Short Interest Rises to a Record 76.4 Million Shares

''I think the Dow could set a new record before the inaugural of Ronald Reagan next Jan. 20,'' said William M. LeFevre, investment strategist for Purcell, Graham & Company. ''Although interest rates have been rising sharply, the stock market seems to be saying it will accept some near-term pain on the rationale that rates are close to a peak.'' This year's closing low for the Dow was 759.13 on April 21, when high interest rates acted as a depressant on stock prices. Also contributing to the market's strength was a Federal Reserve report, released yesterday, showing that growth in the nation's money supply in the latest reporting week was below the expectations of money market economists - a factor regarded as favorable for stocks, since it might obviate credit-tightening action by the Fed. ''Some peop le say Dow 1,000 is a magic figure,'' Mr. LeFevre declared, ''b ecause shortly after it gets that high it vanishes.''

Full text: New York Times, Nov 19, 1980

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London: The Stock Market Defies a Bleak Economy

Last year, most of the world's stock markets showed substantial gains despite record-high interest rates, unsettling political events, and a recession that was deeper and longer than expected. A key factor in this bullish tendency was the sharp rise in short-term interest rates, giving momentum to what a number of market experts see as a medium-term global shift away from bonds toward equities. Investors have shown a marked preference for capital growth, rather than yield. Equity portfolios weighted heavily toward resource and property assets have generally fared the best, and a more selective pattern, though similar, is expected in 1981. On the Toronto exchange, the composite index rose 25%. Equities trading helped account for the growth at other world markets as well. These included: 1. Sydney, 2. Johannesburg, 3. Hong Kong, 4. Tokyo, and 5. the markets of the oil producing nations.

Full text: Financial Times of London World Business Weekly, Jan 19, 1981

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DOW GAINS 7.42; TRADING LIGHT

Mr. [Leonard Siegel] noted that in addition a number of stocks in this group were aided by institutional bargain hunting following ''the sharp decline in many of these stocks in the last few months.'' The Hobart Corportion, a food-preparation equipment manufacturer, was the most actively traded issue, and soared 6 3/8 to 39 1/2. The company yesterday reached a merger agreement in principle with Dart & Kraft Inc. that will allow the latter company to acquire its shares at $40 each. Dart & Kraft closed up 5/8, to 44 3/8, while Canadian Pacific Enterprises, which previously had bid $32.50 a share to acquire Hobart, added 3/8, to 19 3/4. Hobart had been vigorously contesting the Canadian Pacific Enterprises bid.

Full text: New York Times, Feb 18, 1981

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DOW OFF 7.48 AS VOLUME CLIMBS

The following Big Board companies show large changes in the short interest: PLEASE SET HEDS AND PICKUP AGATE 1st Add etc.

Full text: New York Times, Mar 20, 1981

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BARGAIN HUNTERS HELP LIFT DOW

Duriron Company Inc., is the nation's largest supplier of corrosion-resistant pumps, valves, and related equipment, with about 80% of sales in fluid movement and control equipment. Spending by the chemical and other processing industries to modernize and to meet environmental regulations, offsets the lag caused by scarcity of new major processing plants and contributes to Duriron's annual growth rate of about 15%. Duriron expects heightened demand and is in the process of completing an expansion program which will permit a 40% increase in existing unit production at minimal expense. Duriron, a very profitable company, has had only one bad year in the past 10. The company expects the second quarter of 1981 to be at least as profitable as the same quarter last year, although the first quarter was rather slow, with a $1.1 million drop in sales compared to last year. Duriron tries to maintain its leadership in the specialized area of corrosion-resistant pumps and valves by introducing new items, such as quarter-turn valves.

Full text: Barron's National Business and Financial Weekly, May 11, 1981

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