Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-12-08
STOCKS ADVANCE
IN CLOSING RALLY
Furry OF Buying in Last Malt
Hour Pushes List Up
ward.
BY GEORGE 7. HUGHES.

Special Dispatch to The Star.
NEW YORK, December "a furry
OF buying IN the last half hour caused
today's stock market to close moderately
higher.
Most of the session 1t was a narrow
and irregular affair, but toward the end
short covering and a little new buying
gave the list a better appearance.
Mcintyre Porcupine made a new high
for the year by fraction, leading the
gold mining stocks. Relatively weak
spots were Checker Cab and United
States Steel preferred
Cotton was weak both before and
after the Government crop report, but
it left off considerably above the worst
Wheat was down most of the day, but
rallied and closed unchanged. Sterling
exchange was lower consistently.
The market opened shade higher,
but quickly relapsed into irregularity.
Pools in Chrysler and in the United
Aircraft made half-hearted attempts to
advance their favorites, but desisted
when it was apparent they were work.
ing alone.
Allied Chemical Leads.
OF the so-called pivotal shares, Allied
Chemical was the strongest, possibly
because OF the large short interest,
American Telephone made little prog
resS one way or the other during the
morning hours. Predictions that the
next months figures would show about
the same number of telephones discon-
tinued as in the last report discouraged
buying. but on the other hand there
was no increase in offerings.
The market was unaffected by the
reports that the British premier had
informed the French government that
Great Britain would pay its war debt
inStallment due December Is. The
feeling in Wall Street was that there
was still time for much to happen be-
fore the maturity date. The forenoon
break OF 81 bale in cotton on a
bearish Government crop report did
not help stocks any, nor was sentiment
improved by the difficulties the copper
producers were meeting in trying to
reach an agreement even when copper
metal was selling at historic low.
The sales figures of General Motors
Tor November came out at noon. Con-
Sumers in the United. States took IL. 780
cars during the month, against 90 al
in October and 34,673 in November.
1881. The favorable part of the state
ment was the decrease in unsold stocks
In the field, which amounted to 46.246
units Tor the IL months ended Noyen-
per 81. The inventory position Of both
the corporation itself and of its dealers
was all that could be desired
Sterling Slumps Later.
Sterling exchange opened at ss.233s
and then dropped to $3.22sa before
noon. Francs were of Il and dollar
exchange was reported strong In Paris.
where, however, an American bank was
said to be offering dollars.
Railroad stocks were inclined to sag.
but the oils, and the tobaccos were
very steady. Utilities were peneraIlv
firm despite the series of dividend cuts
recently announced.
Trading continued very slow in the
AFTERNOON, with more declines than ad-
vances, but few of them of any great
amount. rather sharp break in
Checker Cab attracted attention be-
cause 1t was without explanation. The
fact that the stock was loaning at 81
premium suggested an increase in
short commitments u. S. Steel pre-
ferred was under pressure again and
reacted couple of points, but the gem
eral list held within narrow range.
Endicott johnson declared the req.
ular dividend on its common stock.
Anchor Cap, however, declared a divi-
dend of is cents on its common against
80 cents previously paid
(copyright, 1932J ~