High 60, Low 1

High 60, Low I

When the stockmarket closed last week, 60 stocks had made new highs for 1935, while New York, New Haven & Hartford was sinking to a record low (see below). Dow-Jones averages on 30 industrials showed a week's rise of 4.38 points. Moody's Investors' Service reported that 70 industrial companies reporting nine-month 1935 earnings were 17% ahead of 1934. Many of the market favorites were selling at two or three times their lows of last March. Cheered by Chrysler and General Motors earnings, excited by the approach of the New York automobile show (see col. 3), traders bought motor stocks with more enthusiasm than selection. Packard, Nash, Reo, Studebaker, Hudson, Graham-Paige--everything on four wheels--went rolling through the market on high, even if it rolled on a deficit basis. Strong also were Murray and Briggs (bodies), Libbey-Owens-Ford (auto-glass) and Kelsey-Hayes (wheels). Other favorites were steels and oils, while farm implement stocks continued their recent rise (TIME, Oct. 28) with J. I. Case going over 100.

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