Show MARKET CLOSES WITH FIRM TONE Stocks Regain Lost Ground in 1 I to Point 2 Advance 8 B Br Associated Press Is NEW YORK Dec Dee 22 The 22 The financial markets generally crept higher in is i quiet trading Tuesday with wih stocks stock regaining the ground lost in yesterdays yesterdays yesterday's yester days day's setback Advances Advance of ot 1 to 2 points point were numerous in leading issues is- is i. i is- is sues lies ses and the closing cosing tone was firm fim The Te turnover however was less Jetha than shares While there was some irregularity in n the bond market rail rai liens len were generally higher along with stocks The Hungarian moratorium appeared to o have been discounted in advance and was not regarded as a as of ot particular paric- paric tic par ular ular importance so far as a the United Unite States was concerned Among issues closing about 1 I to 2 points U. U S. S Steel Stel General General Gen Gen- eral Electric North American New NewYork NewYork NewYork York Central Union Pacific National Biscuit Sears Consolidated Gas American Telephone Santa Sat Fe and ad Allied Alc Chemical Auburn Aubur shot up 10 points point and Homestake Mining gained more than 5 Bethlehem Betlehem Steel was wa a soft spot closing off oU about a point Oils Ois recovered after a morning setback setback COPPER RESPONDS The Te copper shares responded but moderately to the announcement of an informal agreement to reduce production pro pro- to 26 2 1 per cent of estimated capacity starting January 1 It is expected that this will reduce world production from about tons to tons and bring a gradual reduction in the burdensome stocks now above ground which arc suit sufficient i to last about a year It was felt in the trade however that it would be a few months before the program would finally be fully reflected in prices The copper market remained dull with the domestic price unchanged un us changed at 7 4 1 cents a pound The Hungarian moratorium was re regarded re- re as significant only as a further fur fur- ther reminder of the delicate shun situa tion in central Europe International banking circles were interested In the advance news on the Young plan advisory advisory ad ad- committees committee's report which is expected to recommend a further moratorium on Germanys Germany's conditional condi condi- payments under the Young plan with a suggestion of further consideration of deferring the unconditional payments ENCOURAGING EVIDENCE Bankers here felt that this was encouraging encouraging en en- evidence of a desire on the part of the French to cooperate Leading Lead Lead- ing bankers in informal conversations conversa conversa- here have said repeatedly that they are looking to France to take the initiative in dealing with the European European Eu Eu- financial snarl The continued support for railroad securities reflecting the progress in Washington of the plan for forming the Reconstruction Finance Corp as aswell well as the pooling plan for revenues irons from higher freight rates was regarded regard regard- ed in Wall Wallstreet street as highly lag ing in view of the importance of these securities in the general Investment situation |