Evening star., 1933-12-18
STOCKS SELL OFF
INNARROW RANCE
Extreme DuIIness Character.
lies Market After. Raising
+ Of Gold Price. p =
BY VICTOR EUBANK.
Associated Press Financial Writer

NEW YORK, December 18.-Stocks
drifted lower in desultory trading to-
day. Losses of fractions to more than
a point prodominated in the late deal
ings. Atlas Tack dropped around 7
points. Issues off a point or more in
cluded American Telephone, Westing-
house, Allied Chemical, du Pont, Santa
Fe and Sears Roebuck, Armour of
Illinois preferred was firm spot. while
Union Pacific was steady. Transfers
approximated 1850 900 shares.
The small tilt of the gold figure fur.
nished little surprise to speculative cir
cles, and the infationary implications
of the raise brought no rush for either
equities or commodities. Stocks pointed
lower with some specialties quite heavy.
Grains and cotton were only a little
better than even, although silver and
rubber were firm. Both sterling and
French francs moved up around 4 cents
and .05 of cent, respectively.
Extreme dullness characterized share
trading. Atlas Tack dropped more than
7 points in addition to its 1112-point
loss Saturday. Union Bag g. Paper
was off and Allied Chemical g Other
losers of fractions to a point or more
included United States Steel, American
house. Du Pont, Sears Roebuck. Chrys-
Ter, Consolidated Gas, Santa Fe. New
York Central, Case, United States
Smelling, United States Industrial Al
cohol and others. Auburn and Union
Pacific were slightly higher
Most market commentators were Of
the opinion that dull and featurless
pre- Christmas market sessions could be
expected. unless some unforeseen stim-
illus is furnished by Washington ac-
tivities.
Business and industrial sentiment,
however continued highly optimistic
for the early part of the year Trade
reviews found that consumer response
to Christmas offerings in all types of
retail stores has been exceeding the
expectations of many merchants who
had previously turned a little gloomy,
following the let-down after Thanks
giving day. Sales returns were said to
be running substantially ahead of last
year.
Hopes of near-future currency stabili-
Zation apparently were fading in Wall
Street. and there were manv con njectures
as to how much higher the gold rate
would be raised and the quantity Of
metal which might be acquired abroad
under the existing administrative policy.
Indications that the r. F. c. had bought
some S35. 10000 of foreign gold since
it began the price-fxing program, al
though interesting to the banking sector,
were not conclusive evidence to most
inancierS that the bidding would be
raised to any great extent in European
centers. 1t was pointed out that if the
international gold rate is to be boosted
appreciably, the United States might
have to bring in much larger shipments
OF the metal.
Some brokerage houses with European
connections reported a moderate re-
newal of equity buying from abroad
during the past week. Small order,
were said to have been received frori
London. Paris. Switzerland and Amster-
dam. Purchases, it was said have bee
exceptionally sel5ctive and more for il,
veStment than speculative purposes.
The magazine Steel reports a RI
in operations for the steel industry +
the best level in eight weeks, due pr4-
marily to increasing specifications
against fourth quarter contracts The
publication thinks iron and steel plant
may hold around present ratios over TIL
holiday period. which usually sees E
decided letdown.