Evening star., 1933-12-07
STOCKS EDGE Up !
IN QUIET TRADING
Rails and Many SpeciaIties
Go Higher Utilities
" Rule Steady. f..
BY VICTOR EUBANK.


NEW YORK, December THE stock
market worked upward today under
buying In rails and wide variety Of
specialties. Utilities and many Of the
old stand-bys among industrials, ruled
only steady to moderately frmer.
American Telephone and United States
Steel were up major fractions, but ad-
vances Of around 2 or more points en-
braced Du Pont, Union Pacific, Della
ware and Hudson. Armour preferred
and Auburn. Transfers approximated
1,650, 900 shares.
The dollar firmed In terms of pounds
and French francs as the domestic
gold rate was again unchanged, but cur
rency fluctuations were rather narrow.
Equity specialties were in moderate de-
mand and gains Of fractions to more
than point predominated in the early
hours. "Quiet accumulation was the
phrase used by bullish commission
houses.
Odd Lots Increase.
Although stock dealings were still al
most entirely professional, brokerage
firms reported some nibbling by out
siders and pickup in odd-lot business.
With the ,infiationsry stimulus lacking,
many of those who bought shares as a
hedge against currency expansion were
said to be holding because of indica-
tions that trade and industry ever the
next several months will show substan-
tial improvement
That the President in his speech last
night did not touch on the administra-
tion's monetary program probably was
disappointing to some. but occasioned
no surprise among those who have been
watching closely the developments at
Washington. Banking circles. while
hoping for some sound money" pro-
nouncement in the near future, feel
that the domestic and international
situations are such that definite stand
on the money problem Is not likely at
the moment.
The recent strength of the dollar in
terms of leading foreign exchanges
was attributed by various dealers
partly to short covering by European
spectators because of continued sta
biliZation rumors abroad. At the same
time financial houses with foreign
connections report there has been
some repatriation of American capital
that fed to pounds and francs some
months ago due to inf1ationary fears.
Shorts Still Heavy.
Some financial quarters believe that
the foreign short position in the dollar
Is still extremely heavy despite the re-
cent sporadic covering. Rumors that
Washington and London had agreed to
hold the dollar pound rate between IS
and $5.25 were not taken seriously BY
usually well-inforned bankers. The
opinion, however, was expressed that
both the British and American au-
thorities would prefer quieter ex-
change markets, at least for the time
being.
For the sixth successive day, the
Treasury maintained its gold price un-
changed at $34.01 and the dollar again
advanced In the foreign exchange
market. Sterling at the opening was
of IA cents to S5101z, while French
francs slid down .05 cent to 6l0 cents.
Announcement of the Governments
new financing, eagerly awaited, dis
closed an interest rate higher than had
been expected in some market quarters.
and 1t was assumed that the 2k per
cent one-year certificates would meet a
heavy oversubscription. Incidentally.
the orthodox refunding procedure
squelched reports current a while ago
that the Government might resort to
lnfationary methods for its mid-Decem-
Der operation.
The gold loss of the Bank of France
for the week ended December l was
45O 100000 francs, substantially less
than for the previous week. The banks
ratio was 1924 per cent. a small
increase.