Evening star., 1933-12-06
Stocks IRREGULAR
IN LATE TRADING
Rails Generally Are Firm.
Alcohols and Metals
Slightly Heavy.
BY VICTOR EUBANK.
Press Financial Writer,

NEW YORK, December 6.-stocks
idled today and after several mild at
tempts to extend yesterdays rally, the
list turned moderately irregular in the
late dealings.
Rails were generally firm, but some
of the alcohols and metals were a little
heavy. United States Smelling lost 134
points while American Telephone, Allied
Chemical and National Distillers were
of about a point each. United States
Steel eased a minor fraction, but
steady firm tone prevailed in Johns
Manville, Pennsylvania, Great North
ern preferred, Corn Products and Santa
Fe. Transfers approximated 1,35o.0o0
shares.
The dollar rallied around cents in
terms of sterling and some 005 of a
cent in relation to the French franc
when no change was announced in the
domestic gold rate. Equities mulled
about indecisively at first, then firmed
under the leadership of rails. Little
buying power developed, however. and
ldJCi oPOttCu LliS
list. Grains were slightly higher, blIt
cotton and some other commodities
eased.
Advance by Fractions.
Among share gamers of fractions to
around a point we're Corn Products,
Vanadium, New York Central, Great
Northern preferred, Pennsylvania. Santa
Fe, Union Pacific. Delaware & Hudson.
Johns Manville, Montgomery Ward and
General Foods. The alcohols had a
bit of morning after" headache. with
National Distillers and United States
Commercial Alcohol dropping a point
or more each. American Telephone,
Consolidated Gas, United States Steel.
Allied Chemical, Du Pont and other
leaders moved narrowly.
Although declaration of a So dividend
by the Burlington was not entirely I'M
expected, announcement of the dis
bursement was pleasing to followers of
the carrier stocks. The Burlington's last
1882
Financial circles, while displaying
much interest in what the President
may say in his speech tonight, were not
expecting any detailed explanation of
the administrations monetary policy.
Most bankers feel that it is highly i'm
probable the Chief Executive will go on
record at this time as to any definite
goal for the dollar or any final level of
stabiliZation.
Observers Encouraged.
Market observers were much en-
couraged over recent dividend news. II
was pointed out that a year ago divi-
dends were either being reduced or
omitted while now there are few dis
continuances, outside the public utility
field, and number of industrial COM
panies are even resuming payments, in
creasing established rates or declaring
year-end extras.
Those who usually reflect the senti-
ment at Washington are expressing the
opinion that more and larger dividend
disbursements may be seen within the
next several months. It is argued that
the administrations national recovery
plans call for substantial broadening
OF public purchasing power and that
more liberal dividend payments are
being encouraged in order to augment
spending. Some corporations. it Is said,
fear that the maintenance of large idle
surpluses at this time might result in
such heavy taxation that balances would
be drastically reduced anyway.
Various trade indices are being scruti-
nized closely for indications of a further
upturn in business. One barometer. the
index of machine tool orders, as com
piled by the National Machine Tool
Builders Association. rose to 67I in
October. new 1888 high, compared
with 55.8 in September and 1874 in
March.