Evening star., 1933-12-08
STOCK PRICES HOLD
| TO NARROW RANGE
Undertcne Steady as AIcohoIs
Brace After Heaviness
in Forenoon.
BY VICTOR EUBANK,

AcSoCldtcu FIeSS flnaQcldl Writer.
NEW YORK, December 8.-Stocks
quietly backed and filled in a narrow
trading range today. Late quotations
were trile mixed, but the undertone
Of the market remained fairly steady.
Alcohols braced after forenoon heavi-
ness, National Distillers canceling a
point loss.
Santa Fe, United States Steel and
Allied Chemical ruled about unchanged.
Auburn, Loew's and American Tele-
phone were firm, but United Aircraft,
Chrysler, Case and American Smelling
were easy.
Profits tempted spectators in both
stocks and staples today and prices
sagged moderately before support ap-
peared.
Despite the mild reaction in equities,
sentiment continued rather optimistic as
business and Industrial news seemed to
have supplanted, at least for the time
being, the monetary controversy as a
| market influence. With the gold rate
again unchanged, the dollar moved mar
rowly In foreign exchange dealings
Grains were of about cent a bushel
at one time and most other commodities
were somewhat lower.
LOadings Drop Expected.
A decrease in car loadings of S5,e22
for the week ended December 2, which
included the Thanksgiving holiday,
was not unexpected. There had been an
estimated seasonal decline of some
$4,000. There were predictions of a
sharp rebound for the week ending to-
morrow. The past weeks loaoings
were 81, $40 under the 1882 period
which, however, did not include a
holiday.
OversubScription by about three times
OF the Treasury's new S950,000, 900 Ger
tIflcate offering was no surprise to the
financial district, which was generally
pleased with the terms of the December
Is financing. In some quarters it was
believed allotments for cash subscrip-
tions might not exceed 20 to 25 per
cent.
The hardening tendency of the money
market-cau funds were renewed at l
per cent for the first time since August
29-while rejecting principally seasonal
demands, was also an indicator to some
industrial observers that expanding
business was responsible for the more
than usual credit needs.
The recent sagging of foreign ex-
changes, dealers pointed out, may not
have been due altogether to covering by
European spectators or to the fact that
| the domestic gold price has remained
| stationary for the longest period since
the r. F. C.. started It's buying opera
| tionS.
Trade Is Big Factor.
Sterling, at this time of year, it was
said, is normally depressed by the
| drawing of bills in connection with
! payments for cotton and other staples.
Notwithstanding some shippers are
leaving the proceeds of their sales
| abroad, bankers say the financing of
British imports tends to keep the pound
| in supply
The Treasurys gold price has now
been at S34.0l tor seven days, the long
est stretch over which one quotation
| has prevailed since the R. F. c. began
posting its prices late in October. For
eign exchange again moved narrowly
in the early dealings Sterling opened
unchanged at S5.12 and French francs
eased ola cent to 6.15 cents.
The weekly Reserve statement re-
fleets the seasonal tightening of none
tary and credit markets. The central
banking system bought from members
$37 900, 900 in bankers bills and ex-
panded its total outstanding credit by
S34,000.000. Holdings of Government
securities remained virtually un-
changed; the actual change was a re-
duction Of S580,O0O.
Dun & 'Bradstreet's Mercantile Re-
view reported brisk pickup in retail
trade and said that earlier estimates of
volume for this month would have to be
revised upward