Evening star., 1933-12-04
STOCK PRICES HELD |
TO NARROW RANGE.
Extreme Dullness Continues.
AIcohoIs Improve as
Metals Ease.
BY VICTOR EUBANK,
NEW YORK. DlNhMblN 4.-SLANlS

failed to stir from their narrow trading
fsiry Steady pTeVaiied nf
the late trading. Metals were a trifle
easy, while alcohols and rails ruled
steady to shade higher United States
Steel and American Telephone were
about unchanged. Canada Dry. Amer
ican Commercial Alcohol and Santa Fe
were slightly higher. but American
Smelling and North American were
easier. Transfers approx1mated $50 900
shares.
With no further increase in the gold
rate. the dollar spurted in foreign ex-
change dealings. Sterling dropped near
ly IA cents and French francs yielded
more than .l3 of a cent. They re-
covered moderately later. Equity trad
ing was around the dullest of the year.
The ticker tape suffered only oc-
casionally in the early hours. While
there was little stock for sale. buyers
we're extremely difident. Grains sagged,
but came back to their starting point.
Cotton, rubber and silver softened.
Bonds we're irregular.
Canada Dry Rises.
Shares Of Canada Dry got up about
2 points and issues of Schenley. Amer
ican Commercial Alcohol, United States
Industrial Alcohol and National Dis
tillers were up fractionally to a point.
American Telephone, United States
Steel, Johns-Manville, Du Pont, Ameri-
can Can, Allied Chemical, New York
Central, Ohio Oil, Standard Oil OF New
Jersey and Consolidated Gas eased.
Some of the metals were bit heavy.
The announcement of Chairman Jesse
Jones of the Reconstruction Finance
Corporation that to date only s10,400,-
600 of newly mined domestic gold had
been purchased was about in line with
expectations. Chairman Jones did not
reveal the information which the Street
would like to have-the amount of for
eign gold purchases.
Wall Street continued to hear rumolS
that some sort of currency stabiliza-
tion conversations were going on be-
tween washington and London: al
though no confirmation was available.
In some quarters the belief was ex-
pressed that serious stabilization talks
would not get under way until the DO
mestic gold price has been pushed up
above $50 an ounce. At this level the
dollar would have a theoretical va!us
OF about 81 cents.
Roosevelt Speech Awaited.
Whether President Roosevelt in his
speech next Wednesday would touch on
AAo(d4 POAlNy ndS q
matter of conjecture in the financial
sector. Banking circles ostenSibly in
close touch with the Capital did not be-
lieve the Chief Executive would enter
into any extended explanation of the
gold buying move. but it was thought
he might reiterate the Governments in
tentions to raise commodity prices by
one means or another.
In the meantime some market obsery-
ers we're of the opinion that equity op-
orators would continue to maintain a
'watchful waiting" position. at least
until Congress convenes and some indi-
cation is given as to just how far the
lawmakers will go toward drastic cur
rency imitation or monetary stabiliza-
ton With the lines now rather sharply
drawn between the two schools OF
thought-the stabilizationists and the
depreciationiStS - financial commenta-
tors we're somewhat timid in predicting
congressional results.
Posting of the s34.o1 Treasury quota
tl0n for gold, unchanged from last
Friday and Saturday. found foreign ex-
changes lower Sterling opened at
s5I2Iz. OF cents, and French francs
at 6,o7, of '0774 cent but the rates
hardened when the Washington gold
price was announced.
Trade reviews at the beginning Of the
| week which is to see prohibition repeal
| and disclosure OF the terms for the
| Governments mid-December financing
| indicated considerable steadiness.