Evening star., 1932-09-07
|STOCKSGO HIGHER
AFTER EARLY LOSS
Metals, Oils and Motors
Again Lead Market Out
of Reaction.
BY GEORGE t. HUGHES.

Special Dispatch to The Star
NEW YORK, September (C.P.A).-
The stock market closed today at the
highest of the recovery. 1t had been
quietly strong all morning, advanced
decisively in the early afternoon and
became buoyant in the last hour. Every
trace of the reaction of yesterday was
erased
For the most part the rise was in
spired by the action of the market itself.
1t had, however, the advantage of q
relatively favorable electric output
statement. The total for the week end
ing September was down from the
corresponding period year ago 104
per cent, whereas last week the de-
cline was 1928 per cent. Aside from
that, spectators put the most favor
able construction possible on every de-
velopment and ignored everything ad-
verse. Westinghouse Electric made a
new high. General Electric was in
urgent demand. United States Steel
common sold within a fraction of its
high
The opening was a shade lower, but
after the overnight orders had been
executed the list hardened and scattered
advances were registered. Again it was
the metal shares, the oils, and the mo-
tors which assumed the leadership.
There was, however, an irregular rise in
the railway group which added to the
confidence in the general market The
strength in the railroad shares is hard
to explain on any statistical basis. Car
loadings have improved, but they are
still lar below where they were a year
ago and the increase in traffic is only
what is normal for the season.
That the current speculation follows
along the lines of typical bull market
is evident from the gossip one hears
IN almost every brokerage office about
the source of the buying, not only in the
rails, but in the industrials. Today
one even was told that new railway
combinations were being formed via the
stock market.
The feature in the railway group
was Canadian Pacific at a new high
On the movement. In this case, how
ever, there was a logical reason for
the buying. 1t Is the expectation that
the report of the Royal Commission,
Que any time now, will be highly con-
structive. Meanwhile Canadian Pacific
Is reporting larger gross earnings than
9 year ago. Other strong rails were
Northern Pacific and Southen Pacific.
Atchison and Union Pacific were er.
ratio, but higher most of the time.
Among the metal shares Kennecott
and Anaconda both went to new highs
for 1882. Domestic copper was marked
UP to GA cents a pound, against 6
cents yesterday, bringing the home
price to a parity with that prevailing
abroad. There is an enormous supply
of copper and no great rush on the
part OF consumers to buy, but the mar
ket was optimistic. St. Joseph Lead
made a new high on buying similarly
predicted on strength in the metals
the company produces, lead and zinc.
The oils met larger offerings on the
advance A few of them managed tn
make new highs, but there were no
large gains. The oil situation is not
as bright as it was. OF the specialties,
National Cash Register was the most
prominent. In the forenoon it ran up
2 points easily to new high General.
Baking, directors of which meet for
dividend action Friday was strong The
present rate is So annually, which. if
maintained would mean a very high
return. The market has discounted
some reduction in the disbursement.
The pool in United Aircraft kept UP
their good work, bringing the stock
back to approximately its best price.