Salt Lake Telegram | 1932-01-13 | Page 14 | Security Prices in New York Markets

x 11 I E- E SECURITY PRICES CES IN NEW YORK MARKETS STOCKS ENJOY BROAD ADVANCE General Rise One of Best in Weeks Many Issues Go Up 3 to 6 Points By Associated Press NEW YORK Jan 13 13 One of th the broadest advances in weeks sen sent man many prominent issues up 3 to 6 points in th the stock market Wednes- Wednes day The Thc closing tone was strong ant and the turnover exceeded d shares A 4 reversal of the protracted I In U U. S. S government issues in th the bond market together with reports of federal reserve credit expansion gave fresh tresh impetus to the upturn in insecurity insecurity security prices which began beIn a week ago ogo today Rails Balls tobaccos and utilities utilities ties were prominent in the advance in shares SEVERAL ISSUES RISE Stocks rising 3 to 6 G included American Amerlean Amer Arner- lean ican Telephone American Can U.S. U U. UI S. S Steel Allied Chemical American Tobacco B Liggett Myers B B. B Eastman Eastman East East- Eastman man Santa Fe and Union Pacific Stocks up 2 or more included Southern Southern South South- ern em Pacific New York Central Woolworth Consolidated Gas DuPont DuPont DuPont Du- Du Pont National Biscuit Cola Coca-Cola and Westinghouse General G Electric General Motors and Standard of New Jersey were among shares up lip a point or so The turn in the U. U S. S government obligations came cIme on the heels of in information information in- in information formation from import important nt banking quarters that the federal reserve s system stern s 's tern tem was embarking upon a broad program of credit expansion presumably ably through open market bu buying Ing of U. U S. S government go securities and acceptances acceptances ac ac- ac- ac cc as a well wel as encouraging rediscounting re- re discounting by members The Te U U. S. S government issues isue had been sagging zagging for weeks first under uder the influence of the banking urge for lor extreme liquidity at the year end and next under the influence of next uder ex- ex of ut h nt c to meet a widening government deficit deli deli- fI cit ef and to finance the reconstruction finance nace corporation WALL STREET OPTIMISTIC High ugh banking quarters in Wall al Street however have recently expressed ex ex- pressed gratification over o the firm stand taken by both political parties partes in Washington on the matter mater of balancing balancing bal bal- the thc budget Secretary Mellons Mellon's Mel- Mel Ions Ion's remarks remark before the house ways and ad means committee urging balancing balancing bal bal- of the budget by the end of the next fiscal year eRr to reinvigorate the credit structure of the country county were read with wih muc mue in i banking quarters The Te tobacco shares turned upward on publication of J. J R R. R n Reynolds company's com corn pany's annual statement making the favorable showing of per share of stock on the combined common is issues issues issues is- is sues as increased from in the previous year Oils Oil showed It little rc- rc Prairie merger since sice its it terms tes had been authoritatively reported well in advance ance wel i of the announcement There was little activity ac ac- ac- ac in ill i the coppers despite despie the con con- firmness in the metal ket ket finess i market mar mar-