Evening star., 1933-07-01
ADVANCE IN STOCK
| MARKET RESUMES
Quotations Pushed Steadily
Higher on Optimistic Re-
ports From Trade.
BY GEORGE T. HUGHES.
Special Dispatch to The Star.


NEW YORK, July All the mar
kets advanced buoyantly today. Wheat,
cotton and stocks gained In active week
end trading, which in some cases seemed
to throw of all restraint.
The stock market opened higher and
steadily extended its gains. In the first
hour the tape was far behind, as 1t
vainly attempted to cope with the over
night buying orders. Wheat started In
4 cents higher, and cotton was up q
dollar and quarter bale at the start.
All speculative bonds were strong.
Two reasons could be assigned for
this display of optimism. The first was
the announcement that the United
States had agreed to check speculation
in the foreign exchanges, thereby saw
from dissolution, while at the same
time preserving the freedom of the
administration with respect to the fu-
ture Of the dollar. The other was the
testimony Of trade improvement fur
nished by the increase in carloadings
announced after the close of business
last night and which the markets had
not had opportunity to reflect.
The spectacular feature Of the stock
market was Allied Chemical. In this
case it was the news that the differ
ences between the management and
the Stock Exchange governors had been
settled and that there was no longer
any danger of the stock being removed
from trading. The details we're not
given out and will not be until the terms
are ratified by the directors of the COM
pany and the governors of the exchange,
but the announcement was enough to
drive in the short interest at heavy
lnSSac
buying. The stock opened at 1913, up
nearly 8 points, and before the close
crossed 131 for net gain Of Is points.
Railway shares were actively bought
from the start, and this was true also
of the railway equipment issues on the
prospect that they would receive large
orders now that the carriers have
much better traffic outlook.
Among the equipments the features
were Baldwin. Pullman and American
Locomotive, all in new high ground.
The standard industrials moved
more slowly as a rule, but they were
practically all strong General Motors
made new high by small fraction
and American Can was up to 4 points.
General Electric rallied. The tobacco
stocks were higher and toward the
close the metal shares joined in the
advance. In the latter group Inter
national Nickel made a new high.
American Rolling Mills, which had so
sharp an advance Friday, extended its
gains today. The only place where
there was any heaviness was in the
liquor stocks, which had been bid up
so extravagantly earlier in the week.
The agreement to restrain specula-
ton in the exchanges did not serve to
prevent an advance in sterling and
francs today at the expense of the dol
lar. In midmorning sterling was up
5l2 cents and francs up 6l2 points.
European gold currencies were all
higher, with 90-point gain in guiIders.
Evidently the thing that impressed the
traders in the exchanges was not the
move to check speculation, but the as
surance that the dollar would be al
lowed to decline further if that suited
the purpose of Washington, even
though the decline was to be slowed up.