Show STEEL MOTOR I SHARES LEAD MARKET ADVANCE AD V ANCE COPPER ISSUES ARE DEMANDED By Br ELMER ELIR G C. C United Press Financial Editor J NEW YORK Oct Oct 19 UP The UP-The The U-The The stock market overcame profit takIng taking tk tak tak- ing ig sorties sortes Monday and led by steel stee fh and motor shares advanced S larl Trading volume slackened a as the profit taking developed but was wa faily fairly good in view of heavy turnover turnover turnover turn- turn over at the te start when blocks block up t to to shares came out out and tickers got behind actual actual market quota quota- S Lions tons Er Early Leader Lader j United States Steel w was the early eary leader and advanced a to a anew anew a new recovery high of 79 while the te preferred issue also reached a new high at up 2 Both maintained gains and other steel shares were steady to firm fr Sharon Steel Hoop gaining 2 to 27 21 3 8 3 The e weekly American Iron and Steel Institute report showed operations scheduled at 72 per cent of capacity a decline de de- de- de dine cline of 17 points from the preceding preceding preceding ing weeks week's year six year si-year high leveL General Motors led Its it division by rising to a new high of 13 for 14 gain gain In later trading the gain gala dis dEs appeared Hudson made a of 21 8 8 3 for more than tan a point gain but Chrysler sagged fractionally Many market followers consider that motors are behind the market market particularly in view vie of the upturnS upturn In production of 1937 models model Oils Oil which have been laggards laggard re recently recently re- re centy turned firm in fairly good god turnover Several new highs high were made including Shell Shel Union at 25 8 3 and Texas Corporation at 44 up more than a a point point A good earnings statement sent Atlantic Refining above 30 for more mor than 2 points advance j I S Buying Continues J Buying demand for copper shares continued in view of rearmament reports report from abroad Anaconda jumped more than a point to a new new j high nigh at 47 Cerro de do Pasco made anew a J new high at 60 and American X Smelting a new high at 93 93 All these thee gains were pared The continued forecasts of earnings earnings earn- earn ings betterment for the te movies j j brought additional early demand to these shares Paramount opened on ona W- W Wa a a share share block and reached a anew anew new high of 16 only to slip back to toa y ya a fractional loss Warner Brothers made a new high but later declined fractionally Atchison Topeka Topeka Sc Santa Sant F Fe F. led rails rais In early dealings with wih a gain of more than a point point while Pennsylvania Pennsylvania Pennsylvania Penn Penn- sylvania and Lehigh Valley Valey made new highs in light Ight trading The strength later disappeared and the list moved irregularly Utilities were quiet Some strength developed in railroad issues equipment on forecasts forecasts fore Lore casts of heavy equipment buying inthe in lit inthe the fourth quarter New York Air AirBrake AirBrake AirBrake Brake made a a high of 69 up 1 H |