Evening star., 1933-10-19
STOCKS SLIP AGAIN
IN HEAVY SELLING
New Lows Are Reached for
Current Reaction on
Exchange.
BY GEORGE T. HUGHES.

special DlSpdLcn TO Inc star.
NEW YORK, October 1s-Another
session of urgent liquidation today left
off with stocks at new lows for the
current reaction.
The selling was heaviest in the first
hour and again toward the close, and
the market was most active at those
times. In the middle of the day it was
steady. but it never rallied importantiy,
Both sterling and the franc rec3
cred today, not significantly in
case OF the franc, but at least the
cline was checked. This revc
however, proved of no value to
stock market.
Trading in wheat was nervous FROM
start to finish, and the price move
ment erratic At the close the Decem-
Der option was up Is to IA cents
bushel, while May was of "a to !
cent and July down ! cent
The market opened urder the in
huence OF the pessimism created by its
own action Wednesday, under a feeling
OF discouragement about the business
situation, particularly in the steel trade,
and under apprehension about the
weakness in the French franc The result
was selling for both accounts and de-
cllnes in all the active issues, with only
here and there any sign Of resistance.
Volume Heavier.
Volume in the first hour ran to nearly
three times the turnover in the same
period the day before and the tape was
unable to keep up. Activity fell off later
on and there was slight recovery, but
prices ranged much lower on the cav.
Probably the weakness in the rail-
road shares was the most difficult Of
explanation. These stocks ought not to
be affected by changes of opinion with
regard to currency imitation, or at least
not to the same degree that the COM
modify stocks are There has been no
decline in railroad earnings commen-
curate with the slump in railroad
stocks. Yet on a percentage basis the
rails today were the weakest group.
Stocks selling at SIS a share and under
dropped 2 to points. Union Pacific
broke through to par. Atchison was off
3 points. All of them made new lows
for the movement
Among the industrials the oils gave
good account of themselves and
American Can was well supported. At
lantic Refining advanced against. the
trend. In the liquor group National
DiStillers was higher on the day wilma
the selling was most aggressive in most
of the list. General Motors sold off
only fractionally on a large turnover.
The steel shares were weak. Gold min
ing stocks lost ground easily. J. I. Case,
Allied Chemical, Ingersoll-Rand. Sears
Roebuck and Eastman Kodak were all
sharply lower.
Foreign Interest.
OF course, the greatest interest is at
tached to the situation abroad. No
news to account for the acute weakness
in the franc Wednesday was available.
Whether the French budgetary problem
or the political outlook in Europe gen.
orally was to blame did not appear. The
franc opened unchanged on this side
today and by noon had rallied points,
a small recovery compared with the
break. Sterling was up 3 cents here
and the pound in London was higher
against the franc. -,
In any event it was plain that the
exchanges were recording doubt about
the future of the franc and not con-
fldent in the outlook for the dollar.
For the moment it is the European
problem and not the American one
that is the controlling influence.
Copyright. 1882
The afternoon market was steady
around or just above the lows of the
day. Industrial stocks rallied better
than the rails, but the pressure on both
was lifted. Strength in National Dis
tillers was doubtless due to the restric-
tion of imports of foreign liquor pend
ing repeal. Paris cables ridiculed the
report that France would go of the
gold standard and both sterling and
francs held their morning gains. This
weakening in the dollar had a stimu-
lating effect on the commodity stocks.