The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1937-09-28
RECOVERY OF
STOCK MART
IS IMPRESSIVE
Advance Not Assured But
Strength Monday Best
in Six Weeks
By MAX BUCKINGHAM :
Cartwright, 1887, United Press)

NEW YORK, Sept. %. (UP)-,
The stock market yesterday maze
one of its most impressive reGoV-
cries since the heavy decline
started six weeks ago. 49,
There was no indication ina.
an advance is underway. MOS MOS
traders looked at the market WIN
plenty of caution. There ha NV
been false starts before duIins
the decline. But none waH aeeGa n.
manied by such vigor and RESIST
anno nc was shown Monday:
any Tho main factors behind the
market Improvement were:
I Better sentiment ABROAD
where prices rose in Amsterdam
and London, ~ ,ot;or
in broadening lending policies.
2 indications from various
leaders that business sentiment
still is fairly optimistic for the H.
ture. -, ou;rr
in a single issue failed to unsettle
the market and a strong rally &C.
Cured.
The list opened 1 to a points
higher on the basis of the improV-
ed tone abroad. Prices eased I'M
til about midday, when a heavy
drive started on U. S. Steel ac-
companied by reports that one
house was liquidating 2O,0001
shares. From above 81 it dropped
TO a low for the movement at ~
ia for 9 Sd loss. Other steel
shares weakened correspondingly.
But the rest of the market snow
cd strong resistance, resulting IN
a rally which carried through TO
the close. 90
u, s. Steel climbed back to 80
for 3 points gain. Chrysler showed
around 5 points gain. Bethlehem
had around A points net gam.
Some more volatile issues were
up around 6 points and all divi-
sions shared in the advance. Trad
ing volume again went above the
100000 share level.
An indication of the WIDE
swings in the market can be OBJ
tanned from the Dow Jones aver
ages which show:
Open Close Change
f. trials 1894 1928 up 4.56
20 R. r. ;. 1896 4O.4O up l.4a
20 utility :. 1881 23.70 up O.96
70 stocks ;. SOAP SLIP up l.6S
The extent Of improving senti-
ment is shown in the fact that
traders ignored some fairly de-
pressing trade reports just as
good business conditions were ig-
nored in the long market decline.
The American Iron and Steel
institute gave one Of the less IA
vorable reports. 1t showed the
production schedule this week at
74.4 per cent of capacity, de-
cline of II points from the pre-.
vious week. Except for Fourth Of
July and Labor day holiday weeks
it was the lowest schedule for the
wear and was the first time since
February 3, 1886, that the sched-
ule was under the rate for the
corresponding period of the previ-
Gus year.
Weakening of non ferrous
metal prices was another discour-
aging situation, although it had
been anticipated. omestic copper
was sold at Is cents a pound, a
decline of / cent, export copper
eased while the price for lead
was reduced rs points. espite
this, metal shares were strong
and fairly active most of the ses-
sion.
The street" Monday talked
about:
Some interest appearing for
Southern rails American tele-
phone expected to earn as much
as 81 a share and attracting some
investment interest as the yield
still is around 5 per cent Min
neapolis Moline for the year ex-
pected to show around Sl.10 a
share Chesapeake & Ohio
earnings expected to pick up for
D.