| Show White Metal Reaches 32 8 3 Cents in Sharpest Ad M. Advance Advance vance for Years i j STOCKS UP 1 I TO TOll 11 11 POINTS All Grains Also Share in in Price Climbing By Br Associated Press lrus NEW YORK April 19 Bar 19 Bar silver sUver shot up 3 2 1 cen cents 3 an ounce in New NewYork NewYork NewYork York today the sharpest advance in inmany inmany inmany many years This placed the price for tor immediate delivery at 32 8 8 3 cents an ounce The level was fixed by bullion dealers after atter af aX ter a jump of 3 cents in futures futures' dealings dealings deal deal- ings in the National Metal exchange which is the limit permitted in trading rules for one day and sharpest since inauguration of ot futures dealings in the white met metal l here In futures the December delivery reached a top of 33 4 3 cents an ounce There was vas some reaction from the best during the late ate morning but prices stiffened again after midday Today's futures prices well above 30 cents compared with a record loW for spot metal of 25 cents recorded two years ago With the exception of the World WorM war years the average prices for silver h here re since 1900 have ranged between n 50 a nd Its high for recent times was 1 2 1 an ounce reached in 1919 While the 16 to silver ilver tion ion proposal was defeated in inthe the senate senate senate sen sen- ate Monday speculators tors have been encouraged by announcement that the he matter of ot aiding the metal Internationally Internationally Inter Inter- nationally would be taken up in o Pres President ident Roosevelt's forthcoming disc discus with Prime Minister MacDonald MacDon MacDon- aId ald and other European statesmen On the basis o of the fixed price of ot gold the 16 1 proposal for silver would fix its price at an ounce Metals Commodities Lead Mart Advance NEW YORK April 19 G P C Heavy IF Heavy buying of stocks and commodities bas based d on plans of the government to strengthen domestic prices partly by by- means of a gold embargo embargo- brought a a. sweeping advance in American markets markets mar mar- mar mar- cels today i Late profi taking profit taking tended to pare some orae gains especially in wheat but buthe the he the broad rise represented a huge net appreciation in quoted values The immediate effect of the tighter gold restrictions was a precipitate precipitate pre- pre drop in dollar exchange sterling terling making an extreme rise rise- of more than 30 cents while European gold currencies shot briskly upward In n a turnover of ot approximately DOO shares stocks surged higher under un der den leadership of the metals and other other oth oth- er er commodity shares The market easily absorbed taking profit-taking as it rolled along and final prices were generally the days day's highest represent highest represent represent- tag ing ng many net gains of ot 1 to about 8 Closing prices of ot representative leading stocks were American Can 70 up Corn Continued on Pare Face Two I White Metal Reaches 32 8 3 Cents in Sharpest Advance Advance Advance Ad Ad- vance for Years Continued From Prom Pace Face One Onel I Products Refining up National Steel 28 up 5 1437 up 2 62 Standard Oil of New v Jersey up 2 American Smelting Smelting Smelting Smelt Smelt- ing 2687 up Bethlehem Steel 2087 up United States Smelting Smelt Smelt- lag ing 41 up United States Steel Stee common 38 up Du Pont up Union Unton Pacific up American Ameriam Telephone 90 up 2 Case 53 up United States Steel preferred up Cerro de Pasco Copper 1987 up Allied Allied Al Al- lied Chemical up 7 AmerIcan Amen AmerI- can Tobacco B up General General Gen Gen- eral Motors 1587 up The Thc New York cotton market after showing extreme advances of about abou a bale closed with net gains of to Wheat at Chicago finished around 1 I 42 3 1 l a bushel higher against a maximum rise of ot 4 cents or more Brokers' Brokers board rooms in Wall street drew the largest crowds for lor a long longtime longtime longtime time and some some of them presented scenes of animation not witnessed since the bull market of 1928 1925 This was particularly true of firms which transact business in commodities in addition to commission dealings in sc so- It was said about Wall street that many new accounts were opened pen d both bothin in stocks and commodities by persons whose understanding of the rep reported Inflationary program was was vas extremely vague but who nevertheless believed it spelled higher prices for equities and staples SEE LIMITED TED DECLINE With foreign balances in the New NewYork NewYork NewYork York banks abnormally low and al all foreign exchange dealings now under the strict surveillance of Fred I. I Kent the form former r wartime exchange dictator dictator dicta tor Los International bankers felt the decline in the dollar would be limited In view of ot this country's large favorable favor tavor- able Elble balance of ot payments For not only anly is is' the United States state a creditor nation but despite the low level of foreign n trade still sells abroad substantially sub sub- more than it buys Many ManyIn In lati have haye agitated gated fo for a lower r valuation of the dollar not dollar not only to raise domestic prices prices but but to help the United States compete in world trade with Great Britain and other nations whose currencies have ha depreciated Professor James Harvey Rogers of Yale in the Economic Forum quarterly quarterly quarterly terly defines inflation in its most general sensa sense as any any price rise accompanied accompanied accompanied by considerable expansion of ol credit or currency or both In a amore amore amore more technical sense definitions of oi Inflation usually describe the process as increasing the circulation medium which includes both currency and bank checks beyond the current re- re of trade and commerce This naturally tends to decrease the value of the circulating medium and to increase to-increase prices in terms of It OPPONENTS OPPONENTS' VIEWS Opponents of at in inflation nation asserted that the Jie process puts the cart before the horse lorse that a sound advance In prices occurs from increase in demand and that endeavoring to accomplish the same result by marking down the value of the currency is like trying to increase the temperature by changing the scale of the thermometer The proponents of inflation however generally gen en emIly assert that economic machinery machin machin- ery cry Is stalled and may be started by inflationary lift in prices Rush of Buying Boosts Grain Prices CHICAGO April 19 W A W-A A mad rush of ot buying caused by talk of in in- lation from Washington and soaring rates of foreign exchange shot grain prices skyward today Wheat led the way with a maximum advance of almost 5 cents a bushel on the he July delivery very which carried that price to 68 4 3 cents a bushel The September Sep Sep- ember delivery reached 70 cents at atone atone atone one stage Heavy taking profit sales caused reactions later At the close wheat was nervous and jumpy but 1 4 3 to 2 12 2 cents a bushel above yesterdays yesterday's close Corn was 2 1 to 1 18 cents sup cent up and oats had hada a gain of 2 1 to 3 4 cent UNDER PEAK The September delivery which had sold shortly before the close at 70 cents a Q bushel reacted sharply Inthe Inthe in inthe the first few minutes and closed at 67 4 1 to 67 8 3 cents a bushel almost 3 cents under the peak A single car of No 2 red wheat sold in the cash market at 69 3 4 3 cents a bushel the highest price since 1931 Future deliveries of f butter reached new high levels level for the season seaon on the mercantile exchange The close was wasat wasat wasat at the b best t levels leveL 1 to 1 4 1 l- l cents cent a 8 with pound above yesterdays yesterday's finish wih No November eber delivery at 20 12 2 cents a 8 rJ pound and June at 19 cents cent Advances in eggs were not so broad ranging 8 5 8 to 4 3 3 cent a dozen higher I with the October delivery delvery quoted at 16 16 6 5 8 5 cents cent a dozen doten dozen |
