Evening star., 1933-08-18
|STOCK PRICES SAG
IN FINAL TRADING
TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE TN
Earlier Upward Movement
Revised, but Weakness
Fails to Appear.
Special Dispatch to The Star.

cpeCidl OlSpdLCn 70 ne quar-
NEW YORK. August 18-An earlier
upward movement in stocks today was
reversed in the last hour and the list
closed irregularly lower, but without
weakness
The change in trend today had the
same cause as in the two preceding ses-
sions, namely a change in the wheat
market
Grains had ranged higher during the
morning, but they came down in the
afternoon and at the end wheat was off
47s to cents a bushel, or practically
the limit allowed under the regulations.
The selling in stocks today as wheat
weakened, however, was not as urgent
as it had been on similar occasions re-
Gently In fact, the list was rallying at
the close, perhaps because the profess
sional element did not care to stay
short over two-day holiday when
anything might happen in Washington
The exchanges moved against the
dollar all day.
Specialties Take Lead.
Stocks opened fractionally higher
under increased volume The overnight
orders were predominantly on the buy
ing side, the outside public having been
reattracted to the market by the
demonstration of technical strength it
had given Thursday. After this initial
demand had been satisfied there was a
partial reaction, which in turn was fol-
lowed by another advance, but at
more moderate pace and with more ir-
regularity
One or two stocks we're selected for
leadership in each group Among the
motors it was Chrysler that was the
favorite. bid up to the highest of the
year. suggesting pool sponsorship. In
the food stocks corn products was the
feature, also achieving a new high and
also appearing to be under special
guidance. American Tobacco B made
the best showing in its group, while
among the textiles Celanese was
favored
The market as a whole lid not make
the progress which these specialties did,
and there were many issues which made
no progress at all The steels we're
heavy and the rails very irregular.
Lehigh Valley and Delaware & Hudson
were strong at times. but Chesapeake &
Ohio. which is making such a wonder
full earning record was slow TO respond.
Amusement stocks were in good de-
mand, particularly LoeW's, probably on
the theory that under the N r. A
there will be more customers for the
theaters with time and money to crafty
their inclinations
Wheat About Steady.
Wheat in Chicago opened fractionally
higher, increased the gain to over a
cent a bushel and then fell back to
around the opening price. Cotton made
new high on the recovery, but it lost
a part of the gain before noon In
both these markets as we'll as in stocks
the imitation prospect continued to be
the dominating influence. There was
no information to be had in Washing
ton except that pressure was being
brought to bear on the President from
the agricultural regions to use the
powers intrusted to him under the
Thomas amendment
The most pronounced movement Of
the day was in the foreign exchanges,
where the dollar was weak Sterling
at one time during the morning was up
over cents, French francs up 8 points
and guilders up so points London be
lieves that radical imitation cannot be
prevented. however uncertain opinion
on this side may be-
Copyright. lq33)