Evening star., 1932-11-16
s. 1CK PRICES SAG
AT MARKET CLOSE
Weaken in Final Trading and
Record Losses of z to
3 Points.
BY GEORGE t. HUGHES.

Special Cispa 81 - The Star.
WALL GT-ET, NEW YORK, No
vember 15.-Etccks weakened In the
last hour of today's session and closed
2 to 8 points lower.
Up to that time the market had been
an erratic affair, now firm and now
heavy, but with no great volume. Offer
ings increased toward the close and
the whole list sold Of.
The decline looked like the work of
professionals. Certainly there was no
outside liquidation, but without the
help Of any constructive news and with
lids lacking there was only one way
for prices to go. AL 1t signified was
that both the domestic and the inter-
national outlook will have to be clari-
fed before the advance can be re-
sumed.
Commodities Also Dull.
In commodities also there was the
same lackadaisical movement. On ex-
ception was sharp advance in coffee,
which may have been due to the an
nounced purpose Of the producers to
stage a large-scale advertising program.
Wheat was fractionally lower at the
end, cotton little changed, sugar down
on realization that the Cuban storm
damage had been overestimated. and
most Of the other staples were slightly
lower.
The stock market left of not far
above the lows Of the session. Declara-
ton of the regular dividend rate by
American Telephone & Telegraph d.
rectors brought selling instead Of buy
ing into the stock, showing that the
action had been discounted. Union
Carbide was a strong spot all day.
Debts Debate Feared.
Among the numerous obstacles 10 o
sustained advance, the most important
was the prospect Of an acrimonious de-
bate in Congress over the war debts.
With sentiment 50 strongly against any
compromise with our European debtors,
hope for a settlement of that problem
which, If effected, would be construc-
tive. in the highest degree, was waning.
Then the financial difficulties OF the
city of New York were given added
publicity today and made bad impress
sion.
Against these considerations was the
undeniable fact that the market was
completely liquidated. It was realiza-
ton of this position that turned the
early sellers into buyers. The stocks on
which demand centered during the
morning we're Eastman Kodak, Union
Carbide & Carbon, and, to lesser de-
gree, National Dairy Products. Whether
| the relative strength displayed 10y these
issues was due to pool support could
not be said, but 1t was at least sug-
gested that sponsors for the stocks con-
cerned had courage enough to bid up
the price.
Industrial News Mixed.
The industrial news was mixed The
| Iron Age estimated that steel operations
had declined from 1912 per cent to 10
per cent during the last week. A sea-
sonal recession is to be expected. how
ever. Electric output was of 6.3 per
cent for the week ending November IL.
| compared with the same week . year
| ago.
That was the same percentage de-
cline as was reported last Wednesday.
Gasoline stocks declined 47S. 900 barrels
on the week but there was daily in
crease in crude oil output OF 30,650
barrels.
Oil stocks were steady, but made
| little progress on the upside. Metal
stocks were firm, but inactive. Rail-
way issues were heavy, with more de-
clines than advances, but none'aof them
of any considerable amount. Union
Pacific was off about a point, as was
Atchison. American telephone, prior
| to today's dividend meeting, ranged
from / to 2 points below the preceding
close.