with doubt being
expressed as to maintenance of the
present SO dividend. Trading in the
rails, however, was in small volume and
the heavineSs here did not seem to af-
feet industrials or utilities.
After a strong opening the market
turned irregular. However, the de-
clines were small and the list did not
show any disposition to drop to SUBJ
stantially lower ground. Trade reports
OFer the week end were generally IA
vorable, and an advance in copper
prices today was another bullish factor
United States Steel was fractionally
higher at 1884,. During the first half
hour trading amounted to ,000
shares, against 100000 in the same Pc
Rod Saturday. Call money renewed at
II per cent.
Vanadium was strong. and the active
lnQuSLrlalS, SuCn as bOeWS, WeSJlnR-
house, Columbia Graphophone. j. I
Case and Fox Film, had fractional gains
but there were small declines in Ameri-
can Can and Montgomery Ward. Auburn
Auto ran up 51z points in the motor
list, and General Motors, after higher
opening, came under some slight pres
sure. The utilities had a similar indie
terminate trend. North American and
Consolidated Gas were lower American
& Foreign Power and United Corpora
ton had small improvements.