Evening star., 1933-11-27
STOCKS END DAY
AT LOWER LEVELS
Metals and Other Commodity
Shares Show Largest
Losses at Close.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, November 27.-All the
markets reacted today except United
States Government bonds. The dollar
rallied vigorously against both sterling
and franc. and that was the only
ostensible cause for the weakness in
securities and commodities.
The largest losses in stocks were in
the metal issues and other commodity
shares, but in the last hour the entire
market was under moderate pressure.
The dollar, measured by the French
franc, reached gold value of over IS
cents, the highest since November /.
Sterling and the franc recovered slight
ly toward the close, but even then were
down l034 cents and 1872 points, re-
spectively, on the day.
All commodities were more or less
weak. Wheat closed 5s to 3. of a cent
a bushel lower. Cotton was of be-
tween SO cents and a dollar a bale.
Rubber futures broke so to rs points
and silver futures ITO to 120 points.
Pace Quickens at End.
The market was most active toward
tape was unable to keep up. Volume
for the whole session, however, was
moderate
Stocks started in without material
change from Saturdays finals, but when
the foreign exchanges began to break
the metal shares weakened and the
whole market came down more or less.
The fact that there was no change in
the offering price of gold fixed by
Washington and that sterling and the
French franc declined sharply, both
abroad and on this side. brought large
offerings into those stocks which had
been bid up on their imitation merit.
The losses in this group ran as high
as points in United States Smelling.
while all the gold stocks went into new
low ground on the current reaction.
Cerro De Pasco. Howe Sound and Amer
lean Smelling were weak The result
was unsettling on the rest of the list.
The best resistance was made by the
liquor stocks and next to them by the
steel shares. The rails were irregular
but as a rule slightly lower. traders not
being impressed by the October earning
statements.
Probably the slowing up of the gold
manipulation program in Washington
had something to do with the weak
ness in the exchanges and the cor
responding strength in the dollar. but
by far the more important influence
was the situation in Paris and the lack
OF confidence in the stability of the
newly formed cabinet. That this was
the major factor was evident from the
weakness of the franc in London.
Paris Embargo Talked.
Naturally, discussion of the possibility
OF France embargoing gold again came
up The premium paid for gold in the
London open market, where the quota
ton was l25 shillings 3la pence. against
l26 shlllingS 6 pence on Saturday, went
to II pence today. an unusually wide
spread, also bespeaking Gistrust in the
French outlook.
The market continued to sag in the
afternoon, but with no increase in VOL
ume and with many groups giving way
reluctantly. There was no support for
the metals. but the motors. the steels
and the utilities we're well taken on the
decline. Sterling and franc exchange
rallied slightly from the morning low,
but the weakness in commodities had
an adverse effect on stocks
Jewel Tea Co. and the William Wrig-
ley. Jr, Co. declared the regular divi-
dendS on their respective stocks.
Copyright. 1933D