Salt Lake Telegram | 1934-05-28 | Page 19 | Grain Strength Boosts Stocks

GRAIN STRENGTH Advances Run From Fractions to 2 Points Trading Is at Slow Pace By ELMER C. C United Tress Press Financial Editor NEW YORK May 28 An 28 An improved sentiment for securities markets aided aided aid aid- ed by tremendous strength in grains wheat jumping 5 cents a bushel bushel re resulted suIted in gains of fraction to 2 points In the stock market Monday Trading was dull all speculative fever turning to the Chicago board of trade where reports of drouth conditions conditions con con- resulted in bull demonstrations in all grains Reports from Irom th tho field told of continued high tempera tures and no DO rains Professionals and the public cn en engaged in a stampede of buying on the futures market which carried May wheat within l ITt cents of the coveted 1 a bushel mark All deliveries of wheat were up the maximum of 5 cents a bushel oats were up the maximum maximum maxi maxi- mum of 3 cents and corn almost 4 cents a bushel This gave a favorable impetus to Wall street groups who had beer been a little less depressed today than usual Apparent elimination of uncertainty over the stock market bill and a feeling feeling feel feel- ing that the blue sentiment had existed ex cx- isted too long were chiefly responsible for the improved outlook of securities ties owners But the Incentives were sufficiently strong to warrant any fresh buying and the market again plodded through five hours Volume ran well under a million mil mu- lion shares Farm equipment shares firmed on the heavy buying in wheat 1 J. J I. I Case had a gain of 2 points at 53 after touch ing 53 i. i International Harvester jumped I 1 point to 33 Sears Roebuck ordinarily advancing with the farm equipment shares jumped a point to and Montgomery Ward showed point gain at 26 improved under roth rath rather er steady buying Industrial Rayon hitting n a new high for the year at 24 for 1 gain Celanese gained of a point to 25 Mining shares were in fair demand with U. U S. S Smelting jumping 2 points to Homestake Mining jumped 5 S points to Dupont early leader in the industrial list Sales approximated shares against shares Friday Curb sales were verc shares against shares Friday