Evening star., 1932-11-21
STOCKS REGISTER
SLIGHT CHANGES
Market Awaits Developments
on War Debts in u. S.
and Abroad.
BY GEORGE T. HUGHES.

BY GEORGE L. HUGHES.
Special Dispatch to The Star.
NEW YORK, November 21-The net
change after today's operations in the
stock market was minute.
Short contracts were put out in the
morning and rosired in the afternoon
and, except for a few special issues,
there was no interest displayed. The
market was waiting developments at
Washington and abroad.
Much the same could be said of COM
modities. December wheat in Chicago
closed at 4234 to 427s cents, off p to IA
and comparing with the record low
made early in the month of 417s cents
a bushel. Cotton was down several
points in dull trading. Other staples
moved unimportantly.
Sterling Exchange Weak.
Sterling exchange weakened to
$3.267s, new low for the year. This,
Of course, was reflection of the doubt
about the war debt payments due De-
cember Is.
Railway news included the estimate
at the Baltimore &; Ohio annual meeS-
ing that the road would fall short of
meeting fixed charges this year by
S4000,O0O and an Atchison loadings
statement showing 25,644 cars handled
in the week ended November 49, against
25.lS2 in the preceding week.
Entering Of consent decree in the
suit of the Government agains& Radio
Corporation, General Electric, Westing-
house Electric and affiliated companies
brought selling into radio early in the
day, on the theory that when the cor
porations now holding the stock distrib-
ute it to their own shareholders, the
floating supply will be increased. to the
detriment of the market. Radio COM
mon was one Of the most active stocks
during the morning, selling down a
point or so on the news. Radio pre-
ferred B. at first supported, also weak
ened later.
Reaches New High.
The two groups which stood out con-
spicuously because OF their resistance
shares In the former class Seaboard
Oil was advanced by its sponsors to a
new high for the year. following a
similar performance on Saturday. Texas
Co. was strong and the Street. heard
that the one movement was connected
with the other Houston Oil. Standard
Oil of New Jersey and the other active
oils were firm or higher.
OF the gold mining shares. Mcintyre
Porcupine was again the leader. 1t
made a new high on Saturday and an
other today and, although the buying
was said to have originated in Canada,
a good share of the demand is under
stood to have come from local operators.
The general list was irregularly lower
but with not enough volume to indicate
a trend. Traders hesitated to take
stand pending tomorrow's conference In
washington on the war debt problem.
At the opening prices were shade
higher. but after the overnight orders
had been executed stocks sold off, most
Of them to a level under Saturdays
finals.
Early Recovery Lost.
American Telephone crossed 110 In
the first hour to around the best Of the
recovery and then fell back. The same
was true of Allied Chemical and other
so-called pivotal stocks. Eastman
Kodak and Air Reduction were better
supported than the average.
The du Pont company declared the
regular dividend on the common stock.
as had been foreshadowed when General
Motors maintained its rate. Du Pont
was fractionally higher, but inactive.
Brown Shoe reported net for the year
ended October 81 was S1.061,229, against
81 .356,179 in the preceding fiscal year.
Nevada Consolidated Copper reported a
net loss for the September qualter OF
S75l ,019, against loss OF S599,loo IN
the previous quarter.
The reaction made no further progress
in the afternoon. the general list steady
ing, although pressure was kept up
against the radi1 shares. The oils were
the bulwark of the market. with addi-
tional advances in Seaboard and Texas
Co. Buying in Brooklyn Manhattan
Transit common and preferred was a
reflection of the strength in the local
traction bends. Elsewhere in the list
Union Pacific came back within frac-
ton CT its previous C Csc. as did Am ~
ican Telephone. The weak lS-ue was
United States Steel preferred.
FIcrsheim Stock Up.
A feature amCng the preferred stocks
was Florsheim Shoe Sc preferred, at the
highest Of the year, after having had an
advance of over 81 points last week.
Among the days railway earnings
statements was that Of Ontario g. West
ern, which kept up its record of bstter-
ing net operating income compared with
a year ago. For October this year the
road earned S146,817, against Sll6,895 in
1891