Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-11-10
market |SSTRONG;
WAVE Of SELLING
Business Reports Cheerful.
Untitled Steel Orders Re-
port Stirs Trade.
BY GEORGE r. HUGHES.

0DcCldl DlSpdICH 10 Inc Guar.
NEW YORK, November 10.-Security
and commodity markets reversed them
selves today, advancing almost as
emphaticany as they had reacted yes
terday. That was true Of stocks, Of
wheat and of cotton.
A wave OF buying swept over the
market following the publication OF the
untitled tonnage statement of the U. s.
Steel Corporation at noon.
Bonds were strong all day particular
ly the foreign descriptions and the
high-grade public utilities, in which
there was heavy buying that did not
show on the tape.
Ranges Higher.
The stock market ranged higher all
the morning, became outstandingly
strong in the afternoon and closed not
Tar below the best. The alcohol stocks
and the Aircraft shares were features,
but the whole list was in good demand
at one time or another The buSiross
news was favorable, and that was the
main influence. II political cen -
lions played any part, 1t was a minor
one
The gains in grains were moderate,
but cotton was up in mid-afternoon
over 81 bale, entirely recovering from
It's weakness following yesterdays
bearlsh Government crop report. The
interesting thing about the grain mar
ket was the resumption Of trading in
barley futures il Chicago, based on
the probability of the return Of beer.
The leaders in the stock market at
the close were American Telephone,
American Can, Allied Chemical. South
ern Pacific, New York Central and
United Aircraft.
While there was Of course great in
terest in the development of the plan
Of the new Democratic administration,
1t was the business news that affected
prices rather than political. For the
most part advances from trade were
cheerful. Electric output for the week
ending November S, was of 63 per
cent from the same week year ago,
which was an improvement inasmuch
as the decline announced last Thursday.
was 10 per cent California reported
plans for stabilizing the crude oil and
gasoline markets. which should prove
helpful to the oil interests.
In the railway field Union Pacific
declared the regular $3.50 common
dividend. The Pennsylvania and the
New York Central, on the other hand,
reported a falling off in car loadingS,
although in part seasonal. The Central
handled 81 ,690 cars in the past week
against 92,6l8 cars the previous week
The Pennsylvania had total of 81, 1873
cars. against 1881 in the preceding
week. For this road the decrease last
week from 1881 was 2l2 per cent; the
previous week the corresponding de-
cline was 204 per cent.
As has been the case for number
of recent sessions, the alcohol stocks
we're leaders on the side of advance
The star performer today was Owens
Illinois Glass. which above AZ was at
new 1882 high and up almost points
on the day. New highs were also
recorded by Crown Cork & Seal COM
mon and preferred The market is
engaged in discounting the benefits ex-
pected to come to these corporations
from repeal Of prohibition. Perhaps it
Is Understanding them
Another feature was Homestake Min
ing, which had one of its abrupt up
turns. The stock did not sell yester-
day or Monday. 1t closed last week
at 49, with net gain on the week Of
II points Before midday today it sold
at 159. up points more and at new
high. The display caused some SYM
pathetic hardening in other gold min
ing stocks.