Evening star., 1933-10-17
STOCKS RECOVER
|NGENERAL RALLY
Exchange, After Test of Pro-
fessionaI Traders, Closes
Strong.
BY GEORGE T. HUGHES,

! Special Dispatch to The Star.
NEW YORK, October 17.-All the
speculative markets rallied today, at
first hesitantly and with frequent test
ing Of the position by professional
traders, but finally emphatically. The
best prices were made in all cases at
the close
In stocks the gains ran to z points
In the case of some of the liquor is-
,, sues and to and 6 points in metals.
Rails and the more sedate industrials
recovered, but not so much.
Grains Are Higher.
In wheat the close was higher at the
5-cent bushel limit for one days
huctuation, with the other grains max
ing similar showing. Cotton was I'D
over $3.50 bale, silver futures I'D as
much as 100 points, rubber I'D over 20
points and silk and hides more or less
strong.
simultaneously the dollar weakened
in terms Of sterling and the franc. In
late afternoon the pound was up %.
cents and the French franc up 10a.
points. In every market the reversal
| showed that speculation for the decline
had gone too far. 1t did not neces-
sarily indicate a definite change in
trend, but it suggested one At the
close the Street felt much encouraged.
Ihere was no news on which 10
found optimism except possibly a pre-
dlctlon that car loadings in the state
ment to be published on Friday would
touch a new high for the year.
The market opened fractionally
higher and during the first two hours
the averages held above the preceding
close. The rally was not convincing,
however, in that it did not carry
through and certainly was not in pro-
portion to the severe break in the clos
ing transactions Monday.
Doubt Exists.
1t was felt that no decisive answer
had been given to the question whether
the decline had been checked. Pro-
fessional sentiment was much mixed.
Should stocks break through the July
lows by any considerable margin. opin-
Ion would be almost unanimously
Dearlsh, but that has not happened yet.
The railroad averages are well under
the July minimum, but the industrials
are still above the lows of Midsummer.
The liquor stocks and the so-called
imitation issues. including metals, ral-
lied the most in the morning transac-
tions. National Distillers was up over
points at one time. American Smelt-
ing over point and United States
smelling a point. The gold stocks
were heavy. Much greater improve.
ment could have been expected &
technical grounds alone.
improvement Shown.
OF the standard stocks. U. S Steel
| common and Allied Chemical did better
Standard Oil of New JERSEY crossed
40 again. Baltimore & Ohio, Louisville
d Nashville and New York Central were
up point or more. Corn products was
weak and International Harvester sold
back at Mondays low. In the utilities
Public Service of New Jersey was well
supported but American Telephone was
IN supply on every recovery.
The financial community continued
| to look to Washington for news as tn
the policy toward the dollar and OBJ
taned none. It was this uncertainty
together with the critical situation in
europe, which made traders hesitate
take position The dollar was weak
at the opening on this side, both in
terms OF sterling and in francs, but the
| changes were rot large enough to be
! significant
May wheat was up cents at le
start OF trading in Chicago, but that
| gain was not held and the stock mari It
derived little encouragement from tt 1T
source. Cotton gained as much as a
dollar and half a bale in the es ly
trading but that did not help sto Is
either.