Evening star., 1932-12-02
STOCK LIST DOWN
IN LATE TRADING
Reaction to Debts Note Un-
certain, but Weaks Spots
Develop.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, December PIT took
the stock market a little time today to
make up its mind what ought to be
the response 10 the publication of the
British war debt note and the reaction
thereto by Congress.
Prices were slightly lower during the
morning, but with no sign of weakness
and no activity. In the afternoon, how
ever, particularly in the last hour, the
downward movement gained mo-
| mentum, canceling all of yesterdays
advance and leaving the leaders at new
lows on this reaction.
Sterling was weak all day and wheat
was consistently lower. More or less
that was true of all other staples Cof-
fee dropped 10 to 20 points. December
sugar liquidation resulted in 10-point
decline. with the distant months off 2
to 3 points. Silver slumped % to 81
points. Cocoa was down and only silk
achieved relative stability.
Dividend Voted.
General Electric declared the regular
dividend of 10 cents a share on the COM
Homestake Mining made new 1882
high. The close was only slightly above
the lows for the day
Stocks gave surprisingly good ac-
count of themselves in the early trad
ing. The opening was irregularly
lower and just enough selling came in
to carry prices for the leaders off about
point-but volume was low and there
was no real pressure and no weakness
It was plainly the market view that
some satisfactory compromise will be
reached between Washington and Lon
don.
Whether sterling or stocks should be
taken as representative of the effect of
forced payments on December IS re-
mains to be seen.
There is net much to be said about
the movements of individual stocks.
United States Steel preferred sold down
under "a again, almost surely the result
of odd-lot short offerings. Steel pre-
ferred looks like an inviting short sale
to the average amateur speculator.
American Tobacco weakened again, but
| not .on any large volume. In the rail-
road list, Atchison was off point,
Union Pacific to 3 points, with smaller
! losses in the lower-priced shares. Here,
| too, business was on small scale.
Outlook Unchanged.
The first response of commodities to
] international developments was similar
| to that in stocks. Wheat and cotton
yielded, but unimportantly. There was
no change in the domestic outlook.
The annual report of Firestone Tire &
Rubber. showing earnings for the COM
mon of SLOT share. against S1.25 a
year ago, was considered very salts
factory.
The market ranged lower in the
afternoon but still without any in
crease in activity. American Tobacco
increased its loss, as did American Tele-
phone. Standard Gas & Electric was
off over point and New York Central
among the rails was in supply. Sterling
weakened to $320l2 in New York and
to S3l934 in London. French francs
were off 1s but Belgian francs were up
l. Swiss francs were unchanged.
Auburn Automobile declared the regu-
lar dividend of 81 in cash and 2 per
cent in stock on its shares. The Glid-
den Co. declared the regular rate on the
preferred stock and it was officially
stated that earnings for the year were
running ahead of those of a year ago.
tCopyright, 1922