Evening star., 1933-11-01
STOCKS UNCERTAIN
AT HIGHER LEVELS
Sinking Spell After Morning
Advance Is Followed
by Late Rally.
BY GEORGE T. HUGHES.

opeC!aI DiSpatch TO The Star.
NEW YORK, November 1.-Cnangina
decisively one way or the other until
just before the close, todays stock
market left off higher, with the best
advances in the metal stocks and
specially those connected with silver.
The market was firm all the morn
ing. had sinking spell in the early
afternoon and rallied in the last hour
One factor which worked against
stocks was the weakness in grains, Ex.
cept for brief time in the early trad.
ing, wheat was under pressure all day
and close 2l2 to 27s cents lower. All
the other grains sold off rather sharply
Among other commodities the only fea.
ture was the demand for silver futures
Speculative bonds were heavy at the
best and weak at the worst. High.
grade investment issues were firm, The
dollar was weak. Francs crossed the
Scent mark and in the late afternoon
were up 912 points. Sterling at S48C
was up 23s cents. This picture as
whole was as confusing as ANYTHING
seen since the new gold buying policy
was announced
Gold Price Raised.
The market opened with irregula,
and fractional price changes, but be.
fore the morning was over an upward
movement in the metal shares wa,
under way which carried some of them
to 4 points higher. Other commodity
issues. particularly the rubber stocks
went along. In the metals 1t was stocks
connected with silver production which
were the strongest, speculation favor.
ing this group because of the strength
IN the commodity Of late while other.
were reacting.
The gold shares were firm. with Dome
Mines up point. The Street would
be interested to known how much gold
has actually been sold to the Recon.
Structlon Finance Corporation since il
began to offer progressively higher
prices for the home output, but nc
information on that point was available
Inc washington price was raised
again today this time to 1925 ar
ounce, the highest yet. and represent.
Ing very large profit for the pro.
ducers. Whether they have taken ad-
vantage of 1t or are waiting for still
better prices the public does not know.
Ihe washington price for gold today
was equivalent to 64.07 cents for the
dollar. French francs were quoted at
the opening here Cit was a holiday in
Paris at SGT cents. up as points.
which would give the dollar gold
value OF 65.66 cents. maintaining the
spread between the worth of the paper
currency in gold on the two methods
OF computation. Gold advanced in the
London market. meaning, of course, de-
probation of sterling in terms of the
franc The way in which the franc
has held up all through the cabinet
crisis and the difficulty over balancing
the budget lends no support to the
theory that France will be forced of
gold
Market Turns Weak.
The market weakened in the after
noon as selling came into the utilities
Consolidated Gas dropped on small vol.
ume and there were recessions in most
of the other active members of the
group The tobacco stocks were weak
on the theory that they would be un-
able to absorb the increased costs under
the code plus the processing tax and
would have to pass them on to the
consumer. Steel common was down
only fractionally. but Steel preferred
sold of 2 to 3 points. Obviously the
making up Of accumulated back divi-
dends on the senior stock is . long
way of.
tCopyright, 1887