Evening star., 1932-10-24
CHANGES SLIGHT
ON IDLE MARKET
Gains and Losses Fractional,
With Trading in Wait
ing Mood.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
WALL STREET. NEW YORK Octo-
ber 24-In waiting mood, the stock
market today drifted idly. with now
preponderance of advances and now of
declines, but nearly all of them frac-
tional.
In view Of all of the uncertainties
the market did not do badly. There
were one or two weak spots but for the
most part firm undertone.
Outside the stock market. the acute
weakness in sterling exchange was the
feature In the late afternoon the
pound sold at a new years low. Inter-
est in the bond market was concen-
trated on the sharp advance in the
Nickel Plate 6'S, amounting near the
close to 6 points.
Commodities Heavy.
Commodities were heavy all day.
Wheat and corn left off fractionally
lower, but during the day December
low established in December 1896, and
with that exception the lowest since
September. 1896, when at 2O34 the
record low was established Other
staples were off more or less. the out
standing exception being hides, which
were strong
In stocks there were more advances
than declines at the enc, but volume
was so small that the net changes
carried no significance.
The market paid little attention to
the excellent showing made by the car
loadings statement Saturday. The
most encouraging aspect of that report
was the increase in the Pennsylvania
freight. Railway shares today. how
ever. were as irregular as they had
been on Saturday after the figures had
been made public. Buyers were deferred
by the weakness in the railway bond
market, which was similarly without ex-
PLANTATION.
Opinion Divided.
As for the preferred dividend of the
steel corporation there were practically
no predictions of emission. Opinion was
divided as to whether there would be
cut or whether the rate would be paid
in full. AS a matter of fact aside from
rectifying a technical condition it does
not make so much difference in the long
run what action is taken on the divi-
dend. The important thing is the out
look for the steel trade, and as to that
the authorities are only mildly op-
timistic. Doubtless declaration of the
full 81 dividend would bring rush Of
covering, but to sustain any pronounced
advance in the price Of the stock i'm
provement IN the steel business is es-
sential.
The market opened slightly lower,
backed and filled for hours or so and
then hardened, so that at midday ad-
vanceS predominatcd There were
few features. One of them was the
weakness in National Biscuit, which
seemed to be in supply for both ac-
counts. Curiously enough, the lower
level for the common stock conceded
with the new high for the preferred.
which sold on basis to yield well
under per cent.
In the railways list Delaware, Lacka-
wanna & Western made the best show
ing of the lower priced shares.
General Motors of.
General Motors at 1914 was off
slightly, but Auburn Auto opened up
p at Al. Nash Motors was up 50 at
1875. American Power g. Light at
9is and Columbia Gas g. Electric at
1875 were a trif1e lower. North Ameri-
can opened up slightly at 2734 Gen.
eral Electric at las. j. I. Case at 39l2
and Montgomery Ward at III. were
unchanged International Harvester at
q was up Il, Metal shares were in
active. Reynolds Tobacco opened up
Is at 2914.
In the rails price changes were mar
row. Canadian Pacific at 1872 was off
i and Missouri ri-Kansa5-Texas common
down Il at 7ls. New York Central
opened down "a at 215s and Southern
Pacific was off at 10.
With the exception of a few of the
standard shares, such as United States