Evening star., 1931-06-22
MARKETS ADVANCE
ALL OVER WORLD
Suspension of Debt Pay
ments Improves Confidence
to industry.
CONTINUED From First Page,

OSAAOAAANAS0 = AOAAA AAoo a tN5SsI
to So a bale. Other commodities re-
sponded with less spectacular gains.
It was a wild opening on the Stock
Echange. Shorts, badly pinched by
the feverish advance with which last
weeks trading was concluded, were
thrown into renewed confusion by Mr..
Hoover'S week end announcement.
Blocks as large as 10000 shares changed
hands at advances running up to SIS,
and there was no. let-up in the pace
until the first half hour had been
passed. The turnover during that period
was a million shares. Not in a long
time had the market begun trading
day with so violent a rally.
When the first frenzied demands of
the shorts had been satisfied, profits
began to be taken quickly, and reactions
of dollar or two from the early highs
developed. However, the momentum of
the advance was not so easily lost and
by early afternoon another upward
drive was in progress, although this,
too, encountered a reaction as traders
haStened to accept fat profits.
Steel Scars 81.
United States Steel common and
American Telephone scared 81 a share.
Union Pacific, Eastman Kodak, Lacka-
wanna, Public Service of New Jersey,
Norfolk g. Western and American
Smelling climbed 81 to SIS. Auburn
Auto, whose SIS opening advance took
the days prize, moved back in the di-
rection Of its top price after half of
the initial advance had been lost. Many
issues rose 50 to So, including General
Motors, which had opened 50 higher
on a 20,000-share block.
r1ao vii In Gc Iiefa%
the New York Exchange was subston-
tial, although not quite as large as last
Saturdays when the first rebound on
the Washington news occurred. Never
theleSs, the Young plan 51as, hoated
about year ago, gained more than $40
per 81 900 bond and the Dawes Is were
up more than $40. Many issues of
German industries, public utilities and
municipalities displayed more spectacu-
lar strength. Trading in the group was
so active that 2-minute intermission
was called soon after the opening as
dealers caught up with the deluge Of
orders.
Europe Sets Example.
European exchanges, opening several
hours before the New York markets set
Wall Street a lofty example. Prices on
the Berlin Boerse rolled upward in one
Of the strongest sessions in years, clos
ing with wide gains, and the run on the
ReichsbankS gold reserves, which had
been sharply depleted last week, was
said to have stopped. Securities in Lon
don, Paris and Amsterdam responded
substantially.
New York cotton followed the Liver
pool and Indian markets and world
wide buying was reported here at the
opening. The early gain of $3.50 to SO
bale was shaded. but the tone contin-
ued strong. Quotations on sugar and
lead were marked up slightly. Early
gains in wheat and corn encountered
profit taking.
The quick change that had come over
speculative sentiment was reflected in a
rise in the price of Stock Exchange
memberships. Sale of one seat was
reported at S225,000, an advance Of
$4,000 over the previous transaction.
Optimism Is General.
Stock Exchange commission houses,
in their advices to customers, disclosed
varying degrees of optimism over the
influences of the turn of the foreign
debt situation on the securities markets,
but some felt that it may possibly have
marked the end of the bear market
that began nearly two years ago.
OIle OF LIle larger wire houses SdlQ IN
its market letter, There is every indi-
cation that week end developments in
Washington may very well prove to have
sodnded the death knell of the bear
market" Others pointed to the hkeli-
hood of a secondary reaction, which is
usually experienced after a violent up
swing. Nevertheless, the prospect of a
definite turn was stressed, and another
large wire house warned bears, "It
looks as If 1t will hardly prove wise
policy to postpone covering until the
last piece of bad news is out Of the
way"
Leading financiers and busienss men
expressed general approval of President
Hoover'S move. One Of those to COM
ment was Myron C. Taylor, chairman
of the Finance Committee of the United
States Steel Corporation, who returned
from Europe this morning.
ST consider the move for a holiday
on reparationS and war debt payments
as the first great constructive move we
have made for the worlds economic re-
covery," Mr.. Taylor said, land this
should be fully appreciated abroad"
Thomas w. Lamont Of j. P. Morgan
g. Co., asserted:
1.-THE proposal of the American Gov
ernment Is a constructive one, and is
cerain to command the instant support
of all those who desire to see Stabler