Salt Lake Telegram | 1932-09-03 | Page 1 | Stock Mart Moves into High Ground

STOCK MART MOVES INTO HIGH H IG H GROUND Shares Advance 1 to 5 ant and andReach andReach Reach New Level for Summer Recovery COTTON WHEAT STRONG STRONd Trading Moves Fast Ticker Falls Behind I n By ny Associated Pren NEW NEWYORK YORK Sept 3 Wall 3 Wall streets street's belief that business would take a defInite def def- mite turn for lor the better at after r Labor day inspired another bustling advance advance ad ad- vance in stock prices today With cotton and wheat higher shares showed extreme gains of oC 1 to 5 and the Standard Statistics average average average aver aver- age o of 90 issues was pushed to a new high for the year Several pivotal stocks including United States Steel General Motors Motor and American Telephone shoved ahead to new tops for the summer recovery The advance brokers recalled was In keeping with bull market tradition for during 1928 and 1929 1029 it frequently frequent frequent- ly iy happened that prices skyrocketed on the eve of a holiday Incidentally it was just three years ago that averages averages averages aver aver- ages of rail and industrial stocks were making their record highs EXPANSION REPORTED News of the day included further reports o of expanding steel mill operations operations opera opera- in the near future There was also a. a arise rise of cars in loadings of revenue fr freight ight for the ended end ed August 27 a gain gam which the maket market market mar mar- ket viewed as satisfactory Steel utility util ity chemical and merchandise snares shares were particularly strong although rails lagged somewhat behind those groups There was considerable late profit taking aking as traders lightened long commitments commitments com com- in preparation for the weekend weekend weekend week week- end but many final prices were not far ar from the best and the closing tone one was strong Trading was at a a. a fast pace throughout the two hours and at one time the ticker was 6 minutes min mm- utes behind the market Transactions approximated shares STEEL VERY ACTIVE United States Steel common very active closed at up American Telephone at was up 1 1 although it had touched Bethlehem Steels Steel's net gain was the price being 2737 2731 Delaware Hudson rose 4 to 91 United Aircraft to 2950 Amer Amer- Ican can Can Ca'n 1 to Du Pont to o Standard Oil of New Jersey Jersey Jersey Jer Jer- sey to Western Union 5 to North American to o Woolworth to Cotton reduced extreme advances of about 1 a bale to net gains of ot 70 to o 86 cents I