Show WALL STREET CLOSES JI YEAR OF RECORD HIGHS WITH UPWARD PRICE TENDENCIES Optimistic Year-End Year Forecasts By Secretary Mellon Business Banking And Railroad Heads Spur Buying Motors Are Heavily Bought to Brn Bring Attention to NewYork New NewYork NewYork York Automobile Show Greene Grene Cananea Copper Hits Hit New High of 2 as a Against Years Year's Low Lw of 29 Many Others Oters Firm Fir NEW YORK Dec 31 AP Upward AP-Upward Upward price tendencies today characterized characterized char char- the closing session of f the year in the stock sock market Profit Profit- Profi taking brought out slight recessions here and there but fin final Zina l quotations quota quota- tons were generally higher several gains running from 3 to 10 points Trading was unusually heavy for a session the days day's sale running over shares Optimistic year-end year forecasts bj Secretary of the Treasury Treasur Mello elor and business banking and leaders coupled with wih expectation of a record breaking breaking January reinvestment reinvestment rein rein- vestment demand provided the thc basis bais for the upswing In prices which embraced all al sections of the th list but bit was most effective In th motor copper business appliance and communications issues Cash sales for the purpose of ot registering reg reg- Income tax losses were smaller than usual on the last last day daj of the year although they were scattered among the number of is is- is sues Heavy buying of the motors was believed to have been inspired in part by the toe desire of professional traders to draw attention to the New York automobile show which opens here here next ext month General Motors moved within a range of ot 1 I point paint and closed fractionally higher at at Wall Wal street heard reports that small smal reductions In prices would be made on the new Chevrolet Chevo let models Packard touched a new top at 62 62 as against a low of 33 4 3 earlier earler in the year Hudson crossed 84 for an extreme gain of more than 2 points but but yielded slightly on realizing Dodge Chrysler and Studebaker advanced a point or so Greene Cananea Canane Copper which has been one of the spectacular performers performers performers per per- formers of the year rallied 5 I 2 1 points to a new peak at 2 1 as against the tho years year's low of 29 3 Most of f the other coppers coppers- also showed slight improvement in anticipation anticipation an an- of ot Increased pro profits next ye year Baldwin fell fel back 2 2 x points on one sale but but most of ot the other railroad equipments continued to respond to reports of large railroad orders Special Specia strength also was shown by Central Alloy Aloy Steel General Electric Kraft Krat Cheese Simmons Co Underwood Typewriter Universal Universal Universal Uni Uni- versal Leaf Tobacco and Western Union Heaviness was most pronounced pronounced pro pro- flounced i in American Machine andY and and Foundry Brooklyn Eison Edison and Western Dairy Products Products' B. B Foreign exchanges moved within narrow and Irregular limits SterlIng Sterling Ster- Ster Sterl Sterl- ing cables ruled around 9 32 32 and French francs around 8 3 cents The weekly clearing house statement statement statement state state- ment showed a deficit in reserve of as compared with wih ex excess excess excess ex- ex cess reserve of a week ago reserve totaled The detailed statement statement state state- ment meat of actual conditions this day showed an increase of ot in loans discounts and investments and gains o of in demand deposits deposit and in time de de- de- de posits Cash ii in own vaults dropped and reserve in the Federal Federal Fed Fed- eral Reserve bank of ot member banks showed a shrinkage of |