Evening star., 1933-07-26
STOCKS ADVANCED
BY UNEVEN BUYING
SpasmoGc Rallies AHernaI
With Realizing, but
Trend Is Clear.
BY GEORGE T. HUGHES.

opctidl DlSpdLCH 10 ne star.
NEW YORK, July 26.-The prica
trend in today's stock market was up-
ward, but the movement was irregular
and not well sustained.
The metal shares gave the best ac
count OF themselves and in this group
there were a few large gains. Next to
the metals, the motors were favored
Alcohol stocks were higher at times, but
they did not hold their advances well
Trading was in much smaller volume
than at any time since the big break
The feature Of the early trading was
the strength of General Motors in re-
sponse to the recovery in earning power
revealed in the second quarter and
half-year statement given out after the
close Tuesday. The stock opened
point higher and increased the gain
thereafter. The strength in Genera!
Motors brought buying into all tho
other stocks in the group and all OF
them advanced more or less. Auburn
was up over points at one time.
The United States Steel report, ais,
given out after trading had ceased las
night, had no stimulating effects o,
the stock. The preferred was stead'
but the common ruled under the pre-
ceding close. Apparently the Street eX
pected something better of the Ste
Corporation. but was not prepared f.
the showing in the General MotoZ
report.
"Wet" Stocks All Rise.
The wet" stocks were all higher dur
ing the early trading although the
too had intervals of reaction. Natiors
Distillers and L. S. Industrial Alcoh~
tiuctuated through the widest ranges
in the caSa of fbp latter tn rlOir1.e
Gold stocks were strong, with an ad-
vance of l9 points in Homestake Min
ing. Mcintyre was the favorite among
the lower-priced issues. Discouragirg
reports from Washington as to the pros
pect of a free gold market did not pre-
vent an advance in Alaska Juneau.
As a group the rails gave good ac-
count of themselves. Central Railroad
Of New Jersey, an inactive issue with
small floating supply, broke sharply OF
a single sale but that was an exception
Illinois Central. New York Central and
Southern Railway we're active ano
strong.
Rubber stocks responded to. the news
of another increase in the price of tires
]. l. Case was the feature of the agri-
cultural implement group. up at one
time 5 points but not holding all the
gains. Deere & Co. was strong Gains
were also recorded by Drug. Inc. Union
Carbide Worthington Pump and in the
utility list American Water Works
which has been making good reports
both as to earnings and power output
for some time,
Expected More Reaction.
The professional element in the Street
was looking for an extension of the
reaction. which was probably one rea-
son why it did not come. Both sides
felt that trading would quiet down for
a time and in that todays market full
filled expectations
The dollar was higher in terms Of
sterling. which was said to be the re-
suit of London operations in connec-
ton with the conversion cf the United
Kingdom bond issues. The continental
currencies, however also moved in ia
vor of the dollar
Commodities were irregular Whea-
in Winnipeg was unchanged, but IN
Chicago was up to cents an houT
or so after business had begun Sill CT
declined sharply at the opening -.
recovered most of the loss afterwa-G
tCopyrlght 1889