Salt Lake Telegram | 1935-09-07 | Page 15 | Many Sticks Hit 1935 Highs

MANY STOCKS lilT HIT 1935 HIGHS 1 By ELMER C C. United Press Financial Editor NEW YORK Sept 7 Stocks advanced advanced ad ad- fractions fractions' to more than a point in one of the heaviest Saturday Satur day sessions of the year President Roosevelt's statement that hat business was to experience a breathing spell from government experimentation was the Incentive for or new buying Orders came camo front from all 11 over the country and at the opening today specialists grouped them hem into blocks blocks- of 1000 to shares the largest in Radio Cor Cor- oration Railroad shares were heavily traded and so were motors Blocks of f 1000 to shares came out In New few York Central and General Motors Utilities had heavy turnover turn turn- over ver with Columbia Gas featuring itha a block of shares Volume increased until tickers lagged several sev- sev ral eral minutes In the first half hour despite close abbreviation of quo quo After the first burst of activity and strength the market ran Into profit taking Toward the close however the advance was resumed and dealings continued at an active pace During the highs for forthe the year or longer were made in dozens of issues Rails also were bid up and utilities made small ad ad- ad vances Exceptions to the rise were the oils and silvers The latter had losses ranging to more than a a. point in the case of U. U S. S Smelting American Telephone made a new high since 1931 at up 3 8 1 points on investment buying and closed there Motors were bid up with Crysler up 1 at 69 8 7 a new top since 1929 General Motors up 34 at 45 a new high since 1930 and Auburn up 2 at 38 a now new 1935 high Westinghouse Electric made Its best price since 1931 at 73 8 3 up 1 and General Electric also went back to that date with a high of 33 8 1 up Vt 4 Deere Co was at Its best since 1933 at 41 8 1 up 1 8 while Case made a new 1935 high at 79 up 2 points and International Harvester Har vester at 56 up 34 Stocks this week fared badly for fora a time after the Labor day holiday and then set off on another bull movement that receive strong im impetus petus late in the week when President dent Roosevelt announced that the administrations administration's reform program was substantially completed giving business a breathing spell The Roosevelt statement was re released released re leased Friday morning Stocks had been rising Thursday They started start start- ed strong on Friday and gradually picked up until near the tho close the tho pace was too fast for the tickers Wall Street placed a purely political cal Interpretation on the Presidents President's remarks but at the same time ad admitted ad they were very significant and apt to help business materially Along with the aid from the presidents president's dents dent's statement were many other factors of a constructive nature Steel operations were recovering front from the Labor day holiday shut down Orders continued to como come in for motor cars and production was swinging ahead In many plants that recently retooled for now models Pittsburgh which supplies heavier steel than that used in automobiles reported a pickup ahead in operations opera to a new high for the year Districts making automobile steel also felt increasing demand