Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-09
ADVANCE IN STOCK
PRICES CONTINUES
Market Absorbs Selling by
Professionals and Resumes
Upward Trend.
BY GEORGE T. HUGHES.

Special Dispatch 10 Inc star.
NEW YORK, November 9.-Despite
the rampant skepticism of majority OF
professional traders, the stock market
continued its advance today. There
we're minor reactions from time to time,
but invariably activity fell of on the
setback and increased when the rise
was resumed.
The opening was slightly irregular,
but the buying movement gained mead
way very shortly, with many new hlghs.
Then followed a moderate reaction as
timid traders took profits, and that was
succeeded by another wave OF activity
on the upside.
Market Tone Good.
Considering the doubt with which the
recovery was viewed in brokerage offices.
the market gave a surprisingly good
account Of itself.
1t was argued that there was no
justification in the business outlook for
the gains already scored and that the
foreign uncertainties were too great to
permit of any real bull market in stocks
at this time. 1t was fatty asserted that
the real people" were not buying
stocks, but over against all these opin-
ions was the undeniable fact that there
market and it took only few hundred
shares to put prices up in active issues.
Stocks had to contend with sharp
reaction in wheat at the opening OF
trading in that market, but silver
forged ahead for gain of over cent
an ounce. The silver shares were in
active demand under the leadership OF
International Silver, which added from
to 4 points to its gain of over 10
points last week. The preferred issue
Jumped points on single sale.
Food stocks were very strong, espe-
cially National Biscuit, although the
report OF a contemplated merger with
Loose -Wiles was denied in well-informed
quarters. General Foods, National Dairy
Products and, to lesser degree, Borden
shared the improvement. In the higher
priced group Eastman Kodak, opening
lower, recovered all the loss and by noon
was UP points on the day. Kodak was
reported to have large inventories of
silver, on which, of course, at the
present it could count profit. Column
bian Carbon and Allied Chemical were
favored.
The action of United States Steel was
not so decisive, although during the
morning it did duplicate the high on
the recovery made in the previous
session. Probably the buying here was,
in part, short covering. At the same
time, news from the steel centerS was
more encouraging The magazine Steel
declared that producers were "increas-
ingly confident that october represented
the low point of the depression"
Opening Is Steady.
The stock market opened firm in &C
tive trading.
Week end news at home and abroad
was Of a constructive nature, and in
addition the continental markets were
higher for both securities and commod-
tiles. Trading here was in fairly large
blocks.
International Nickel opened on a
4,500-share deal at ia, up fraction
ally. An example of the active demand
was shown in the long strings of pur-
chases of General Electric. which ran
up to 345s shortly after the opening.
About 5000 shares were bought in
few minutes. There was a similar de-
mand for Public Service of New Jersey,
fractionally higher at 673s. United
States Steel was off a fraction.
The rails were quiet and slightly
lower, but the trend here was offset by
the sharp advances in Bordens, General
Foods, Standard Brands, Woolworth
and other stocks directly benefited by
the rise in basic commodities. In the
motor list, Auburn, General Motors and
Dupont were firm. American Telephone
was higher at 1l434. Oil shares, such
as Standard Oil of New Jersey and
Barnsdal, were unchanged.