Evening star., 1933-06-09
STOCKS END DAY
ACTIVE AND STRONG
TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE |SQ
Sharp Spurts in Steel, Farm
implement and Building
Shares Recorded.
BY GEORGE T. HUGHES.

Special Dispatch to The star
NEW YORK, June 9.-Stocks closed
actively and strong today after opening
dull and irregularly.
Sharp spurts in Steel, agricultural
implements and construction securities
featured the close. National Steel,
whose directors meet for dividend ac-
ton Saturday. hit new high. United
States Steel was slightly higher In
ternational Harvester and J. l. Case
reached new 1888 peaks.
General Motors, Standard Oil of New
Jersey, American Telephone and sim
liar leaders were around their best
levels at the end An 85,00o-share
block of Commonwealth & Southern
at 5, up Is, was a record individual
transaction on the Exchange
The dollar was higher abroad early
today, but that id not keep foreign
currencies from advancing In this mar
ket late in the day. Grains finished
higher and there was an upturn in
cotton.
Metal Stocks Lag.
Persistent attempts to put up the
oIOSho, copCSidiiy SOlQ diiu oil
yer producers, met with only partial
success. Meat packing shares were up
only fractionally Drug, Inc, indi-
Gated its intentions of recapitalizing
While Western Union. Postal Tele-
graph and International Telephone
were being offered, as a result of the
elimination of the proposed telegraph
merger from the railroad bill, there was
brisk bidding for American Telephone
and Radio Corporation.
Most Of the so-called "hot weather
stocks" such as Borden's, American Ice
and National Dairy Products, moved
higher, some of them to new tops for
the year, as sweltering traders thought
Of the profits such concerns should pile
up during the current heat wave.
The heavinesS of the London market,
along with pessimistic cables about the
probable success of the Economic Con-
ference, the further delay in the ad-
journment of Congress, and the elm
ination of the telegraph merger from
the railroad bill proved depressing fac
tors at the outset.
Other developments which influenced
the opening were the rise of $64, 1000, 900
in brokers' loans, gain not unexpected
in view Of the Wilderness of recent mar
kets, and the exhibit of the Federal Re-
serve System. This showed open market
purchases of Government securities, in
connection with the imitation program.
again limited to $4,000, 900. In addi-
ton there was an advance of 81, ,00o, 900
in gold holdings and a betterment in
the reserve ratio.
Reich Move Discounted.
The German moratorium announced
for July had been discounted, but the
agreement to loosen $25, ,000, 900 of
American commercial balances in Brazil
came quicker than expected. Some for
eign issues, such as American & For
eign Power, had anticipated this mar
ketwise.
Another group of commodities early
In the session provided background fav-
orable to the market. Silk for the first
time in more than two years reached 50
a pound, lead opened up 10 points, and
tin quotations were the highest since
October, 1929
Communications, notably Western
Union Telegraph, Postal Telegraph pre-
ferred and International Telephone,
were one of the weakest groups in the
forenoon. The telegraph merger sane
ton was eliminated from the railroad
bill, taking away the incentive on which
these shares had been bid I'D. On the
other hand, traffic for all of these COM
panies has expanded in line with gen
eral business activities in recent weeks.
Copyright, 1880