| Show e l' l 0 SECURITY PRICES I IN NEW YORK MARKETS MARKETS l STOCK MARKET TAKES UPTURN Early Slump Followed by General Movement to toI 1 I Higher Level J A NEW YORK April Apri 14 1 T IThe Thc The stock market finally finall managed to poke its it head up Thursday without at attracting attracting at- at a fresh reh barrage of oC selling Ater Alter After an early eary slump of 1 to 4 points point in several prominent issues pressure abated and the list worked almost almos steadily higher registering numerous net advances of 1 to 4 points point over the te previous close The Te closing cosing tone was strong trong Transfers approximated 1 shares A brisk brik rally raly in some of the InsuL Insull I issues isue coincident with wih a reassuring statement regarding the operating companies was wa helpful A more fa favorable fa- fa a- a interpretation of the federal reserves reserve's new credit credi expansion program program pro pro- gram and indications of ot a drying up of pi necessitous selling in isolated issues also were important factors in i 1 I the turn te tur 4 Peoples People Gas Ga one of the Insull Issue is issues Is- Is sues sue shot up nearly 12 points coincident coincident coin- coin with wih a similar simar jump jup in Commonwealth Com Corn Edison Edion on the curb then te lost lot about a third of its It gain U. U S S. Steel closed cosed 2 points point from the bottom after declining 1 8 13 8 3 to a new low and ad American Telephone canceled a poInt 4 arop to t the lowest lowet in i ten tn years Union Pacific converted an ear early eary decline of or 3 into a net gain of 4 Standard of New Jerse Jersey under heavy pressure yesterday recovered 2 points Other issues closing cosing 1 to 2 higher included General Motors Lambert Lam Lam- La- La bert Drug Allied Chemical American Ameri Amen can Can Ca Bethlehem Steel North American Amerian Consolidated Gas Ga Standard Stand Stand- Std Std- ard and of California Southern Pacific and ad others The Te situation facing the te Insull Insul utility utility ut- ut util util- ity Jy holding companies attracted much attention In Wall Wal street street The sharp upturn in Peoples People's Gas GS and Commonwealth Commonwealth Common Common- wealth Edison coincided with a statement state state- ment issued b by Samuel Insull in Jn Chicago Chicago Chi Chi- i cago that whatever may be b the troubles troubles troubles trou trou- bles of Middle West Utilities Insull Utilities Investments Investment Inc and Cor Cor- Securities Corporation the te three holding companies companie the financial financial finan finan- cial cal stability of the three large operating oper oper- aUn companies companie was not affected RESPONSE HELD SLOW Bullish quarters in i Wall Wal street treet felt fel that the financial community was vas waslow slow low in i recognizing the potentialities of the federal reserve systems system's new and more aggressive credit expansion program The statement of at Governor Meyer reyer of the federal reserve board bard before the house howe banking and currency currency cur cur- rency committee 1 I am a hopeful that we are now at a point where we will willbe willbe wi be able to hold the line was line was lie was also alo regarded as encouraging Some important important important im im- im- im banking quarters felt fel that the i I. success of the credit credi expansion program program program pro pro- gram will depend upon the te prevention tion of further serious shocks to conI con- con I but acknowledge that it may be highly effective if i we are able to t hold the line lne There was was' little further furter change in the money market but there was considerable expectation that tat the New York Federal Reserve bank bankI I might reduce Its it rediscount rate rat of 3 per cent either this week or next next The Te Bank Ba of England Egland made no furS furter fur- fur 1 S then ther ter change in i Its it 3 I per cent rate but Its It weekly statement showed Improvement improvement improvement im- im provement in Its It reserve resene ratio rito |
