Evening star., 1933-10-23
ROOSEVELT SPEECH
SENDS STOCKS UP
Commodity Issues Especially
Strong in General Market
Improvement.
BY GEORGE T. HUGHES.

Special Dispatch to The Star
NEW YORK, October 23.-Stocks
and staples advanced buoyantly in TO-
days markets in response to the i'm
plcations traders read in the Presi-
dents radio address.
In the stock market gains of and
5 points were numerous Homestake
Mining, always spectacular performer,
was up 40 points at one time. In gen.
eral the rise was greatest in the COM
stocks were leaders. Realizing toward
the end cut down the gains in in
dlV1dual issues but the close was much
higher on the day.
What was true of stocks was true of
commodities and these held the advance
better than did securities. Wheat left
of more than cents a buShel higher.
Cotton was up about dollar bale.
Move Against Dollar.
The exchanges all moved against
the dollar In the late afternoon ster-
ling was up 1114 cents and the French
franc up IL points.
Notwithstanding all this show of
strength In the markets, Wall Street
had no fixed conviction about the
future.
Stocks opened Sharply higher, suf-
fered a partial reaction as the gains
were being consolidated and then re-
sumed the advance more vigorously
than ever. All groups shared in the i'm
provement. but the largest rise was that
of the commodity issues, particularly
the metals BY noontime the marke:
was up anywhere from to points in
the more sedate stocks to over 10 points
in volatile issues, and as much as %
points in the high-priced Homestake
Mining
The advance in stocks was paralleled
by a similar movement in commodities.
Wheat opened 3 cents bushel higher,
like stocks lost a part Of the gain and
then began to mount again until at
midday all deliveries were over cents
above Saturdays close Cotton, sugar.
silver and other staples were very
strong The rise in sugar ran TO 10 or
IL points.
simultaneously the dollar declined in
terms of foreign currencies. Before
trading opened on this side the franc
and the pound had been advancing IN
London and Paris against the dollar.
The price Of gold in London rose from
1913 shillingS pence an ounce Satur-
day to l29 shillings 2 pence today, re-
vealing a depreciation of sterling in
terms of the franc.
Locally sterling opened cents higher
and the franc II points higher, with
quotations holding around this level
during the morning.
The Street was confused over the
meaning and probable result of Mr..
Roosevelt's scheme for a managed cur
rency, but out of it all emerged the
conclusion that stocks and staples
should be bought. This was en-
phatically true of the gold mining
shares, for, if commodity prices are TO
be advanced by manipulation of gold,
the Government will have to pay a
price not only higher than the mint
price, but higher than the present
world market. So the gold stocks were
actively bought, both those of domestic
and Canadian producers.
The same reasoning applied more or
less to other metal shares. United
States Smelling. which is both q gold
and silver stock. made a spectacular
gain of II or 13 points Cerro De
Pasco American Smelling and Howe
Sound were up 5 to points Other
industrials moved ahead rapidly. j.
Case reflected the strength in grains
lcal, American Can. American Tele-
phone, Auburn Auto and Chrysler were
in urgent demand.
The liquor stocks rallied. not quite as
violently as they declined Saturday, but
enough to cancel most of the loss.
Railroad issues went with the rest of
the market, but at a more moderate
pace.
(Copyright, 1881