Evening star., 1933-06-19
STOCKS CONTINUE
SHARP ADVANCES
Rise of 2 to 8 Points Is Most
Impressive as Dollar
Resumes Decline.
BY GEORGE T. HUGHES.

SpeClaI DiSpatch 70 Inc Stau
NEW YORK, June Is.-The dollar
dropped sharply today while at the
other end of the scale was the equiva-
lent in brisk rise in securities and
in commodities.
With sterling exchange quoted this
afternoon at S41412, francs up over 9
points and all other European currencies
much higher, the initiation motive exer-
cised the greatest influence on stocks
Many Of them touched new high prices
for the year, and in this group there
were some Of the most prominent of
listed issues
Ticker Falls Behind.
The range Of advances was from 2
to over 8 points and the average rise
one Of the largest that has taken place
since the upward movement started
two months ago. While it was not
sufficient to place the market at the
level of a week ago, ir recovered much
of last Thursdays sharp decline. Trans
actions were in keeping with the size OF
the gains and at times during the ses-
sion the ticker was well behind the
market
Bonds also were active and specula-
tive issues strong. Wheat advanced
2l2 cents and corn the same, while cot
ton sold up to about the high price
reached at the enc OF May.
Some of the conspicuously strong
stocks were American Telephone &
Telegraph. which rose over 4 points
above 1870; Johns-Manville, which
crossed 81, rise OF over 6. points and
comparing with the low. of 1914 last
Winter; General Motors and Chrysler,
at new highs for the year; New York
Central, up points to a new peak.
carrying other rails with it. notably
Atchison and Baltimore & Ohio: and
prominent speculative shares like Amer
ican Can, Allied Chemical, j. l. Case
and American Tobacco, up from to
over points.
Close at Days Highs.
The market closed at approximately
the highest prices of the day under
heavy buying for speculative and in
vestment accounts
The rise in sterling in London was
sharp, the dollar rate in the English
market touching $4141a. The rejec-
ton by the Roosevelt administration Of
stabilization proposals, which appeared
to be inimical to the program in oper-
alton here, apparently gave the i'm
preston abroad tn t the dollar is to be
permitted to sink to an even lower level
than the 20 per cent discount at which
it recently has been quoted. At all
events, speculative interests both in Sc
curities and in commodities took their
cue from the imitation aspect and sharp
ly bid up both.
The scope of the early market is sug-
gested in such advances as points in
Auburn Auto. Az in Johns -Manville,
which touched new high for the year
and was 400 per cent above the years
low; nearly 6 points in j. I. Case, 3
each in Allied Chemical, American
Telephone and Liggett & Myers and
nearly in United States Steel COM
mon, 3ka in Ingersoll-Rand, 234 in
American Water Works q. in United
Aircraft, IA in General Motors and
nearly in Kennecott and International
Harvester and about the same in Wool
worth.
Exports at New Low.
Prominent rails like Baltimore &
Ohio, Illinois Central, New York Cen
tral. Union Pacific and Atchison we're
from l p to nearly points above Sat-
urday's closing.
The average of the industrial list at
the end of the first hour was up 3A
points, that of the public utilities up
134 and of the rails L "a points.
The foreign trade figures for the
month of May still reflected the low
purchasing power of overseas nations,
in spite of what appeared at times to
be a heavy demand for some Of our
staple products, such as cotton.
tCopyright, 1889