Evening star., 1933-09-07
STOCK LIST REACTS
ASGRA|NS WEAKEN
Prices Off After Firmness in
Morning and Early
Afternoon.
By GEORGE +. HUGHES,


Special Dispatch TO The Star.
NEW YORK, September 1.-The
stock market today again demonstrated
It's sensitiyeness to fluctuations IN
| wheat.
stocks were firm all the morning,
and In the early afternoon, up to the
time wheat In Chicago began to five
way, and then they turned heavy in
sympathy. Another adverse factor was
the expectation that the United States
steel statement on Saturday would be
unfavofable United States Steel com
mon was under moderate pressure and
| that discouraged operations for the rise
elsewhere in the list. Finally the Cuban
situation made for caution.
Outside Of stocks. the feature Of the
day was the increasing ease in money
and the strength in United States Gov
| eminent bonds. The new Treasury 3Hs
sold at a record high. Demand came
principally from the banks, which were
| unwilling to employ their money any
,, where else.
All Grains Go Down.
Wheat In Chicago closed at losses of
13s to IA cents . b0shA December
rye was on over 2 cents q bushel and
all deliveries Of corn OF over cent
a bushel. The low prices in the stock
market were made in the last hour.
but the changes were fractional and
the turnover very limited.
Gold mining stocks and the oil shares
were the leaders in the early trading.
The same reasons for the strength were
advanced today as earlier in the week,
but they had greater appeal to the
speculative element, which was willing
to be convinced. Gold touched another
Hi06 vpRSnn In fha TnpAar pnoYknf
and that fact, together with the IN
crease in the Homestake dividend an
nounced yesterday and the favorable
August production report Of Dome
Mines, brought buying into the whole
group. Mcintyre was the leader, taken
in blocks Of considerable size ut the
highest Of the year.
For the oils, the incentive was the
continuous price increases reported by
all the leading units Of the industry:
The features here were Seaboard Oh
Standard Of New jersey duplicated its
old high early In the day.
The repeal stocks were moderately
strong, with National Dtstfllefs the
leader. The motors rallied, especially
Chrysler and General Motors. LGgett
& Myers B stood out In the tobaccos.
Rail Group Inactive.
The steel shares had to contend with
the weekly summary Of trade conditions,
which put the rate Of operations down
to IS per cent Of capacity against ~
per cent q week ago. Electric output
was up 11.8 per cent on the week, but
that compares with . gain announced
last week Of 1875 per cent. The public
utilities derived little encouragement
from the figures.
Railroad shares were steady. but In
active. Saturdays car loading state
ment was expected to be favorable. New
York Central was the best supported OF
the carrier stocks. United States Smelt-
ing was again favored among the metal
issues.
Reserve Report Awaited.
The foreign exchanges attracted lit
tie attention during the early trading.
The dollar was shade weaker. but deal
ings were too small to be significant.
There was eager speculation as to what
the Federal Reserve weekly report to
be given out tomorrow would show tn
the way Of purchases Of Government
securities. Last week $35, 900 900 were
taken.
It was hoped that this amount We
be increased this week and there ,.as
one report, obviously unverifable, that
the rate had been stepped up to oe-
tween $75.000, 900 and 500, 900 900.
II Washington was convinced Il.
some new inflAtionary measure ought
be taken, the natural thing would
to accelerate the rate Of buying Of Gov.
eminent bonds.
lCopyrisht, 1889