Evening star., 1933-10-15
STOCKS RECOVER
MOST Of LOSSES
Market Resists Continued
Selling Wave at End
of Week.
BY VICTOR EUBANK.

By the Associated Press.
NEW YORK, October 14-Stock mar
ket traders operated cautiously In log
of indecision today, but equities gen.
orally displayed some resistance TO
continuation Of yesterdays selling wave.
At the close prices we're only moderately
irregular despite further heavlness IN
grains. The activity was still restricted
and the turnover approximated only
$4,000 shares. .,
After a rather sharp selloff at the
opening, the volume dwindled and lead
ing stocks regained most OF their IN
aueural losses of l to around points.
Wheat was of about cents a bushel
at one time, but later rallied. Cotton
was uncertain and bonds were a trif1e
reactionary. Sterling recovered mildly
In dollar transactions. but the gold eX-
changes still pointed downward. Ger.
many's resignation from the League OF
Nations and the Disarmament Confer
ence apparently was not especially dis
turbing.
At. & T. Shares Higher.
Shares of American Telephone fin
tshed about ~ points higher, and were
only slightly lower at their worst. Other
gamers of fractions to around point
or mere included Allied Chemical Cen
eral Electric, Case, Deere, Standard OIL
of New Jersey. American Can. Consol-
idated Gas. Public Service OF New Jer-
sey Woolworth. United Aircraft, United
States Industrial Alcohol, National Dis
tillers, Goodyear and Chrysler. United
States Steel lost a point, Mcintyre
Porcupine was down IA and smaller
declines were recorded by du Pont. New
York Central, Santa Fe. Alaska Juneau,
American Smelling. United states
Smelling, Sears. Roebuck; Union Pacific
and Western Union Homestake Min
ing dropped points on a few sales.
Notwithstanding mixed prices some
stock market observers were inclined to
feel that the comparatively small vol
ume of liquidation and short selling
was indicative of soundly imbedded
industrial recovery sentiment. which
wishes to ignore the change in inf1a-
tionary psychology. and is looking some
distance ahead for profits.
Brokerage circles. although ultra
cautious in expressing opinions as 10
the results on equities which may be
expected from the implied sound
money" program OF the Government,
are not too pessimistlc.
Imitation Foes Gain.
The anti-inflation movement. it was
pointed out, has been gaining mo-
mentum since the July reaction. Com
mission houses that saw currency ex-
pansion as certainty only few weeks
ago, with a consequent belief that any
move toward monetary stabilization
would be disastrous at this time. have
switched their views. and are talking
hopefully of the establishment of basic
economic concepts" as the groundwork
for a permanent revival.
The European situation, and Ger
many in particular. has not been absent
from the minds of financial observers
for some months. although principal
attention. of course, has been centered
on dcmestic developments. The ulti-
mate effect of political unsettlement
abroad. it wcs thought, might be de-
pressing on American securities to some
extent. But, for the moment, the dis
position seemed to be to consider for
eign events in the abstract, rather than
as having any immediate bearing on
the American recovery program.