Evening star., 1933-06-23
STOCK PRICES Up
IN FINAL TRADING
Gains Of | to 8 Points Mark
Only Positive Trend of
Dull Session.
BY GEORGE T. HUGHES.
Special Dispatch to The Star

special Dispatch to The Star.
NEW YORK, June 23.-The most ac-
tive period in todayis stock market was
in the last hour, which produced the
only positive trend Of the day, as prices
advanced quite sharply.
Gains of to over 8 points were
registered in issues that had been heavy
a few hours earlier bringing the aver
age to net gain at the closing. This
late demonstration of the vitality OF
the market and the reserve buying
power under it justified the expecta-
tions Of those who had regarded Thurs
days decline as temporary and an oc-
casion for the accumulation of stocks.
The upturn in the market was not
promoted by any change in the for
eign situation, as the exchanges were
all comparatively quiet and sterling
was mainly quoted during the day wei
under the high level of Thursday. The
rise appeared to be due to the manner
in which the market had resisted the
efforts to depress it. 1t was accom-
panied by another advance in wheat,
which sold IN Chicago at new high
prices.
Has Broad Scope.
The rally was not confined to any
one group of stocks, but included most
Va SAiS oStAfC AoouSS. SIll ySlcl dQtdIlCGG
3 points to new high price on heavy
transactions. Southern Pacific was
also freely taken at an advance of ~
points to new high and Chesapeake
& Ohio duplicated its former maximum
price Of the year. Bethlehem Steal
sold within fraction of its high.
American Telephone, Johns -Mansyille,
du Pont, American Can and Allied
Chemical were up between 2 and 3
points.
Some Shares Rebought.
Some rebuying of stocks sold yester-
day was responsible for recovery At
the opening today that amounted to
from " to 1l2 points in active shares.
The strongest features were the oils.
tobaccos, the iron and steel group and
limited number of the rails. The
familiar indications of an expanding
volume of business were emphasized in
all of the days market literature. This,
for time, Offset the effect of the latest
developments at the London confer
ence.
The early improvement did not hold,
though only few prominent stocks in
the subsequent reaction went below the
previous days closing. The oils were
uniformly strong There was some evi-
NS~ASS Va 6S1o buyA4A6 III GAAC llIOtOA
stocks, with Chrysler a feature Of this
group, and rails held well.
Commodities Quiet.
The increase in the United States
Government bond holdings of the Fed
eral Reserve banks is approximately the
same as in previous weeks. It suggests
very cautious policy on the part Of
the Federal Reserve Board in adding to
its portfolio and encouraging currency
imitation. The heavy decrease in the
demand deposits of the New York banks
is sequel of the new law which forbids
banks to pay interest on such deposits.
The one effect of this will be to drive
considerable amount of these deposits
to the mutual savings banks, which are
paying per cent on their deposits and
many of them crediting interest from
the day of deposit.
The commodity markets were quiet
today compared with their recent ac-
tivity and inclined to sell of. In thiG
respect they followed the lead of Sc
curities in being less Influenced than for
some time by the hour-to-hour and day
to-day fluctuations In the foreign ex-
changes.
Copyright, 1880