Evening star., 1932-02-13
ADVANCE IN STOCK
PRICES RESUMES
Market Absorbs Heavy Profit
Taking to Score Sub
stantiaI Gains.
BY GEORGE T. HUGHES.
neciaI Disnatch IN The Star

Special Dispatch to The Star
NEW YORK, February 13-In spite
of heavy profit taking and its substan-
tial advance on Thursday, the stock
market today pushed forward under the
largest hourly transactions Of the year
and established gains ranging from
to 10 points in prominent speculative
and investment shares.
The proposed liberalization Of the
Federal Reserve rediScounting privileges
had apparently made stronger i'm
preston on the public mind than any
event since the moratorium last June.
Commission houses reported large buy
ing orders from different parts OF the
country. These, with short covering,
created buoyant market conditions.
Advances at Opening.
An accumulation Of orders at the
opening was responsible for many strik-
ing advances. Among them were D
points in American Telephone e. Tele-
graph, over S in Auburn Auto, az in
Allied Chemical, ~ in General Elec-
trio and a point in United States Steel:
This was followed by the bidding up OF
nearly every active group OF STOCKS
throughout the first hour.
The short interest had an uncom-
Portable experience in the higher priced
railroad stocks, like Atchison and Union
Pacific, whose first gains ranged from
SIP to points as well as IN sucn IN
duStrials as Eastman Kodak, 1nterna.
tional Business Machines, du Pont ana
Coca Cola, where the initial advances
were from to nearly points. In the
public utility list Consolidated Gas
Public Service of New Jersey ana west
IIy,in 4
The remarkable feature OF the market
was its ability to take stocks and 70
maintain. and even expand, the extent
of the early advance. This was proof
| that not only was the speculative ele-
ment of necessity or from preference on
| the long side of the market, but tha1
the previously Indifferent public had al
| last seen a development OF construc-
| tive nature to which 1t was Wiling tc
respond in definite fashion. Late IN
| the second hour prices in nearly al
instances were well above those preVl-
| ously made.
For instance, American Telephone
| added 5 points to its initial 5-point
gain and was nearly 18 points above
the low of the week. It is expected the
regular dividend on this stock will be
declared next Wednesday. Auburn
Auto went through 100 and was within
a point of a 30-point rise from its re-
cent low. United States Steel pushed
ahead points over its Thursday
closing price.
Other Gains.
Union Pacific ran up nearly 8 points
and was 20 points above the quotation
made Just prior to declaration OF the
regular dividend. Other strong stocks
were Westinghouse Electric, Consoli-
dated Gas. General Electric, American
Can, Chesapeake e. Ohio, Woolworth,
New York Central, Du Pont, and
Atchison. with the last named showing
net rise of 8 points. Large blocks OF
individual stocks appeared on the tape,
which was several minutes behind the
market at times.
The two market sessions since the
announcement was made Of the new
banking legislation have produced the
largest average advances for a similar
period since those of last June, fol-
lowing the moratorium announcement.