The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1932-08-08
Upward Trend Hits
Wall Street Again
Setback in First Hour is Follow.
ed by Vigorous Rally;
Prices Rise
MOTORS ARE IMPRESSIVE
Gains Recorded in Auto Shares;
List Average Is Highest
Since March

New York. Angus: o.-(F)-With q
buoyancy comparable to the prosper
ity-mad days of 1929, I,ocks stormed
upward in tumultuous trading on the
New York stock exchange Monday.
Sweeping aside profit-taking and
forcing the badly bitten bears into
still tighter traps, the market exult-
antly stamped its way through all
opposition. The throttle was wide
open, and the bulls seemed to have
plenty of gas in the tank.
BY early afternoon hundreds of
leading shares we're showing net
gains of 50 to So.
Profit-taking and pressure by the
desperate bears brought reaction
toward the close and final prices were
considerably below the best for the
day.
The fact prices had appreciated
so per cent from their June lows and
therefore might normally be facing a
* clinical reaction proved no deter
rent. A setback appeared after the
strong opening, but 1t was only a
lull in the storm and traders who sold
short found themselves in tighter
predicament than ever. Trading dur
ing the early hours was at the rate
of 5000 000-share day.
Rails roared ahead with the speed
of one of their express trains, while
the voltage behind utilities jumped
In manner that brought to mind
their palmie3t days three years ago
when they we're favorites Of the big
bull market.
Cotton Leads Commodities
Commodities doomed, especially
cotton. That staple scared SIPS a
bale at the opening in response to
reports of important banking as
sistance for eliminating troublesome
SURPRISES, hut it scared spectacularly
higher after publication OF the gov
ernment's crop estimate forecasting a
yield of 100000 bales less than had
been anticipated, and was soon more
than IS bale above Saturdays close.
Chicago wheat. New York rubber and
sugar, and miscellaneous other mar
kets made the days rise virtually
unanimous.
Tape readers saw Santa Fe rail-
road lead the procession in the car
rierS with rise of So to a price above
$48. They saw Union Pacific steam
up 81 to $40, New York Central $3.50
to $22.59, Northern Pacific more than
"a to nearly $50, and Pennsylvania
81 to SIG.
American Telephone made another
long distance move of about 81 which
pushed the price to SIP. Public
Service Of New Jersey, Consolidated
Gas and North American rose 50 to
g, while in the industrials there was
a similar range of advances for U. S.
Steel common, American Can, Allied
and American Tobacco
B." J. I. Case, favored because of
its close association with farm
country" prosperity and rising COM
modify prices, rallied more than IS.
Motors Get Play
General Motors turned over in
enormous volume, adding more than
$l00, 900 900 to the market value of its
$500, 900 shares with a gain of bet
ter than 81. Automobile stocks, re-
Gently neglected because of poor cur
rent earnings and business were all
substantially higher.
Meanwhile, Wall Street brokers
beamed at the enormous increase in
commission business. Many houses
had called back employees recently
laid off and began the week with
augmented clerical STATS to take
care Of the heavy volume. The boom
also brought to the doors of the New
York stock exchange office building
q long line of men looking for work
on the theory that the exchange, too.
would need additional help.
So heavy was the volume of trad
ing during the morning that for a
time 1t was necessary to print stock
quotations on the bond ticker, a pro-
cedure followed only in boiling mar
kets. Frequent flurries Of profit
taking rolled over the list, but re.
actions quickly caught buying orders
that had been placed under the
market" and prices maintained their
buoyancy.