Evening star., 1933-10-25
GAINS CONTINUE
IN STOCK MARKET
Gold Issues Active and Com
modities Rule Strong
in Trading.
BY GEORGE r. HUGHES.

Special Dispatch to The Star.
NEW YORK, October 25.-Further
substantial gains were registered by the
stock market today.
Trading was devoid Of spectacular fea-
ture and the market was comparatively
quiet, but there was never any impor-
tant reaction and the best prices were
made in the last hour, yielding frac-
tionally at the close.
Early in the session the gold stocks
had to absorb large-scale profit taking,
but with that accomplished, they rail-
lied and closed unchanged or up on the
day after one or two of them had
touched the highest Of the year High
grade bonds were heavy all day, with
large offerings in the market.
Commodities Strong.
Commodities were as strong, If not
stronger than stocks. Wheat closed 3
to 314 cents a bushel higher. Corn
was up 2 to ~ cents Rye was up
3&s to Az cents. Sugar was very
strong in the morning, but reacted in
the afternoon. Cotton advanced about
a dollar a bale.
The foreign exchanges huctuated
within a narrow range after their
violent rise of the day before In the
last hour sterling was about 2 cents
higher and francs 4 points higher.
Announcement of the price at which
the Reconstruction Finance Corpora
ton will buy newly mined domestic gold
came just before the opening OF the
stock market. The figure set was s31 36
an ounce. which was slightly above the
world price computed on the opening
quotation for sterling on this side and
the price in London expressed in
pounds, but 1t was not so much above
it as had been rumored Tuesday after
noon. Then speculative Wall Street
heard that s34 or even s36 would be
offered
First Prices Irregular.
First prices for stocks were irregu-
larly higher, but mostly by fractions.
Then there was a period Of realizing,
during which the gold shares came down
from the preceding close and the other
imitation" stocks suffered a partial re-
action. That did not last long, how
ever, and in the second hour another
upward movement was initiated, this
time carrying prices much above Tues
days finals
The leaders today included the oil
stocks, bought not only on their merit
as hedges against a depreciating dollar,
but ON the favorable outlook for the
industry. Good gains were scored by
Standard Of New Jersey, Standard of
California, Atlantic Refining and the
lower priced independents. The elec-
trical manufacturing stocks we're taken
up, with General Electric the leader.
The farm stocks responded to. the ad-
IL
International Harvester and J. !. Case
were all strong
Metals were in urgent demand except
the gold shares. in which there was
heavy profit-taking. Cerro de Pasco,
American Smelling and International
Nickel were prominent in this group.
Stocks Of silver producers were as much
in demand today as those Of the gold
mining companies.
Railroad Stocks Improve.
The railroad stocks improved with the
industrials. They had no logical at
traction on an imitation basis but in the
mood of the market they found friends
They were helped by the loadings
statements of the New York Central
and Of the Pennsylvania. The former
reported an increase in cars handled of
26 per cent on the week and the lat
ter one of 48 per cent.
Buyers of the steel stocks operated
without encouragement from their
weekly reviews. The Iron Age reported
operations down to 3l.8 per cent of
capacity, a loss of 8 points on the
week. Electric power output gained SO
per cent, but last week the advance was
IA per cent These considerations did
not count with the speculative element.
which was concerned only with the cur
rency outlook.