Evening star., 1962-05-31
EXCHANGE
EXCHANGE
Big Buyers Step in
To Pace Advance
Continued From Page Al

SOntlnued From rage Al
California which hit a price of
l,060 a share.
international Business Ma
chimes ran up II points.
General Motors. however
and this is the biggest" stock
on the board in terms of out
standing shares - erased an
early fractional gain and showed
a slight loss. GM was affected
by the Du Pont announcement
that it would distribute one
half share of GIN for each share
of Du Pont held.
This distribution will involve
about % million shares of the
63 million GIN shares held by
Du Pont. The adding of sup
ply of GIN stock to the market
would tend to soften its price,
according to the old economic
law of supply and demand.
Du Pont stock. meanwhile,
held a gain of more than 4
points after showing an ad-
vance exceeding 7 points for
a while.
The opening on Ford was
delayed until midseSsion when
it advanced ga to 8514 on
$4,000 shares.
Gains of 3 Points
Gains of around 8 points
were posted by such stocks as
Amerada. Liggett & Myers,
Lorillard, Commonwealth Edi-
son and North American Avia-
ton.
+ "A wide range of stocks rose
2 points or more-among them
Bethlehem, Goodrich, United
States Rubber, Boeing, Ray
theon. international Telephone,
Union Carbide, Litton Indus
tries, Korvette. Merck and
United States Gypsum.
A few prices were lower from
the start, among them East
man Kodak, which was more
than a point lower as trading
wore into the afternoon. The
gold stocks, which historically
run counter to the general
market, were soft, Homestake
dropping about a point.
Johns-Manville slipped about
a point, Allied Chemical a frac-
ton.
IBM's advance on it's OPEN
ing block was II points. once
more bringing its price to 400.
The trade was on 10000 shares.
Last December IBM was GOT.
Settling" Awaited
stock analysts agreed that a
lot of ilization-"s settling
down'-had to be done before
anyone could make any reason
able estimate of market pros
poets. Wall street was still a
very hectic place and the ira
ditional yardstickS could not
yet be applied on individual
stock prospects. although it was
evident that many investors,
big and small, were acting as
if they knew a bargain when
they saw one.
Opening late, Martin Co.
advanced "a to % on $4,000
shares.
Standard g. Poor's 500-stock
index at noon was up I.43 at
595I.
In heavy trading on the
A me erican Stock Exchange
prices staged a massive ad-
vance with gains running to
3 or 3 points along the line.
some doing better. Arkansas
Louisiana Gas g. Cubic Corp.
were up about 4. /
Ahead around 3 points or
so were such issues as Elec-
tronic Speciality, Pep Boys,
General, Anken Chem
ical, Atlantic Research. Kaw-
ecki Chemical, Hartford Elec-
trio, Macke Vending, Stop a.
Shop and Federated Purchaser
"a" Gains Of about 2 were
made by Colonial Corp. Cir
cult Foil, Syntex, Mountain
States Telephone and many
others.
Corporate bonds were steady
to a shade lower. United States
Government bonds were mostly
lower in slow trading.
Piled Up Orders
Huge blocks of stock we're
traded in a hectic opeing be-
cause orders piled up during
yesterdays market holiday
when brokerage firms kept
open.
Brokers said orders were
pouring in from foreign inves-
tors after the Memorial Day
holiday that closed the Amer
lean markets while foreign ex-
changes stayed open.
Some brokers cautioned, how
ever, that they hold a lot of
long-standing sell orders they
are ordered to execute if the
market rises very sharply.
But the market seemed to be
staging another fantastic rally
in the wake of the historic drop
Of Monday and the great cli-
max session of Tuesday when
it first plummeted dizzily, then
rebounded to post its greatest
one-day rally since November
IA, 1929.
Funston Encouraged
Keith Funston, president ol
the New York Stock Exchange
said yesterday he was encour.
aged by the markets gains or
Tuesday. He commented II
Houston. Tex, where he stopped
briefly on his way to New York
after delivering the commence
ment address at Trinity Univer-
sity in San Antonio, Tex.
Mr.. Funston said he hope!
that Mondays drop will drama
tie the important part that the
exchange community plays ir
the economy of the Nation.
= a =