Evening star., 1933-11-14
STOCKS SELL OFF
IN LATE TRADING
Selling in Railway Shares
Starts Downturn in
Midafternoon.
BY GEORGE T. HUGHES.


NEW YORK, November l4-The
depths hitherto unsounded and Gov
ernment bonds weakened again. Stocks.
however, did not perform according IN
theory. They were strong up to mid
afternoon, as they should be with the
dollar depreciating. but then they he
gan to yield as selling came into the
railway shares, closing at the lows of
losses. '''o""Ae
Sterling, at one time above s5al
was MaS up over 10 cents, and the French
franc, at SAB, up II points, but a part
OF TINS advance was lost. Most COM
mooltleS were strong, but they. too, re-
acted before the end. Wheat left of
up ~ 10 OH 1s of a cent a bushel
thougn, az one time it was up over a
cent. Cotton was still up on the dav
IN the late afternoon, but much below
its best. 0NiO"
Silver futures had the most violent
advance and held the gain better than
otner speculative commodities. Rubber
also was strong.
Traders Are Nervous.
There was no news to account for the
last-hour decline in stocks except nerv-
BUSINESS over the general situation and
especially the spectacular movement of
the exchanges. The liquidation at the
END. however, affected all groups more
initiation issues
Ihe market opened active and
sAgntly higher and extended the gains
lrregularly and with intervals of hesi-
tatlon throughout the morning. 1t was
not a case of indiscriminate buyinp.
however, The metals and the oils were
the leaders, followed by the motors.
chemicals and farm stocks. The rails
ana the utilities, while somewhat
nlgner, were not as strong.
A number Of new highs were estab-
liSned IN the oil group, among them
Royal Dutch. the latter security with
a London market, which added to its
attractlveneSs. The agricultural stocks
We're helped by the approach of recog-
milton OF the Soviet government. Inter.
national Harvester and j. I. Case were
up 2 points each. Westinghouse Elec-
trlc advanced for the same reason The
MAJ man order shares fell into line after
the first hour
Chemicals in Demand.
All the chemical stocks were In de-
mand. including Montsanto, allied Al
lied Chemical and Du Pont, McKees.
port Tin Plate, ON which the regular
quarterly dividend of 81 share was
declared, jumped over points. AS
usual, United States smelling was the
feature in the metal list. The sugars
also bid better today, although sugar
future Jagged behind other commodities.
In the communications stocks Western
Union was bid up sharply and American
Telephone, directors of which meet to-
morrow for dividend action, advanced.
The dollar plunged downward both
in London and in New York. Sterling
opened on this side at $520%, up asa
cents, and the franc at 1894, I'D 3
points. BY noon sterling was quoted
at $5.25, up 8 cents, and the franc at
$6.4l, up 10 points, both of them at
record highs. At the noon quotation
for the franc, the dollar had a theo-
retical gold value of 61.15 cents, the
lowest yet.
Gold in London dropped to I28 shin.
ings pence, the lowest this month, in
dicating the advance of sterling in
terms of francs. Doubt about the
French position increased as predic-
tions were made of another heavy loss
of gold to be revealed in this weeks
report of the Bank of France The
weakness of the franc in London ren-
dered calculations Of the value of the
dollar based on the London price OF
gold misleading.
tcopyright, 1933)