Evening star., 1933-06-12
STOCKS MAINTAIN
GAINS At CLOSE
Many Leaders Reach Best
Levels in More Than
Year After Sag.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, June l2-Stocks finish
ed actively and strong today. with
many of the standard leaders not only
at their best levels of the day, but at
the highest prices for year or longer
The uprush followed a period Of hesi-
fancy after a firm opening
As wheat, oats and rye established
new highs for the season, the agricul-
tural implement and mail order shares
were bid up rapidly. The squeeze of d
few shorts in American Telephone was
sufficient to send that issue to new
heights.
A sharp run-up In Otis Elevator fol-
lowed merger rumor connecting it
with General Electric. a rumor that
has been repeatedly denied by both
firms. Better buying of lead was not
at once reflected in the shares of
producers. Drug, Inc, was slightly
ton plan. General Motors touched
new high, but Nash Motors was rather
dull despite the optimistic utterances
of officials
U. S. Steel Advances.
United States Steel and American
Can were outstandingly strong shortly
before the end. American Smelling and
Kennecott also firmed up
At the start of the final hour lie
stocks had recorded new high prices
for the year or longer These were
registered by diversified list ranging
fom agricultural implements, business
machines, chemicals. construction and
da1ry1ng shares to electrical manufac-
turing, household goods, textiles and
steelS
Opening one minute after London
cables told of the formal convocation
OF the World Economic Conference,
stocks started of active and higher.
The emphasis at first was on the So
called Transatlantic shares, which are
popular in the British capital as well
as in this city.
International issues were the most
active during the first half hour and
registered the widest gains. The list
included United States Steel common,
International Nickel, General Motors.
Woolworth, Bethlehem Steel, American
Telephone, International Telephone.
Union Pacific and Atchison.
Meanwhile the foreign exchange OPEN
lngS abroad had witnessed spectacular
spurtS in the pound sterling and French
franc in terms of dollars.
Communications Strong.
<1oluc 1TOiu 1OT6lBu events, L0e local
market had to apprise several con-
structive week end domestic develop
ments. The business news included re-
ports Of huge automobile sales in May,
further gains in steel production. a de-
cline in California crude oil production,
higher gasoline and crude oil prices,
top-speed operation of most cotton
mills, the reopening of coal mines in
the Pittsburgh district and favorable re-
ports from various lines of higher sales
and operations.
Early strength in the communication
issues, such as American Telephone,
International Telephone, Postal Tele-
graph preferred and Western Union,
was brought about by the belief that
all of these agencies would benefit from
the heavy cable and telephone traffic
emanating from the London conference.
Hardening of the various inactive
coal securities conceded with the re-
burgh district and the weekly coal sta
tistics. just before Washington advices
told of the Senate's Intentions about
oil regulations, it was announced that
Pennsylvania crude oil stocks had been
reduced.
The signal for the rise in the oils
came when $4,000 shares of Socony-
Vacuum appeared at IL, up q from its
previous close Houston Oil, General
Asphalt, Standard Oil of New Jersey,
Texas Co., Consolidated OIL and Stand
ard OH of California were all active
and higher
(Copyright. 1933)