Evening star., 1933-10-05
STOCKS CO Lower
AS TRADING LAGS
Fractional Losses Recorded
at observation-disclosures
Alone in Market.
BY GEORGE T. HUGHES.


NEW YORK, ,eOctober 5-The stock
market finished fractionally lower today
after opening irregularly and then drift
ing downwards. Transactions were less
than in the previous session and trad
ing was confined almost entirely to pro-
fessionals.
Public utilities registered the smallest
declines. Until the fourth hour, when
Columbia Gas s, Electric directors an
nounccd a dividend reduction. the
power and light classification was the
only important group recording an ad-
vance.
The announcement of infationary
proposals by leading Democratic Sen
ato: somewhat campened speculative
enthusiasm. The rise in the dollar
abroad caused the circulation of rumors
that devaluation or StabiliZation was
not as near as many thought a week
ago.
United States Steel common sold
down more than point General
Motors vas off about rs much. Amer
lean Telephone was virtually un-
changed. American Can frmed Will,
Pennsylvania eased Homestake Min
ing staged late rally.
Chemical Heavy.
Chemicals, compared with the pre-
vious session. were heavy. Sponsors Of
Celanese Corporation stood aside and
the stoci, slid Pacific Mills was easer
and so vas Industrial Rayon. General
Mills braced as the trade reported de-
clinin9 -four p-oduction. Lower grain
prices caused farm implement snares
to react. In the final hour the oil5
also yielded, Though Standard Oil Of
New Jersey and Socony-Vacuum were
fairly firm.
Gold mining shares turned lower at
the outset as the franc-dollar rate
caused the four London men who make
the open market price for the yellow
metal to reduce gold quotations. Gold
stocks in the forenoon averaged a point
loss. Norandas announcement of eX-
pansion plans, which would lift copper
as well as gold output, failed to prevent
increased offerings Of the stock
Although silver quotations in London
hardened, stocks of silver mining con-
Germs receded with the general metal
list. Most copper issues eased. as the
trade indicated that the kernel in that
situation is the price set for the red
metal by the Government under the
code now being considered
Chrysler remained the most active in
the automotive division during the first
two hours. Its decline was Influenced
by market operations rather than i'm
mediate corporate developments, as the
company today reported increased de-
liveries by several subsidiaries. Mean
while, Nash Motors and Auburn point
ed upwards. Later General Motors
came out on the tape with increasing
frequency.
Westinghouse Reports.
Westinghouse Electric Immediately
responded to the statement that it had
received a naval order for more than
S1.000000 General Electric was only
moderately active on this movement
compared with its recent turnover. Al
disclaimers was a shade higher at
, times.
American Typefounder sold off on the
announcement of the appointment of
receiver. S. S. Kresge Co. pointed up-
ward as September sales showed a gair
of 1927 per cent over the same month
year ago. Woolworth continued to fee
the influence of the sales gain reported
Wednesday. Safeway Stores led the
grocery chain issues. Traders appeared
to be more interested in the grocery
code hearing in Washington than in
the movements of such stocks
Public utilities reflected bettered tech
nical conditions. which were brought
about by the gain in weekly current
output statistics and the power produc-
ton figures Of individual concerns.
Communication companies mirrored
gains in traffic.
International Business Machines
/, moved forward on reports of improved
trade under the National Recovery Ad-
ministration. Other issues in this clas-
sification Jagged. Dairying shares re-
manned under trade influences. Milk
production continues in excess of de-
mand with the result that it is being
turned into such products as butter and
cheese which are not moving market
wise. This situation is only aggravated
by tapering ice cream sales since the
advent of beer
fCoDvricht 1033O