Show STOCKS SURGE TO NEW HIGHS y- y Market Eases With Profit Profit- Taking Closes s pf Higher W United Press Financial Editor i NEW YORK Dec 29 The 29 The stock vS-g vS market started Saturday at a J i share rate for a hour live day rose iV to new highs since April 25 in the Jones Dow industrial average eased cased on taking profit and closed higher i Sales in the first hour totaled shares as blocks of 1000 to 2000 shares were transacted That was nearly equal to the total for the entire session a week ago when turnover was shares It was the largest largest- r v Saturday session of the month Volume lightened after the early advances and stocks gave ground grudgingly Before the selling Amen Amerl can Can was bid up to a new high since 1931 at up point from Fridays Friday's close which in turn a gain over the preceding day of 4 points American Can has a large surplus and reports are the corn com v vany any pany may follow General Electric in v doing something for for stockholders G. G E. E Shares Lead i s General Electric again led In ity It reached a new high on the movement at 22 before encountering profit The special stock dipped to its call price of 11 The entire issue has been called for redemption as of April 15 Automobile issues and the auto i equipments were consistently active and strong Heavy trading was noted in General Motors Chrysler and Packard All advanced and the first two held small gains at the close Briggs manufacturing made a new high in the equipments at 28 up V and then eased Houdaille Hershey B stock also made a new high and active ac- ac i live tive trading was noted in Electric Auto One authority today estimated esti- esti 7 mated 1935 automobile production production- would be the largest for arty any year since 1929 1920 when output was units unit Steel News Favorable Steel news continued favorable and there was further demand for steel shares Youngstown reported that operations there would rise to 50 per percent cent of capacity within the next 10 P days Some utilities met selling In the early trading but they rallied and most closed unchanged to slightly higher American Telephone reached s l g up s before meeting selling A substantial rally in the Friday session sent the stock market higher for the week Bonds rallied business continued to gain and the the daily daily corn com index made a new top for 1934 Before the late rally in stocks the list had been moving uncertainly with the utility division again under press press- ure The utility average Wednesday v i. 3 f made a new low since 1932 at at 1683 1683 and J k kwas was only fractionally away from record low made then at 1653 Utilities j ties rallied later Auto Future Bright V 1 Automobile news was the brightest for any industry December production tion estimate was boosted sharply and orders for automobile steel Automobile Auto mobile stocks were actively bid up Railroad issues were weak for lor a time but they rallied and were particularly particularly parti- parti strong Friday Traders reasOned reasOned reas- reas the government would aid roads k shortly and thereby give them funds v m for purchase of needed equipment That would aid the equipment companies corn com cornS comi S i ponies their stocks followed the rails higher were forced down early In w the week by further government agitation agitation agi- agi tation for lower rates in all sections of the country Consolidated Gas was f hard lIlt hit by moves to build a New 4 York City municipal plant Traders expected the dividend would be eliminated but directors saw fit to order a 25 cent payment which was half of the former divi- divi I. I v Utilities Shares Rise This was good news and shorts coy cov- V ered sending the stock higher Thurs Thurs- day It extended its rise Friday along with other utilities and the utility av- av j- j crage on that day netted a half haIl point T American Telephone sagged to- to v ward Us Its old 1934 low on fears of rate cuts and then rallied Other catin shares followed Aviation went higher when Douglas received a large government order In the Friday session there was a considerable cash selling to establish tax losses but it had only a mild in fluence Traders were optimistic although they toned utterances with caution Business was higher and the outlook was for continuation of gains 4 |