Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-08
UPTURN IN STOCKS
LED BY UTILITIES
Power Shares Advance
Sharply as Bears Cover.
Short Sales.
BY CLAUDE A. JAEGER,
Associated Press Financial Editor.


NEW YORK, March THE stock
market ended week of sharp declines
today with brisk upturn as bears took
their profits and bulls generated q fresh
current of enthusiasm in the electric
power issues.
The market again reflected little save
the churning about Of prices by profess
sional traders. The week end brought
a distinctly encouraging new item, how
ever, reporting that steel mill activity
in the YOUNGSTOWN area next week will
be back to so per cent Of capacity, after
slipping down couple of points from
that level this week. Stocks closed to
more than 5 points higher.
Activity in Utilities.
The persistent bullish activity in the
utility shares this week, even in the
face of unfavcrable market conditions,
apparently reflects determination on the
part Of utility interests to make hay
while the sun shines, and the sun shines
for them primarily with Congress out
of session. Various projects involving
mergers and financing are slated for
completion before the legislators again
convene.
United Corporation, the Morgan
Bonbright issue, was pushed up 2 points
in heavy trading. American Water
Works, Public Service of New Jersey
and Standard Gas made similar gains
and International Telephone and Amer
lean & Foreign Power were sent up
points. Several issues, including Con-
eoltdated Gas and Electric Power g.
Light, gained a point of more.
Alfhafi0h fiiC has han11 Waak 0f
much unpleasant dividend and cor
porate earnings news, at least two re-
ports published today were regarded as
distinctly satisfactory. Radio Keith
rose 2 points in response to its 1880
report showing net income more than
twice that Of 1929. OF course, 1929 was
its first full year ana organization costs
agricultural situation, was able to show
$3.50 share and the stock rose 2
points.
Trading was in large volume in the
last half hour, as repurchasing by shorts
became rather urgent. Transactions for
the two-hour session aggregated l,600,-
600 shares. High flyers we're Atchison
and Allied Chemical, UP about points.
Other Gains.
Miscellaneous shares up to or
more included u. s. Steel, American
Can, Johns Manville, New York Cen
trail. Electric Autolite, Eastman and
New York Central. Dupont gained 4.
The amusement shares we're pulled
up by Radio Keith. Columbia Graphic
phone rose to a new high for the year,
and Radio Corporation, Fox, Warner
Brothers and Loew's gained point
or more.
Chrysler was a firm feature of the
motors. selling up point to q new
high for 1881. Vague reports were
heard that the company would an
nounce an important development later
in the year. While no information as
to what 1t was all about was available,
it was said IN one quarter close to the
company that the announcement would
not appear for two or three months.
The market was able TO ignore fur
Their reductions in crude oil and gas
oline prices and q little shading of
copper metal prices, apparently by
speculative interests. Coppers and oils,
however, were sluggish,
Week end trade reviews were con-
servative and reported little tangible
change, although the mercantile agen-
cies indicated that merchants stocks
are lower than ever, and considerable
urgent reordering is still being felt by
jobbers.