SPECTACULAR RISE.

Waikato Times, Volume 113, Issue 18925, 20 April 1933, Page 7

SPECTACULAR RISE.

AN UPWARD SURGE.

STOCK AND COMMODITY PRICES.

FOREIGN EXOHANGE AFFECTED.

United Press Assn.—Elec. Tel. Copyright,

(Received April 20, 12.30 p.m.) NEW YORK, April 19

The stock and commodity markets in the United States leaped forward to-day. On the New York Exchange prices surged from one to more than three dollars per share.

Silver futures had the most spectacular rise In the history of trading in New York, with gains of three cents per ounce. Foreign exchanges shot up speotacularly in-terms of American dollars to-day. Sterling was‘quoted in the mid-afternoon at 3 dollars 81 cents for cables, the highest quotation since April, 1931. With exchange dealings rigidly controlled by the Federal Reserve Bank the market was described as thin and uncertain. Rush for Shares. Sterling closed at 3 dollars 73 cents, the Canadian dollar at 86i (21 cents higher). Traders said the sterling rate, was only nominal, the wildest fluctuations ■occurring after the London market closed. The stock market soared one to eleven points before meeting profit, taking in late trading. Cotton rose two dollars fifty cents a bale in New York, while silver, rubber, cocoa and several of the less staplo rallied sharply. , Speculative enthusiasm ran so hign that the quotation machinery was swamped. Buyers were particularly eager to acquire metal issues and other commodity shares, several of which whirled up from 4 dollars to 0 doliais or more.

CHICAGO FEELS EFFECT. GRAIN SOARS UPWARD. A MAXIMUM ADVANCE. United Press Assn. —Elec. Tel. Copyright. (Received April 20, 12.30 a.m.) CHICAGO, April 19. • A wild upward surge in grain in early trading to-day followed the talk of inflation. Wheat for September delivery registered the maximum advance of 2 7-8 cents a bushel to 681 cents. All deliveries of wheat reached new high levels for the season, the gains ranging from li cents to 2 7-8 cents.

Among bullish items were the announcement of the disposal of May futures by the wheat organisations and the British embargo on Russian products. In a buying stampede rarely paralleled except in war time, wheat shot almost five cents upward, reaching 70 cents at one time for September delivery. Profit taking shaved the, high points at the close when prices were from II cents to 2J cents above yesterday’s finish, May delivery was quoted from Go to G 5 1-8 cents; July, 65 7-8 to GG 1-8 cents; September, G7J to 67 3-8 cents. EASEMENT IN WINNIPEG. LET-UP IN BUYING. PRICES SKID. United Press Assn. —Elec. Tel. Copyright. (Received April 20, 10.45 a.m.) WINNIPEG, April 19. A let-up in buying support in the final minutes resulted in wheat futures skidding sharply at the close, easing rapidly from the earlier three cents advances to finish 1J cents above previous close. Quotations: May delivery, 54 3-8 cents; July, 554 cents; October, cents.