Evening star., 1933-10-03
STOCKS MOVE Up
IN CLOSING RALLY
Market Leaders Carry List
Forward After Lower Trend
All Day.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, October "a rally in
leading stocks in the final hour today
enabled the market to finish slightly
higher, after opening lower and mov-
ing downward most of the session.
The recovery got under way in this
industrials and spread to specialties.
utilities and to some extent rails. 1t
did not, however, bring about increased
transactions.
U. S. Steel near the end was up al
most point. American Telephone was
up slightly more than that amount.
Standard Oil Of New Jersey continued
somewhat lower. Despite the efforts Of
the administration to settle coal strikes
and the progress toward code by the
industry, practically all of the coal
securities were lower.
Packing Shares Firm.
Firmness was the rule in meat pack
ing shares, with Armour of Illinois pre-
ferred and Cudahy showing the best
gain. Woolworth recovered virtually all
of its early afternoon decline. Mont
gomery Ward and Sears Roebuck also
rallied Chrysler finished below its
forenoon peak. International Business
Machines recorded the widest advance
in its group.
The more important grains, wheat.
corn and cats, finished fractionally
lower in today's abbreviated trading.
The dollar was trifle higher in Lon
don. Near the close pound sterling here
was up small fraction of a cent but
French francs, lire, belgas, Swiss francs,
guilders and pesetas were all slightly
lower.
The record high price for gold. 134
Shilllngs pence an ounce, in the Lon
don open market for a brief period,
lifted the shares Of gold mining COM
panies here. Such stocks were strong
in London and Paris earlier In the
second hour, Homestake Mining opened
up points. Alaska Juneau hardened,
followed by McIntyre-Porcupine.
Smelling Shares Active.
1t was the securities of smelling COM
panieS, such as American Smelling and
United States Smelling, however that
piled up volume trading in the metal
group. Prospects of a thorough and
honest copper survey, under the N. r.
A., which would show actual inven-
tories, was hailed by the trade, some
predicting that consumers will be sur
prised at the actual figures The sur
vey announcement brought little inter-
est in the red metal shares during the
first two hours
Sugar shares were the softest spot
in the food list, even the leading re-
flners and producers registering loses
OF more than point. The higher beet
crop estimate more than offset Cuban
cables telling of further political dis
turbances. American Beet Sugar, Amer
ican Sugar, and South Puerto Rican
were the largest losers on this move
Rubber issues moved irregularly.
Shares of companies with plantations
turned heavy on cables indicating that
restriction of output does not appear to
be as near as commodity bulls forecast.
Declines in shoe manufacturing shares
followed trade reports that inventories
were becoming trif1e large because of
record production this year.
Chrysler led the motors in the third
hour. as it announced September ex-
ports set a new high record. Genera
Motors then moved forward. Aubur
after opening down points, turned C.
and irregular.
Copyright. 1887