Evening star., 1932-11-27
STOCK PRICES SAG
AFTER BRIEF RALLY
Car Loadings Report Spurs
List, but Net Changes
Uninportant.
BY the Associated Press.

BY the Associated Press.
NEW YORK, November 26.-The
stock market received a crumb or two
of comfort from the weekly carloadings
report today, but after rather feeble
lally, the list settled back to end the
day with unimportant net changes.
The closing tone was steady. although
some Of the leaders showed fractional
declines. The turnover for the two
hour session was only about 100000
shares.
Appearance Of support for sterling
exchange was encOura ging, and save for
silver, commodity markets acted some
what better The British dollar bonds,
however, were, again weak, and un-
certainties over the war debt situation
still appeared to dominate financial
sentiment.
Bar silver again weakened, with the
spot quotation at New York off p cent
TO 1854 cents. duplicating the historical
low first touched in February of last
year.
Rail Shares React.
The increase of 36,75S cars in the
movement Of revenue freight, as re-
ported for all class I carriers for the
week ended November 10, made up q
large part of the recession Of some ST.
600 cars in the preceding week, which
presumably reflected to a large extent
the partial suspension of business for
the national election. The increase,
however. was somewhat larger than
expected and against the normal sea-
Sonal trend in November.
Union Pacific rose ~ points, only
TO lose its gain and close with a loss
of about a point. Santa Fe. after mov-
ing up a point fell back American
Telephone lost an early gain of more
than point. and a fractional advance
in U. S. Steel was converted into a
fractional decline before the end of
the session. Gains of about a point
in Eastman and National Biscuit were
maintained On the whole. however.
the list closed virtually unchanged
from the levels of Fridays finish
Brokers reported that there had been
q moderate amount of real liquidation
in the share market during recent ses-
sions, although a part Of the offerings
had been for bear account. and the
early upturn today represented largely
short covering.
The October railroad earnings state
ments were commented upon as more
hopeful, although still representing a
volume of revenues inadequate to pre-
serve the solvency of many carriers,
without special help. The first 81 roads
to report had aggregate net operating
income only AZ per cent under Octo-
Der of last year, but 38.6 per cent
under October Of two years ago.
Sterling Turns Upward.
Sterling exchange, after Yesterdays
drop Of more than cents, recovered
about IL cents, as support appeared
1t ruled at S3.22A. The Japanese yen
and the Scandinavian currencies also
improved The Canadian dollar, at
S43l cents, was UP 1-l6 Of cent. The
European gold currencieS were about
steady.
The statement of Prime Minister
Macdonald of Great Britain that the
ment on war debt postponement was
clear to Britain was regarded as re-
assuring in some Wall Street quarters,
although the British leader was obvi-
ously warning his constituents TO ex-
pect no settlement Of the whole debt
problem for an indefinite time
The weekly Federal Reserve report
showed an increase over the previous
week Of S26,063 900 in the systems gold
holdings. The reserve system held So
053,l52,000 of gold. the highest for the
year to date, and an increase of $491,-
$3.50 from the low point reached on
June IS. Meanwhile, a gain of $685.
000,000 was reported in the Nations
monetary gold stock, carrying that fig
ure to S4320, 100000, which compared
with the June IS low of SO 900 0o0, 900.
Federal Reserve Bank credit outstand-
ing gained S4,0o0,00o in the week. Cir
culation was up S6,o00,000.