Evening star., 1933-09-16
STOCKS co HIGHER
IN CLOSING RALLY
TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE |S1G
Mining Shares Lead Advance
After Dull Operations
Early in Day.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, September 16. - The
entire complexion of the Stock Market
changed in the closing operations to-
day, when volume expanded greatly
and wave CT buying swept over most
of the prominent groups Of stocks and
carried them to the highest prices Of
the day
The force of this movement was most
evident in the mining shares, with
American Smelling g. Refining CON-
mon up nearly points. Chryslar
showed a gain of about points and
Allied Chemical points. Union Pa
ciflc was up 212 points. American
Telephone & Telegraph gained points
and Consolidated Gas of New YORK
about Z points.
Attention was early centered on the
shares Of the power and light ccm-
panies, whose break on Friday had
carried them to the lowest average
since March. 1t was apparent that such
liquidation or short selling as has been
caused by the announcement of rates
proposed by the Tennessee Valley au-
thority had been concluded for the
time being, for the group as a whole
was steady and subsequently most q
its members advanced above the pre-
VlouS days closing. In fact, rail shares
in the first hour showed a softer tone
than the public utilities, bat they alsl
revived moderately later when the gen.
eral list experienced an Improvement
Industrial shares made the best show
ing. In this list there were several
that advanced with some vigor Anon,
them were Allied Chemical. Eastman
Kodak, Sears Roebuck, Westinghouse
Electric, Montgomery Ward, United
States Steel. Kennecott Copper and
America Smelling G. Refining The oils
and motors were steady, with ChrysIer
the prominent speculative issue in tho
latter group. Amusement shares were
again in more favor as a result Of i'm
proving attendance at the metropolitan
centerS.
1t was apparent that Wall Street was
giving more attention today to tho
credit situation than to the trouble
of the power and light compane.
Rumors were to the effect that mo.e
definite announcements might cone
from Washington over the week ell
outlining the proposed policy Of t-s
administration toward credit eXpansiCr,
These largely expressed The hCpe II
speculative elemSnIS II Wal Stree.
rather than any probable early action
by the Government. 1t is obvious that,
unit. the different measures which are
now in operation. Or about to becoms
effective. have been given a chance Il
demonstrate their value, no new policils
will be inaugurated.
The trend Of foreign currencies Wa4
similar to that during the latter hal
of this week. Sterling exchange ard
francs were both up to new high quo
tations for this movement, likewise the
dollar was quoted at a larger discount
as expressed in francs. The Treasury
placed its buying rate on gold TO-DAY
at 5000 an ounce. which is an ad.
vance this week CT s141 an ounce
This stimulated more activity in gold
mining shares. Markets for cotton and
wheat did not show as much irclina-
ton today to respond to the exchan,
rates as in previous sessions. TT
figures of car lcadings for the woel
ended September indicated eair
OF nearly 10000 cars over the sam,
week last year, but, in view Of III,
Labor day holiday. were off 1926 {
from the week previous