Evening star., 1933-07-07
STOCK RALLY ENDS
SLIGHT REACTION
Selling Fails to Uncover
Weakness, but Days
Changes Are Mixed.
BY GEORGE +. HUGHES.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, July TN feverish
trading stocks extended their gains
buoyantly in the first few hours OF to-
days session, suffered something of a
reaction in the early afternoon and
rallied again at the close, with final
net changes mixed
All day there was realizing and
switching on large scale. The market
took the selling well and at no time
was there any sign OF weakness The
feature in the last hour was the urgent
demand for General Electric at the
highest price of the year.
STERLING exchange scared to the high
est since the United States suspended
gold payments. In the late afternoon
at S4.72, 1t was up 16 cents. Europeai;
gold currencies rose sharply against the
dollar.
Commodities React.
Commodities were strong in til
morning, but reacted In the afternoolI
Wheat in Chicago left of q to "a
cents bushel lower.
The market opened higher ard
seethed with speculative excitement al
the morning. The turnover was enor.
nous and the tape dropped steadily be.
hind. Before noon it was Is minutes
late, while volume in the first hour ran
to 2,210,000 shares, which would be
something like IL ,000, 900 for full five
hour session. OF course that calculation
Is misleading. because business is almost
always larger in the first and in the
last hours. Ordinarily the pace
slackens between times.
The advances were not confined to
any one group. Industrials, rails and
utilities participated more or less. New
highs were the rule in the active issues.
At the same time there was some evil
dence that the movement was meetirH
more resistance and that the selling
was as good as. If not better than,
the buying.
1t was not denied that the trend over
the longer period was upward. but il
was simply that the buying side WIS
becoming crowded and that a technical
reaction, perhaps severe, was possible II
not probable.
Brokers' Loans Mount.
As evidence that the public had en-
tered the market on large scale the
increase in brokers loans revealed in
last nights Federal Reserve statement
was stressed. The gain amounted ta
tctal to s858. 900 600. This is the largest
since October, 1881. In addition. today
the money market gave signs of hard
ening. The call rate en- the Exchange
neld oficially at per cent. but money
| IN the outside market, which had been
available at ee-quarters of per cent
heretofore, disappeared. Time money
was one-quarter of per cent higher fol
! so to 80 days. Bill rates were marked
up one-eighth Of l per cent
Railroad stocks cut a large figure in
the days operations. New highs were
registered by Chesapeake & Ohio,
Northern Pacific. Pennsylvania, Illinois
Central, Norfolk & Western and South.
ern Railway amcng others The mo-
tors were equally strong and new high,
were reached for General Motors, Nash
Hudson and Mack Truck
Among general industrials United
States Steel common and preferred en-.
tered new high ground In the forenoon
| together with General Electric, J. II
Case. American Telephone, Anaconda
Kennetcott and st. Joseph Lead. As 9
rule the merits of individual stocks were
lost sight of in the excess Of bullish en-.
thuSiasm.
Copyright. 1880