Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-01-14

Trading Volume Increases as
Prices of Securities
Go Higher.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, January 14-Recovery
was carried further on the Stock Elk
change today, with sharp gains all
through the list as the pace of the trad
ing increased in speed.
Volume exceeded that of any SeS-
sion in recent weeks, with the ticker at
one time several minutes behind the
understanding that Wall Street
has not experienced since last Summer,
and then when prices were declining.
The public was back in the market
as buyer on rising prices. This, also,
was in contrast to its previous atti-
tude Of making commitments sparingly
only when prices were under pressure.
Leaders in Advance.
The momentum of Wednesdays adj
vance was sufficient to open the market
today we'll above the closing quotations.
While all of the important shares par
ticipated In the advance, the buying
was concentrated in issues that produce
the most favorable affect on the public
mind. United States Steel, for instance,
was up nearly point by midday and 10
points over its low price last week.
American Telephone & Telegraph at
the same time showed an advance OF
nearly 3 points and was IT points
higher than on January 5. Allied Chem
ical touched IA, compared with ga a
week ago and American Can was 10
points above its low range. General
Motors at 241a compared with 1912 re-
Gently and General Electric with l.
point gain was 4 points up from the
years low. And all this in the first two
hours of trading.
There were other issues in which the
forenoon advances were even greater.
Eastman Kodak gained over points
and has now recovered IA points. ALL
burnsAuto crossed Isl and was SO points
higher than in the previous week.
American Tobacco, Liggett & Myers B,
and R. j. Reynolds had gains that
averaged better than points. In the
railroad list Atchison and Union Pacific
were to 8 points above Wednesdays
closing prices.
Offerings were naturally heavy in
view of the extent of the rise, which
now amounts to nearly IS points IN
the average of the market. However.
these were well absorbed and while
fractional declines occurred in the &C
tive list and even larger ones In some
of the inactive shares, the market as
a whole showed excellent stability and
started out on another advance around
midday.
It will shortly be possible to consider
the entire list in terms Of new high
prices for the year, instead OF dealing
with the depressing evidence OF new
low prices" which was constantly put
before Wall Street during 1880 and
1881.
Wheat and cotton responded to the
buoyancy in the security markets, but
to only small degree. Nothing COM
parable to the movements in them last
October has been developed out of the
change in sentiment here and in Wash
ington. The meeting in Chicago today
between the. railroad employees and rail-
road executives was preliminary in
character, with little expected from the
conference in a definite way until early
next week.
Opening Is Higher,
Encouraged by the strength in We'd
nesday's session, by prospects Of early
easing in money rates and firmness IN
foreign markets, today's opening OF the
Exchange was active and higher.
Gains ranged from fractions to 4
points, with numerous new highs being
made on the present recovery. The mo-
COrS were among Llle edIllcSI W PolIlG W
higher levels. A block Of 5000 shares
of General Motors came out at "a, up
". Auburn Auto at 14914 was up ! IA.
It later reached $50.
On the eve of the rail gathering in
Chicago carrier shares were up from
fractions to more than 2 points. Atchi-
son at 92H rose 17s. Union Pacific
gained l point on block of 1000
shares at 81. President Gifford's state
ment on American Telephones earnings
caused a block of 1000 shares Of that
stock to open at 1894, up l point and
at new high on the recovery. Con-
solidated Gas advanced point to 81.
Noranda Mines was the feature Of the
mining shares being up about point
at is as a result of the Canadian gold
production statistics. General Electric
gained u to 2512, as did Westinghouse
on block of 5000 shares at 1884. Radio
at 834 was unchanged, but it advanced
shortly thereafter. A block of 5000
shares of Standard Oil of New Jersey,
at 3ol2, advanced 11s. United States
Steel opened late on a 5,000-share
transaction at ALL off IL.