Evening star., 1932-12-09
STOCK PRICES UP
ON SHORT COVERING
Well Planned Drive Send
List Upward in Final
Trading.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, December "a we
planned drive against the shorts in ii
last hour Of today's session sent priq
up sharply on the exchange under ID
creased activity.
Gains ran from fractions to as mul
as 3 and points, with the tape at cl
time behind business on the floor.
There was no excuse in the news 4
the sudden reversal of trend. III
market had been dull and sagging uni
late in the day. but it was never we1
and, except in the case of United Stati
Steel preferred. not really heavy. Prob
ably 1t was the fact that the marks
would not go down which induced pro
fessionals to see what they could do O
the other side.
newly created short interest. bu
whether they can obtain a public fol
lowing on the side OF advance after tt
covering is over remains to be seen,
Cotton Stages Rally.
Cotton rallied after yesterdays weak
ness, but in commodities as a Who'll
there was no recovery corresponding I
that in stocks. Wheat left off un
changed to up IA, but most staples di
little one way or the other.
The one disturbing feature was tn
heaviness in United States Steel pre-
ferred. Offerings are believed to be 4
large part for short account, but ths
does not explain the lack of suppor
which is plainly due to doubt abou
dividend action at the board meeting a
the end of next month. Steel commo
was fractionally lower, but not particu
larly active.
Railway shares Of the better grad
gave good account Of themselves. IN
Vestment demand for Norfolk & West
ern was IN evidence, carrying the stoc
70 new nigh on the movement. Unio
tacinc was well supported. as wa
yesterdays buying. Oils were steady a
reports Of favorable Developments wit
regard to prices and production.
continental Baking declared a diU
dend OF 81 on the preferred stoci
against S1.50 previously paid. Tn
STOCK is entitled to So quarterly.
tnat there are now considerable unpai
accumulations. On the other han,
General Baking declared the reguls
rate on It's common and announce
tnat the balance sheet would reveal
stronger cash position at the end
the year than it did a year ago. Con
tlnental Baking preferred sold of
point or SO. General Baking commo
was fractionally higher.
A. T. & T. Gross Drops.
American Telephone Ss TeIepraph
report covering operating activitia
only and excluding incorporating in
come, such as dividends from sui,
salaries, showed drop in gross "a
October from $8,952, 1886 to $7.IO1 ID
ana a decline in net from S2,57O.55
to 81 1,744,797 the comparison being witt
the same month a year ago. Tele
phone was steady during the earl
trading sometimes fractionally ul
sometimes fractionally down.
Safeway Stores was another rels
lively weak spot prior to today's divi
dend meeting. Union Carbide, Chrys
Ter, Allied Chemical. and North Ameri
can were f1rm. Announcement ths
General Electric would distribute on
share OF Radio for every six shares d
General Electric brought selling int
Radio, which reacted fractionally.
Afternoon Market Dull.
The afternoon market was dun an
irregular. Copper stocks sagged q
failure of the international conferenc
to accomplish anything toward contrc
of production. The outlook now is fo
lower prices and freeze-out of tn
high cost producers. The shares, how
ever, are selling so low that there is n
pressure on them, no matter wha
happens. Seaboard Oil went to a net
high in response partly to the NOR
favorable attitude toward the oil trad
and partly to the efforts of its sponsor,
Safeway Stores common was put oi
a So dividend basis, against SIS previ
ously paid and the stock rallied slightly
Peoples Gas of Chicago declared S1.2
dividend, the same as in the two pre-
ceding quarters.
Sterling exchange was weak in Lon
don before business was resumed OF
this side, opening at 1921, against yes
terday's close of $3.233s. The poun
was better on this side, however, bein
quoted in mid-afternoon at s323A, vi
! 5-l6 from yesterdays final.
(Copyright, 1922