Evening star., 1932-11-18
CHANGE IN STOCK
MARKET IS SLIGHT.
Prices FraCtionaIIy Higher,
but Tend to Ssg in
Afternoon.
BY JOHN T. HUGHES.

Special Dispatch to The Star.
WALL STREET, NEW YORK. No
vember 18-It was another session OF
small turnover, unimportant price
changes and an attitude of waiting on
the Stock Exchange today.
Gold Stocks Strong.
On the average, prices were fraction
ally higher, but they were better in the
morning than they were in the after
noon. The best that could be said was
that the market was undisturbed by the
renewed decline in wheat or by the
confused international outlook.
Among the few features were strength
in the gold mining stocks and the de-
mand in evidence ver-the-counter as
well as in the listed markets for gilt
edge securities, including the best pre-
ferred stocks.
Sterling exchange rallied on this side
after having been acutely weak in Lon
don. DECEMBER wheat in Chicago closed
only a scant fraction above its ex-
treme low.
On the surface there was no change
In the business or financial situation.
The difficulties of the New York City
administration, which have, received so
much publicity, remained an obstacle
to optimism in the stock market, as did
the deadlock on war debts between
Washington and the capitals of Europe.
But these matters did not receive so
much attention. Instead, all the stress
was put on the sold out" condition Of
the market and on the fact that no
liquidation had appeared during the re-
cent irregularity.
Gains Are Fractional.
Opening prices were higher fraction
ally and the gains continued through
out the first two hours. The reduction
In brokers' loans, bringing the total
down to $344,O00,00 against the ex-
treme low of 1891, ,000, 900 on July 81
and this during time when the aver
ages had advanced-demonstra that
there had been no increase in specula-
tive buying and that whatever demand
had made itself felt was for more or
less permanent holding. This led to
some covering in such stocks as Ameri-
can Telephone, Allied Chemical and
United States Steel common.
Sponsors for United Aircraft resumed
operations for the rise. The company
reported % cents common share
earned in the September quarter against
is cents in the previous quarter and 27
cents in the same quarter a year ago.
For the nine months earnings were Sc
cents share, against 81 cents in 1881
Railroad stocks rallied under the
leadership Of Union Pacific, Atchison
and Lackawanna. Their advance was
In the face of expectations of larger
than seasonal decline in car loadings
in tomorrows statement. Buying of the
merchandising shares centered around
Montgomery Ward and Safeway Stores
Union Carbide was well supported.
Sterling Opens Higher.
Sterling exchange opened higher AFT
er its recent weakness. Seemingly a
part of the decline, attributed to the
poor reception met in Washington by
pleas for debt revision, had been due
to speculative selling none too sure of
its position. The discount on Mon
treal funds increased to 1915 per cent.
The market slipped little in the aft
ernoon as wheat fell away again to
within a fraction of cent Of its lowest
price There was so little trading in
stocks, however, that the changes had
no significance except in few indi-
vidual issues. Mcintyre Mining, Ca
madam gold producer, was a strong spot,
making new high for the year. Un-
official estimates are that the company
will earn around $3.50 a share for the
year ending March 81 next On this
basis the price-earnings ratio was con-
sidered attractive.
In preferred stocks, Virginia Carolina
Chemical per cent ran up between
6 and 7 points, presumably on its equity
in cash rather than On earnings. The
demand for high-grade preferred stocks
in wheat the market had as adverse
influences two small bank failures, one
in New Jersey and one in Missouri, and
a cut in the price of lead at both New
York and st. Louis. The Western Union
reported September gross at $7,006,-
246, against $8,864, 4,128 in September,
1881, and net of $218,629, against
1924, ,429.
Copyright, 1922