Evening star., 1932-01-06
STOCKS co HIGHER
IN HEAVY BUYING
Aggressive Demand Results
in Sharp Upturn as
Shorts Cover.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, January 6.-In one OF
those abrupt reversals of form to which
speculative markets are subject from
time to time, stocks today turned as
emphatically strong as they had been
weak in the two preceding sessions.
Demand was aggressive, supply was
scant and prices mounted sometimes a
point between sales.
Strength was in evidence directly
from the start. Shorts were rudely
awakened to the fact that the market
had been eXtravag gantly oversold ana
when they started to cover there was
nothing to do but bid against each
other. Allied Chemical is a good ex-
ample of what happened. The stock
had made a new low on Tuesday under
$63 share, closing Il above that level.
1t opened today almost 6 points higher.
High Spots.
Auburn Auto, with its small floating
supply was up over eight points on the
first sale and in a few minutes had
added three points to the gain. United
States Steel which had exhibited such
notable resistance to the downward
trend Tuesday, started in up 2l2 points.
Atchison, the cut in whose dividend
was one of the reasons for the weak
ness on Tuesday rebounded three 10
four points. American Telephone 81
Telegraph, selling in which earlier In
the week bore all the earmarks OF
forced liquidation, came back as read
lily. Other stocks sharply higher were
American, Can, Eastman Kodak, Coca
Cola, International Business Machines
and Consolidated Gas.
After the initial gains, the market
ran into realizing and a part OF the
advance was lost, but then in turn new
buying showed itself and by noon the
list was selling around the best with all
the activity on the advance.
Opening Prices Higher.
Prices opened actively higher. Gains
ranged from fractions to nearly points.
Westinghouse Electric, whose direc-
tors meet for dividend action today,
opened in block of 1900 shares at az,
up 11k. A block of 1,500 shares OF
General Motors appeared at 2O3s, up y.
Constructive news items included a
decline of SO, 800 barrels in weekly crude
oil output; 20,000-ton iron and steel
scrap inquiry of Republic Steel in an
JlclpaLlOn OIL early lllClCAIIS OPCA SoAoAAS,
resumption of 16 mills of the United
States Steel Corporation; seasonal
gain in steel ingot production, and a
substantial improvement in the London
market. Sterling opened here at 1896 4,
off "a. Coca-Cola, at 1902, rose IA
points. Bethlehem Steel, at IT'S. was
up a point. Borden, which declared the
regular dividend overnight, opened at
37A, up 13s. North American in
block of 1000 shares opened at 80. up
ga. Public Service of New Jersey, at
81, gained ~. western Union. at 36A'
was up 1K. Standard Oil Of New Jer-
sey opened at q, up Il.
chesapeake & Ohio, at 27, and Balti-
more & Ohio, at 1873, each gained q.
New York Central, at 273s, was up ~;
New Haven, at 49, up l, and Pennsyl-
vania, at 18, up y. A block OF 1900
shares of American Can opened at 5S12,
up 8 points. j. I. Case in a l,A00-share
lot appeared at 341a, up IN.
American Telephone IN deal OF a.
900 shares, at 11112, rose 2 points;
United States Steel in a block OF ,0o0
shares came out late at 38&, up 212.