The daily independent., 1936-10-12
ETJROPE IS NOW
ONLY DRAWBACK
TO THE MARKET
All Indications Point To
Continuation of Bull
ish Stock Market
Hy A%AX, 2UCKINCHAM
oCcpvricht BY United Press

CCcDvright BY United Press
New York. Oct. 1l-'UP) In
drstrial America today continued
to present the stock market with
bullish background that many
be loved would lead to even high
er prices than those which carried
averages to fvc-yCar highs last
week.
Europe offers the only obstacles
to the market. The threat Of dit-
ficu!ticS as result of Russian re-
cent stand end Frances internal
GifficultiC5 orc annoying. al
though they have not yet had
mark"t reaction. Frances dcval-
uation proGram was expected to
clear out the market threat from
that section, but the recent in
ternal difficulties have brought
some nervousness and resulted in
declines in French bands.
Bit traders have ignored these
factors in the flood Of business rc-
ports. Even the nrofit-t2kin5
that normally accompanies g riS-
ing market has made Oh Y minor
inr5ads. The market has been
adjusting itscif we'll as it adVanc-
Cd and most Cb"crV2rS do not sec
any immediate recession.
among tlc various business re-
ports wh.ck serve to buoy market
S:ntimCat: S:
SCec!--U. S. Steel Corporation
Saturday reported the best Sep
tcrbo" and ninc-month shipments
&;ncc 1929. The company is cX-
p2ctHd 70 show earnings Of around
:@..,,.-.T for the year and 90 cents
iJv the third qIarIcr. Operations,
ACCORDING 20 tho maTaz.nc steel,
rose IL 10 IS pcr cent Of capacity
This is q high since 1881. Motor
car production is improving-l6
companies now operating as COM
pared with six about two weeks
ago on the 1897 modc!s-and their
demand for steel is increasing.
Observation-Disclosures last
week placed at 39,94j units COM
pared with 17.l45 last last year
". r. Tracy. vicc-prcsidcnt in
charge CT sales Of Hudson, Csti-
mated that 1887 production would
exceed the previous peak year.
1929.
Euilding-F. w. Dodge corpor-
atiCn reported residential con-
struction in 81 states in nine
months at S588.O3O,O6O, 73 per
cent ahead OF the 1885 period and
the best total for nine months
since beginning of the depression
Dun and BradStreet, Inc. rc-
ported that eight months build
ing permits were 76.9 per cent a.
head Of The 1885 period to a total
of S642.C35, ,i32. Last year the to-
tai for eight months was S372,-
972 432.
Railroads.&c. gain in total car
lCadingS expected in noXt few
weeks. The week Of October 3 cs-
tabEshed a high since 1880 and
these figures Likely will be exceed
cd. L.Cadings now are running
above the 100000 weekly level and
as result earnings of railroad
companies arc in the ascenGancy.
Consumer BIyinG Retailers
anticipate the best Christmas sea-
son since 1929 and wholesalers re-
port that advance buying indi-
Gates this is true. Sales consist
cnly arc running Is to 20 per
cent ah2ad CT the 1885 period and
there are indications that better
grade merchandise is being
sought.
Electric P0wcr-Pr ductiOn
holds around the record high and
may establish highs later in the
season. The pickup in induSt-
rial operations mainly is rcspon-
Sible for the wide gains. The
chief problem of the utilities rests
in government action and the test
case on the Tennessee Valley Au-
thOlity Project.