Evening star., 1934-01-15
STOCKS ADVANCE
S1T0M0RE THAN$ s.
Most Shares Resist Realizing
Sales After Rally in :;
Opening Hour.
VICTOR EUBANK.

hSsoCldLeu FItSS riHhTCldl "IltcIs
NEW YORK, January 15.-Specula-
tive markets celebrated the President
monetary message to Congress today
with one of the broadest advances Of
the past several months. -
Stocks, with the exception Of the al
cohols. spurted to more than points.
Some of the more volatile shares made
still larger gains. The ticker tape vas
several minutes late In the early
hours. Wheat got up more than''2
cents a bushel, cotton more than sl'-a
bale and silver futures developed
strength. The dollar dropped nearly
4 cents in terms of sterling and
was off around ~ of a cent in rela-
ton to the French franc. Secondary
bonds moved up substantially and even
United States Government securities
were fairly firm.
While leading shares shaded Their
peak prices in proflt-taking fiurrtes,
most OF them displayed resistance 10
realizing and later resumed the ad-
vance under a wave of heavy buy
ing. American Telephone and Al
lied Chemical gained more than. g
points each and others up l to or
more included United States Steel. West
ern Union, Bethlehem Steel. Youngs-
town Sheet g. Tube, National Steel,
United States Pipe g. Foundry. Consol-
idated Gas, Santa Fe. Pennsylvania,
United States Smelling, American
Smeiting, General Motors, Johns-Man-
vile, General Electric, Case, Goodyear,
International Harvester, Deere, New
York Central and Public Service of
New Jersey. United States Industrial
Alcohol lost abou' points and Ameri-
can Commercial Alcohol more than 2.
The weakness of the alcohols was at
tributed partly to the filing last week
Of a Government tax suit against the
United States Industrial company.
The financial district was not alto
gether .Sken by surprise so far as the
Presidents major recommendations were
concerned The 50 1000 1000 900 exchange
equalization fund. however, had not
been generally forecast. although some
bankers had previously expressed the
belief that something Of the sort would
have to be done sooner or later if dis
turbing gyrations of international dollar
rates are to be avoided.
Recent buying of American stocks
and bonds by foreign operators was said
to have been predlcated largely on the
belief that message to Congress on the
monetary situation was imminent. Ad
vices from abroad also predicted official
devaluation at around the present 60
cent level. with the President being
given further discretionary power to re-
, duce the value as low as so cents.
Banking circles. although not entirely
in agreement with the commodity dol
lar idea, were inclined to believe that
fuctuating range of 10 cents in the
dollars gold content might not be m
furious to business, and at the same
time might be an aid in controlling
prices.
The opinion was expressed in some
quarters that. with Congress fixing the
| gold value of the dollar at 60 per cent
Of its former parity. both England and
France probably would be disposed to
| listen to some sort of a stabilization
agreement. Some foreign exchange
dealers felt that temporary pact, at
least, might be arranged, although i
was realized that anything of definite
nature would be difficult, in view of
the political and economic problems
now confronting Europe.