Show STOCK TOCK COMMODITY PRICES MOVE OVE TO HIGHER GROUND 4 I. I Markets Give Mutual Assistance in ill Surge Surg Toward Upper Levels Enthusiastic Buying Sends Leading Issues Issued Up 1 to 7 Points Profit Profit- Taking Profit aking Shades Extreme Gains 0 n a By Associated Press kNEW NEW YORK Aug 5 The 5 The stock and commodity markets gave gave each ach other mut mutual al assistance in the big push to higher prices s today altho although gh profit taking profit again reduced extreme gains Buyers bid enthusiastically for lor leading shar shares s on the New York stock cx exchange hange during the the morning when wheat was rising 1 1102 to 2 cents a bushel and when other staples were moving forward rd under the Impetus impetus' of bullish reports Extreme advances advances' of 1 to 7 in most pivotal stocks stock were generally reduced in the afternoon but there was another flurry Hurry of strength toward the close under Ie leadership lead d- d ship ct-ship of the oil and farm implement issues and the final tone was strong Activity was lighter than y yesterday yesterday yester yester- day the markets market's busiest day since Decem December r 18 Sales approximated sh shares roughly a million under Thursdays Thursday's turnover Reports that Europe was a heavy buyer of f American dollars were a al ac accompanied c companied mp ni d by declines in a number of foreign currencies particularly the British pound The market lor for stocks continued d ct very broad A few leaders finished at their their- highs of or the day notably notably- American Telephone at up Vp p Case at up 8 and and International International International Inter Inter- national Harvester at 2812 up 7 OTHER T ER CLOSING PRIC PRICES FRIGES S Oth Other r closing prices cs were Ameri American mer can Tobacco B up Standard Oil of California 2725 up up p 1 Eastman K Kodak dak up P Standard on of New Jersey up American Can up 2 National Biscuit Up tip 2 Santa Fe Fe 37 up 2 Montgomery Ward 1075 up Coca Cola up United States Steel Allied Chemical 69 up 3 W Westinghouse up Sears up Moderate strength of a number of ol commodities helped the movement in sh shares res but bonds again moved somewhat indecisively Wheat rose rosemore rosemore rosemore more than a cent and cotton corn and other staples were were somewhat higher highet In the nonferrous metals copper zinc and lead showed firm tendencies Wall street brokerage houses reported reported reported re re- re- re ported that public interest in lathe inthe the marke market market mar mar- ke ket had increased substantially and some houses which a tew few weeks ago were giving extended vacations without with without out pay were calling back their em em- Clerks already on orf duty have havo b been n working overtime this week SPECULATION TION REVIVES Reports that a powerful banking group was was to be organized to str strengthen commodity prices by extending ex ex- tending aid t to manufacturers for replenishment re rc- pl o of depleted i inventories ven caught Wall streets street's Imagination overnight overnight over- over night Ight and nd speculative enthusiasm swept like wildfire through the f inan- inan cial ial district It was learned leathed Eugene Meyer governor governor gov gov- of the federal reserve board had been conferring with New York bankers In regard to the commodity pool although plans for forC C Continued c o oa Pace Two 10 MARKETS GIVE MUTUAL HELP Continued from rom Pare Para One launching the proposed new corporation corporation corpora corpora- tion still were Incomplete One aim of the group it was wu said would be beto beto beto to assure orderly distribution of ot what remains of ot the farm arm boards board's holdings of agricultural products stocks which were accumulated some sometime sometime time ago during the government agency's attempt to maintain prices Wall Vall street heard the wheat pool probably would be managed by that noted Chicago operator Arthur W. W Cutten and that this thi groups group's organIzation organ organ- virtually had b been n pushed The pool it was said might lake ov over r what remains remain of the farm boards board's stocks stock now estimated at about bushels SMALL WINTER CROP Those interested In wheat were said to feel prospects 11 of oC a relatively small winter crop th this year estimated esti mated at bushels the bushels the lightest since warranted inc 1925 warranted 1925 warranted higher prices price for that basic grain even cven though the spring yield was wu expected to be bc more than double last lut years year's return Cotton men felt the proposal contained con tamed potential aid for r their product prod especially if the farm board should agree to hold off oU the markets market the bales it j now owns own As outlined un unofficially ally the syndicate would acquire from this agency or from the cooper cooperatives an art undetermined undetermined undetermined mined amount bf Of cotton with the agreement that no more would be marketed by them this year ear SellIng Sell Sell- Ing by the cooperatives is said to have been per persistent during the past month The Young committee of oC bankers and industrialists met meL here yesterday to canvass the commodity situation but what it decided was not dis dis- closed Weekly mercantile reviews added their note of oC optimism to the days day's news a confidence appeared to be increasing throughout the coun try tr Chicago Board of Trade Resumes Upward Trend CHICAGO Aug 5 5 The A The Chicago Chicago Chi cago board of trade worlds world's greatest and most sensitive grain market t today to today day resumed an upward tendency that has carried prices several cents higher in Sn the last few ew days day In the midst of an apparent general gen eral oral rush to buy all grains and all deliveries shot up at the opening wheat from 1 ito to 2 cents cent a bushel from 12 2 cent to 78 8 cent a bushel oats from 8 1 cent to 12 2 cent and andrye andrye andrye rye 4 3 cent December at nt the opening touched 56 cents a bushel a new high forthe for tor the current bull movement The buying frenzy was ascribed to the strong tone of of the stock market market mar ket to reports of unfavorable harvest harvest harvest har har- vest weather in Europe and to unexpected unexpected unexpected un un- un- un expected strength in Liverpool Yesterdays Yesterdays Yesterdays Yesterday's Yes prices after rising rapidly showed a sharp break and resulted In a general unloading It was thought that haste to reinstate closed out lines line was responsible for much of the hurry today Strong rumors of a powerful commodity pool helped too too 4 In addition willing buyers buyers' found offerings late and the tension rapidly increased September wheat was 51 52 cents a bushel up 1 80 13 1 4 3 cents over yesterdays yesterday's close December De Dc cember was at 2056 cents 13 8 13 8 2 cents higher May opened at 59 12 2 cents 1 8 11 8 1 cents cent higher Corn responded to the upturn in wheat though the prospects for a al bumper crop were practically un tin changed September opened at 32 un 4 1 32 8 38 35 cents higher by 5 8 5 4 3 cent December was also 32 8 38 cents 8 8 1 cent up May was 36 2 1 36 8 8 5 cents 4 3 8 7 cent higher |