Show SOME STOCKS GAIN 10 POINTS By fly ELMER C. C United Tress Financial Editor NEW YORK May Stocks 8 Stocks gained I to more than 4 points in the active issues and a as much as 10 points in some sections taking the Jones Dow I average Wednesday to a n cw ew high since late 1931 United States government and o ther high grade bonds advanced while grains firmed under the lead of I wheat Cotton steadied alter after an early arly decline The dollar was steady Those ascribing the rally in stocks t o inflation sentiment were hard bard put t 0 o account for the strength in high grade securities and stocks which would not ordinarily benefit from i The gold and silver division showed especial strength which might be traced to Conservatives believed the buying was investment demand Such ac accumulation ae- ae was especially noted in preferred utility stocks and in such shares bares as American Telephone and Telegraph Telephone made a new nev high for the year at up 1 Many oil shares made new highs for the year at gains ranging to 6 points in Shell Union preferred mong them were Amerada Continental Continental Conti Conti- Phillips Seaboard Skelly preferred preferred pre pre- with warrants Standard of New Jersey and Union Oil of Cali CaU fornia Buying in Westinghouse Electric carried the issue up nearly 3 points pInts to a new top for the year around 46 General Electric was wa active and firm These companies benefit by increased residential building through sale of household electrical appliances and arc to participate in business resulting resulting result result- ing from the government spending program Homestake Mining appeared at up 10 points and a new high for the year Other gold mining issues were fractions to more than a point above the previous close Silvers were bid up with U. U S. S Smelting touching up 4 4 3 points Others gained 1 to more than 2 points The close was fast and strong Best prices of the day were recorded by leading issues in the lost last few minutes of trading with tickers straining to keep pace with the market markeL American Telephones Telephone's gain was increased to more than 2 points Shorts covered in many sections |