OCR Text |
Show ! RALLY CHECKS STOCKPLUNGE Averages Go Upward j! Twenty Cents I NEW YORK, Oct 11 11-The stock market snapped Into a hUs-hour hUs-hour sustained rally today after a session of widest selling since 133, and many leading shares either erased heavy earlier losses, or recovered re-covered them In part. I Transactions totaled 7, 280. WO shares, the largest volume since ; July 21, 1933. At the close, 188 ; issues had advanced, 744 showed declines and 122 were unchanged. 1 The total of 104S issues traded was , the widest in the history of the , New York stock exchange, i The Associated Press average ef I AO leading stocks climbed 20 cents to S4S.30. . All day long the ticker tape lagged ! minutes behind the floor trading aa the wave of selling extended yea- trrday's break. Brokers had great difficulty in executing orders, so great was the confusion. ' Corporate bonds likewise rallied after a heavy break in secondary ' Issues. Favored oils, utilities, farm implements im-plements and specialties managed ' to weather the gale for substantial - gains and many others canceled or (Continued on Pns Two) j (Column Four! RALLY CHECKS STOCK PLUNGE (Continued f I .M Pm On) reduced sxtrtma losses before ths Cloe. Inveslmsnt trusts wsrs reported to hsve provided a prop for ths list on ths theory selected Issues were at or around bottom. Boms speculative specu-lative forces also were understood to have taken a hand with the idea of cornering quick profits. - The early tumble accompanied un-. loading of Impaired margin accounts and unusually large offerings from all parts of the country and abroad. Brokerage offices wsrs swamped and seldom since ths break of 1 has such near-demoralisation been witneesrd on the stork exchange floor. Delayed openings were frequent fre-quent and eeveral issues did not appear until around noon. Salt Lake Exchange Sets New Lows Shares on the Salt Lake Mining exchange were plunged to new lows la sympathy with ths reaction on other exchanges. Also keeping pace with eastern markets, there were some notable partial recoveries from the lows of the day. Utah-Idaho Sugar common furnished fur-nished ths most striking example of an overnight decline and then recovered part of Its loss. First sales were 1, a 72-csnt loss. Th closing sals war at tl 80, with holoera asking tl M. In ths mlns thsr wsr a long list of draatle declines to nsw ysar'a Iowa and In some cases to Iowa for the laat several years. Tlntie Standard sold at t4. Walker Walk-er Mining closed at tt.15 after dropping drop-ping to tl. Mountain City Copper lost tl and aold at IS. Odd lots brought a little bit more. One hundred aharaa of Silver King Coalition went at It. Chief Consolidated lost another csnta and aold at s csnta. Cardiff cloaad at 21 cent after hitting 20 cents; Park City Consolidated Consoli-dated cloaed at M cent after a low of 20 cents, and Comet Coalition recovered 1 cent after a low of 21 cant. East Tlntie Consolidated was down to 1 csnta and Eureka Bullion Bul-lion aold at the sama figure. Eureka Standard waa down to to cents. North Lily aold at It csnta, a ioas of 21 csnta. Closing of Market Not Considered HYDE PARK. N. Y, Oct. It LV-Presldent LV-Presldent Roosevelt official aourcaa said today, haa no intention of exercising exer-cising his authority to cloae the New York stock exchange. The prealdent himself refused to discuss the falling market at a preaa conference. But It was learned authoritatively au-thoritatively he la giving ao thought to Invoking that section of the exchange ex-change regulation act empowering him to order the securities and exchange ex-change commission to suspend trading. trad-ing. Important Press Confab Canceled NEW YORK. Oct. It (INS) Sudden Sud-den and mysterious summons to Washington of Ernest Angsll, Naw York director of the securities and exchange oommlaaion. caused equally equal-ly sudden cancellation of an "important" "im-portant" preaa conference which had been aet for this afternoon Immediately Im-mediately after the market cloaed. No explanation was given for cancellation can-cellation of the commission's conference con-ference or why Angell was called to Washington. Informal apologies were extended to reporters who rushed to the commission office. Commodities Trail Trend of Stocks NEW TORK. Oct It Taking a cue from toppling prices on ths New York stock exchange today, commodities slumped abruptly, many to new Iowa for the year or longer. Trading was unusually heavy In some staples, although selling orders or-ders did not reach flood proportions. The aetback carried quotations of commodities Included in the Associated As-sociated Press weighted Index of 18 important wholesale Itema around the low point of the year. Hldea were among the weakest groups. Steel ecrap slumped to tit ta tit 50 a ton at Pittsburgh. Other metal were easy. . Export copper slipped. Cotton waa lower. London Market Echoes Slump LONDON. Oct It Wv-Wall street's slump lay heavily en the London atock market today. Brief midday flrmnaaa of British government sscurltiee failed to halt a general decline, especially of speo- Iulative stocks, In which transatlantic transatlan-tic Issues fell sharply from yesterday's yester-day's cloaa. |