Evening star., 1933-06-21
STOCKS PUSHED UP
IN VIGOROUS RALLY
Tremendous Activity Centers
in Oil Shares as Day
Ends With Rush.
BY GEORGE T. HUGHES.
Special Dispatch to The Star.


NEW YORK. June 2l.-Today's stock
market did not get into its stride until
the last hour of business Then II
broadened out, and the ticker, which
had reeled of only 2.6o0, 900 shares
to O'Clock, ran several minutes be-
hind to the closing.
There was tremendous activity in the
OIL stocks. based on the cumulative evi-
dence that production Is being con-
trolled and that prices are definitely
on the advance. New high prices were
established in Standard OIL Of New
Jersey, Socony-Vacuum and Houston
OIL. IN which the gains ranged from
to 4 points on a heavy turnover.
Motors Improve.
Numerous other stocks that had
shown q tendency to react were caught
up IN this movement. and made mod
crate net gains. Among these were
the iron and steel stocks, such rails as
New York Central, Union Pacific, Great
Northern and Baltimore & Ohio and
among industrials American Tobacco,
International Harvester, Johns Mans
vile and American Can.
The motors had q moderate recovery.
but did not occupy the position in the
market they recently held.
Although the oils held most Of their
gains to the end, there were heavy Of
ferings elsewhere in the list in the last
few minutes which Cancelled a portion
Of the afternoon rise.
Along with the late rise in stocks
there was an advance in wheat Of 2 to
az cents. with the December option
touching new high price for the crop.
In the forenoon the decline In sterling
exchange below $4.16 had . tendency
to restrict buying among those who
take their lead entirely from the infla-
ton evidence. Subsequently sterling
advanced to SALT. This added to the
other and more legitimate factors on
which the market proceeded along its
upward course.
There were more factors Of q legiti-
mate kind today, such Is the weeks
report on iron and steel production,
which advanced points and is now up
to so per cent Of capacity; the further
expansion In production Of electric en-
crgy. the declaration of regular divi-
dendS by number of important manu-
featuring and merchandising companies,
good May reports by several railroads
and more favorable ar-loading figures
for June, and scattered signs from
many parts Of the country that the
demand for manufactured goods Is
bringing ABOUT greater employment and
higher wage schedules.
Trade News Favorable.
Although sthe railroad executives are
known to be disappointed over the rec
ommendation Of Commissioner East
man that the proposed wage reduction
be postponed until November, 1t was
significant that the strongest stocks on
the active list were those Of the East
ern group Of carriers and Of several of
the transcontinental and Northwestern
lines.
The decline in the public utilities was
general but moderate In extent. It was
largest in American Telephone, Con-
solidated Gas and Columbia Gas &
Electric. In the motor group General
Motors declined 11a points below its
high price for the year, made Tuesday.
Du Pont was nearly points under
Mondays high figure The oil stocks
held steady. Socony- Vacuum sold
slightly higher than It had been pre-
viouSly on this movement
(Copyright, 1933.)
i4s
SILVER QUOTATIONS.
NEW YORK, June II CP.-Bar sill
yer easier, cent lower ut IS.