Evening star., 1933-04-09
STOCKS IN ADVANCE
AT SHORT SESSION
Market Points Upward at
Close, but Trading VOL
ume Is Small.
BY CLAUDE A. JAEGER,

NEW YORK, April S.-Late buying of
rails AM steels gave the stock csarket
an upward tilt toward the close Of a
quiet hstless session, today. Net gains
ranged from fractions to around point
IN several leading issues, but sales for
the two-hour session were only about
100000 shares.
Bullish activity in shares was held In
check for time by a reactionary ten
dency In grains in the early trading,
but the encouraging character of week
end business advices finally prompted
enough short covering and new buying
TO pull the list little highere
Gain in Freight Loadings.
Rails were helped by the weekly
freight car loadings report, showing a
larger than seasonal gain, and expecta-
tions that the revived beer business
would provide fair volume of traffic.
SteeIs advanced in response to indica-
tions of further gains in ingot output,
and expectations that the Washington
administrations rail coordination plan,
together with public works projects,
would stimulate consumption of iron
and steel products.
In the rails, issues. up about y to
point included Santa Fe. New York
Central. Chesapeake & Ohio, Louisville
q Nashville and Union Pacific, while
Delaware & Hudson jumped q
.Steels displayed the most pronounced
group strength in some time, with
number of comparatively inactive is
sues joining in the movement. Issues
up around a point included United
States Steel Bethlehem, National Steel,
Al NJ Byers and American Rolling Mill,
while Republic and Crucible advanced
fractionally.
Miscellaneous issues up about point
Included American Telephone, Allied
Chemical, du Pont, Liggett g. Myers B
>and Columbia Carbon. Oils and sugars
Jagged and the wet stocks appeared
fully to have discounted to the new
beer business Farm implements and
mail orders were slightly firm. Wool
worth was heavy, rejecting dividend
uncertainty.
Wall Street paid close attention to
Washington reports of the development
of plans of mildly infationary, or
at least anti-defiationary nature. to
offset the deflationary effects of such
steps as the closing of weak banks
and the sharp cutting of Government
expenditures. However, there was no
tendency to jump into the market, at
least pending a clarif1cation of the
program. Some commission houses re-
ported large volume of inquiries from
prospective investors, but little actual
business.
The total short interest, reported
April 1 at 1,464, ,874 shares, against l.
654 ,221 a month earlier, indicated some
impairment Of the technical position,
although the current short interest was
believed to be Of fair proportions. in
view of the small volume of trading. |
Better Motor Sales.
The freight movement reported for
last week showed gain Of 1878 cars
to q total of 494,588, which was only
81 per cent under the like week Of ]
last year, against q recession of 15.1
Per cent in the previous week.
The General Motors sales report for |
March, appearing as the market closed,
attracted attention. Sales to consum-
ers in the United States were 47,436
cars and trucks, gain over the total
of AZ, ,280 in February and close to the
8,717 In March of last year. The show
ing was regarded as encouraging, in
view of the banking holiday early in
the month.