OCR Text |
Show RALLY BOOSTS STOCK PRICES AND TRADE VOLUME FAVORED ISSUES .. CLIMB3P0IHTS By VICTOR El'BANK ' Associated Press Financial Editor NEW YORK, Dec 13 Rallying power came back to the stock mar- ket with a rush Wednesday and favored issues went ahead frae- 4 tions to around three points. Volume Increased and transfers approximated 1,000.000 shares, compared with 612,150 In Tuesday's Tues-day's listless dealings. The broad strengtjh accompanied another wide advance In the speculative specu-lative commodities, and was overdue, over-due, some analysts said, in view of the usual rule that stocks follow staples fairly closely. Mm at Beginning Prices were higher at the beginning be-ginning of the session and except for a few Intervals climbed throughout. Steels and motors were most in demand, but rails, aircrafu and some specialties were , not neglected in the hurry to buy. The only weak spot was among the nils, ds pressed by another it ported increase Jn gasoline supplies. In the van of the rise were U. S. Otasl. Bathieham. Chrysler, Dcmg-las Dcmg-las Aircraft, United Aircraft, Penn- sylvanla Railroad, Great Northern, Western Union, Du Pont, Union Carbide, Allied Chemical, Eastman Kodak, Montgomery Ward, U. S. Rubber, American Smelting, Wnl- inghouse Electric, Celanese, Indus- , trial Rayon and U. S. Gypsum. American Telephone touched a new high for the year as renewed Interests appeared In the utilities. Follow Commodities Brokers said the stimulus for the , move was probably largely In the booming commodity markets. In the curb Jones Laughlin, Montgomery Ward "A" and Pitts- burgh Lake Erie mounted. In late transactions cotton was 11.20 to $1.65 a bale higher for the best price since 1937. At Chicago Chi-cago wheat, above SI for the first time since October, two years ago, gained 3. to 4 '4 cents a bushel and corn 174 to 2 is cents. Other commodities hoisted were silk, which touched a nine-year high, rubber, hides, rye, sugar, cottonseed cot-tonseed oil and soy beans. Bonds Improved a little. Foreign markets were Irregular most of the day but steadied toward the finish. |