Evening star., 1933-03-15
STOCKS IN ADVANCE
ON BRISK TURNOVER
Numerous Gains Scored as
Rush to Buy Features
Market Reopening.
BY GEORGE T. HUGHES.

NEW YORK, March l5.-Stocks ad-
vanced anywhere from 2 to IL points
when trading was resumed on the Ex-
change today after the nine-day inter-
mission coinciding with the banking
holidays.
The market was always strong, bit
the buying came in waves At times
the tape was unable to keep up and
at other times 1t was Clear, but there
was no reaction and prices at the end
session.
The turnover was more than $500 900
shares, with all groups responding to
the better feeling. In the last hour the
rallS assumed the leadership. Union
Pacific, up over 10 points, and Norfolk
q Western, up IA points, were outstand-
ing features. Sugar stocks were actively
bought all day and left off with gains
running to points in American Sugar.
1t was as remarkable a demonstra-
ton as has been seen In months. The
professional element was a little dazeE
at the response of the outside public.
1t was held that the market had gone
too fast" but after few expensive ex-
per1ments no one cared to argue with
the tape"
Commodities were strong as well as
stocks. Silver was up from 80 to no
points in midafternoon. Sugar futures
were up to points Wheat In Win
n1peg closed 112 to 15s cents higher.
For the effect on wheat and cotton il
will be necessary to wait until tonor.
row, when the Chicago Board Of Trade
and the New York and New Orleans
Cotton Exchanges resume 1t was an
nounced that arrangements had been
made for the sale of Stock Exchange
seat at 100000. up $4,000 from the
last previous sale
Opening Is Strong.
The opening fulfilled the most opti-
mistic predictions as to prices. Last
week when it was found that selling
orders were being Cancelled In Largo
volume, it was assumed that stocks
would advance sharply when trading
was resumed. Monday and Tuesday OF
this week brokerage houses reported
cancellation of buying orders and the
result was that professional opinion was
not at all confident this morning about
what would be the outcome today
This feeling. according to reports was
SO strong that a number Of the more
courageous bears put in selling orders
for short accounts to be executed at
the market. If so. the result was dis
aStrous to them. for the market went
through these orders as if they did not
exist. 1t was evident that the calculH-
tions of the bearishly disposed had
failed to take into account the change
in sentiment throughout the country
during the past 10 days.
Practically every group of stocks were
in urgent demand at the start. Large
blocks changed hands on the way up.
One of the features was corn products,
which opened 6as points above the close
on March 3. Allied Chemical was UP
almost 4 points, United States Steal
common over points and American
Telephone point, all OF these gains
being extended Immediately :.
There was some difficulty in bringing
buyers and sellers together in U. g.
Steel preferred. The first quotation was
59l4 bid, &c asked. 1t had closed March
at Sc 1t finally sold at so and above
for gain of over 4 points
These are anly few illustrations Of
what was going on throughout the whole
list. Stocks expected to benefit by the
legalization Of beer were buoyant.
Among these the feature was Ovens
Illinois Glass, which. it was announced,
had received an order from one brew
stock was up 6l2 points on the first
trade. Incidentally, among the few de-
clines was that in Coca Cola, which was
attributed to the beer legislation
Stocks representative of companies
in position to take advantage Of any
recovery in commodities were also very
strong. The metal group was prominent,
including Kennecott, American Smelt-
ing, Anaconda and st. Joseph Lead
among others O.;
Sugar Issues Strong.
Special demand appeared for the
sugar shares It put South Porto Rico
and Central Aquirre into new high
ground for 1888. American Sugar also
made a new high on APPOINT advance.
The sugar stocks held their gains as
well if not better than any other group.
helped by the strength in sugar futures.