Evening star., 1933-11-06
STOCK TREND HELD |
SURPR|S|NGLYF|R
Many Unsettling Factors Fail
to Bring Any Marked
Weakness.
Special Dispatch TO The Star.

Special Dispatch TO The Star.
NEW YORK, November (N.A.N.A.).
With the reservation that the state
ment is to be construed as q record Of
fact and not a prediction. the surpris-
ing thing about the stock market Is
that it should be 30 serene with 80
much that might reasonably be ex-
pected to disturb It,
The list Of unsettling influences Is
formidable one. Take first the COM
plants against the N. r. A., culminat-
ing in the proposition to put its con-
troll under business itself instead of in
the hands of the Government-a pro-
posal which 50 far has not been ac-
cepted but which Is tacit admission
of serious difficulties In the way OF
administration.
Then there is the undeniable recess
sion in business, testified to by all the
accepted statistical indexes. Even
where gains are still being recorded
over year ago the rate Of progress
in steel operations has been the most
pronounced, but the story is the same
more or less in all lines Of activity.
Labor and Farm Unrest Cited.
Next would come the labor unrest.
with its epidemic of strikes and on top
Of that the revolt of the agricultural
districts against the delay in raising
farm prices to a parity with indus
trial-a revolt so serious as to bring
to the National Capital the Governors
Of five predominantly agricultural
States to lay their case before the
President.
Or, If that is not enough, add the
opposition to the monetary program by
the representatives Of the industrial
East. as expressed in the resolution
adopted by the New York State Cham
ber of Commerce for return to the
gold standard.
AS for the scheme to advance COM
modify prices by offering price for gold
much above the world price, its advo-
Gates would admit that 1t has not yet
been a success. It is too early to make
the same assertion with regard to pur-
chases of gold abroad, and perhaps that
will work out, but meanwhile wheat Is
about where it was when the plan was
first put into effect. The dollar had
deprecated in terms Of other currencies,
but the domestic price level has not
been materially strengthened.
Gain Hard to Explain.
Nevertheless, in week which brought
all these unfavorable developments into
prominence, the stock market advanced
instead of declining. The gain was not
large, but it would be easier to explain
a movement in the opposite direction.
To be specific, on October % the
industrial averages (Dow-Jones) closed
at 9201 and the railroads at 37.84,
whereas on November the same stocks
left of at $500 and 1882, respectively.
The utilities were down slightly, which
was logical enough considering the prob
lens they face, including taxation and
the prospect of Government and mu-
nicipal competition. That, however,
merely emphasizes the showing made by
the other two groups.
Apparently the market has reached
the stage where it is indifferent to bad
news. Whether that has significance
with regard to business remains to be
seen. Traders explain fluently that
stocks have discounted" all the troubles
Of industry. They mean that prices
are low enough, even If everything that
all OF US fear actually comes to pass.
tCopyright. 1888. By North American News
paper Alliance. Inc.)