Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-09
ADVANCE IN STOCK
MARKET RESUMES
Shorts Send List Higher as
Covering Movement
Continues.
BY CHARLES +. sPEARE.

NEW YORK, February 9.-The shorts
in stocks had the severest grilling today
in many months. 1t was their buying
that advanced prices to the highest level
of the year, with the average early IN
the day breaking through the previous
top of January 8 and later getting con-
siderably above it.
The session was the most active In
weeks, with the ticker speeding along
at something like its old-time pace.
Nearly every group OF stocks partlc-
ipated in the movement. Scores OF
them sold at new high prices for 1881.
Commission houses reported some In
crease in public interests. The general
impression was that the bulk of the
buying was for large bear operators who
tried last week to depresS the market
and found that they were running up
against a stone wall.
Industrial List Improves.
Aside from the favorable decision on
Saturday by the st. Louis court in the
Standard Oil of New York-Vacuum Oil
merger, there was no domestic news to
account for the sudden change IN SEN
timent.
AS a matter of fact the political sit
uation in Washington appears to be
somewhat more clouded with respect
to the bonus bill and the drought relief
measure than it was on Saturday, when
the market had its inspiration from
the compromise that then seemed to
have been effected between the two
elements in Congress. Altogether the
strength and activity today was predi-
dicted on a more general awakening to
the fact that stocks are in strong
hands, that speculative accounts have
been thoroughly liquidated, and that
the futility of selling stocks short has
finally been realized by those who have
been making huge profits for the past
year at the expense of investors.
It was in the industrial list that the
best gains of the day occurred. Cen
eral Motors continued the advance
which had carried it through 40 on
Saturday and to which was added
early today another l u points. u. S.
Steel common gained 2 points before
midday. General Electric and Westing-
house Electric, against which pressure
has been persistent for long time,
were up 2 10 2% points by noon
American Telephone, Consolidated Gas
and Public Service of New Jersey en-
tered a price region well above that
reached month ago.
AhuSChCAt OLOup OEOhSs
The amusement stocks were all buoy
ant. Radio broadened out considerably
with several large blocks quoted point
above Saturdays closing. Auburn Auto
distinguished itself with rise of
points which placed it at level more
than 100 points above the 1880 low
There was more hesitancy in the rail
list than elsewhere, although even here
were indications that accumulation and
short covering were under way, with
scattered highs in this group.
Since the market declined to its lowest
depths last December the industrials
have had an average rally of Is points
followed by an average decline of about
IL points Today their average at one
time was about points above the
previous high of the year and Is points
up from the low of January.
Abroad, the decisive victory of the
Bruening government in Germany in
Saturdays test vote developed a more
hopeful atmosphere in political circles
than has been experienced there since
last September.
The market was impressively strong