The Waterbury Democrat. [volume] (Waterbury, Conn.) 1917-1946, 1933-07-15

But the Shares Rallied Around Noon and Finished in
Good Strength-Many Issues Went Into New
fiighs-Wheat SCARED Again
By ELMER c. wALsGER
UNITED Press Financial Editor)

NDmiteo FEehB EtAancaNh nHNUfb
New York, July 15--(U.P.)-The
stock market absorbed heavy pro-
| fit-taking In the short session to-
day. rallied before noon and closed
with q flourish OF strength that
sent many issues into new high
ground for the year. Wheat scared
I cents to new highs.
The gold mining issues led the
upturn, featured by q squirt Of 20
points in Homestak Mining. Others
Of the group rose 2 to : points TO
new tops.
The rest OF the list Ieaped up
from the lows and volume ircreas-
ed sharply with tickers running be-
hind the market in the last few
minutes OF trading.
All tie news was builish. Steel
makers submitted a code Of fair
competition 70 rthe industry and
panies, including Youngstown Sheet
and Tube, Republic Steel and
Sharon Stell Hoop, raised wages
Is per cent. Three other COM
panies-Reynolds Spring, Devoe &
Reynolds and International Har-
vester-aiso increased wages. Load
ings> were about as expected, be-
low the previous week on account
of the holiday, but well above a
year ago.
Other favorable items included
q sharp rise In Toledo employ
ment; record consumption OF rub
Der In June; good showing in
number OF telephones Of Bell sys-
item and fair earning statement of
Americans Telephone G. Telegraph
company; increases In production
| and consumption Of newsprint: a
rise in glass production; Increase
OF 100 per cent In June cotton
exports; firmer prices for steel
scrap; rise In the bureau of
labor statistics commodity index;
hrst advance since April, 1929, In
building reported for the month
Of June; favorable statements on
business by presidents OF Southern
Pacific and New York Central.
Gold mining shares scared when
1t was learned Cummings was
studying what stage In the process.
Ing Of gold the metal becomes
bullion. That led to the belief the
governmentwas preparing the way
for export Of gold bearing rock
and that q free gold. market might
be instituted here.
The sharp upturn In wheat
which carried prices up more than
4 cents q bushei brought ali posi-
tons to new tops for the year
with May at $1.21 IA O bushei.
Buying was heavy. Cotton ran up
In the early trading but slid Off
later In profit-taking. Rubber
futures were strong. Spot silver
advanced.
In the stock market, United AIR
craft crossed A. for the first time
this year. It closed last night at
40H. Other aviation issues moved
up with It.
The repeal group met further
attention after an early setback
and recovered under the leader
ship Of the alcohol issues. Con.
struction issues were higher as
were packing shares. Industrial
Rayon scared in the textiles. Sim
| mons company was q strong spe-
cialty, making O. new top above 20.
Commercial Solvents led In the
chemical division, making q new
high at 45 up AZ. That stock also
10 classed in the repeal group on
account of its alcohol business. Al
lied Chemical was up poitns and
others Of the chemical group made
fair gains.
Steel shares moved up when the
code for the industry was present
ed. U. 8. Steel f1rmed up to around
the previous close from loss of
about q point. Utilities held well
as did oils. Rails were aided by
the car loadings report although
they turned irregular before the
close. Sugars advanced with Great
Western again at q new top. Cop
pers were higher az were siivers.