Evening star., 1933-07-24
Stocks MAINTAIN !
ADVANCE TO CLOSE
Gains Running From | to IS
Points Are Shown at End
of Session.
Special Dispatch to The Star

NEW YORK, July 24-With rains
running anywhere from 2 to Is points,
the stock market rallied In impressive
fashion in today's three-hour session.
The high prices were made in the
last hour, when it became evident that
LIQUIDATION had run its course and con-
ndence had been restored There was
hardly an exception to the upward
trend The tndustrials had the largest
gains, but rails and utilities partici-
pated more or less
expectation OF a constructive address
BY the President over the radio to-
night was a factor in the recovery.
Higher prices for commodities helped.
but the main influence was once again
hope, or, fear, If you choose, of q de-
preciated dollar.
Sterling Shades Gains.
All the foreign exchanges were
strong. although they did not hold
quite their initial gains. In the late
afternoon sterling was up cent?.
against q rise of over S cents at the
opening.
The opening was higher all around.
but the initial advances were shaded
during the first hour and there we're
q few weak spots. The agricultural
implement shares reacted against the
trend, particularly j. I. Case and Deere.
For some reason or other the former
had not readjusted its price to the new
situation in wheat during the liquida-
ton on Thursday and Friday. 1t came
down today for . loss of points be-
fore meeting support. Deere was love1,
but International Harvester was fairly
well supported.
With these exceptions. the market
was almost uniformly strong. The
largest gains were IN the metal and
the alcohol shares. Among the metals
the silver stocks responded to tn
nomic Conference Saturday. q. q
Smelling had an opening gain Of
points. Cero De Pasco was up 3 to 4
points at the start and extended the
advance. L
Whisky Stocks Ovessold.
The whisky stocks showed the effect
Of an oversold position. Gains running
from 4 to S points were made by Ma
Alcohol. United States Industrial Al
being a large holder Of Industrial Al
cohol. Liquid Carbonic was another
strong issue in this group
Gold mining stocks were actively
bought on the recovery. Homestake
was up Is points on the first sale and
Mcintyre, Dome and Alaska Juneau
were very strong. Efforts are being con-
tinued to persuade the administration
to permit a free gold market in New
York, or, If not that, to make provisions
for the domestic producers to obtain
the premium the metal commands IN
London.
OF the standard shares General Mo-
tors United States Steel. Eastman
Kodak and American Water Works wera
conspicuously strong. Allied Chemical
and American Telephone Jagged for q
time. but were not weak. Western
Union ran up or S points, while
among the rails the leaders were Illinois
Central and New York Central.
The recovery was the normal sequel
to the violent decline of last week. II
was encouraging but not conclusive a.
to the future of the market. Some
of the buying was the re-establishine
of positions liquidated in the break ant
some Of 1t new operations for the ad-
vance 1t looked as though the veal
accounts had been eliminted.
The market was helped by tha
strength in commodities. especially
cotton and silver Wheat in Winnipea
was to cents higher before tradin6
began in Chicago. but the latter mar
ket was operating under restrictions
and its rise was more moderate Cotton
was up 81 to $l50 a bale and silver
$50 to 200 points. Rubber gained 50
to so points.
Copyright. 1880