Evening star., 1933-11-09
STOCKS IRREGULAR
AFTER BRISK GAIN
Sharp Decline of U. S. Bonds
as Dollar Falls Brings
Lag at Close.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, November 9.-The
headlong decline Of the dollar, which
carried its gold value as measured by
the French franc down below 81 cents,
threw all the markets into turmoil to-
day.
The first effect on stocks was stimu-
lating. All groups advanced during the
morning and early afternoon under a
heavy turnover. although none of the
gains was particularly large. In the
last hour. confronted by the acute
weakness in United States Government
bonds which was itself a result of the
downward plunge of the dollar. specu-
lators in stocks lost a part of their
confidence and prices came down from
their best
The dollar made another new low
since Civil War days. Sterling and
francs went to new highs, the former to
the highest since 1914 and the latter
to the highest since France revalued its
currency in 1928. In the late afternoon
sterling exchange was quoted S51515,
up 1734 cents on the day. About the
same time the franc touched AS cents.
up 1874 points. Other European gold
currencies scared with the franc.
Commodities Strong.
All commodity markets were strong.
Wheat closed closed 33s to 4 cents a
bushel higher. Corn was up ia to ga
cents, rye up to 31s cents and oats
up ~ to IL cents a bushel. Cotton
gained SIPS a bale. Silver and rubber
futures advanced.
Another feature was the advancing
of bin rates by the dealers, although
there was no quotable change in other
forms of credit
United States Government bonds
were under pressure from start to fin
ish, and made their lows OF the Ses-
sion in the last hour
The late sel-of in stocks, which left
the market irregular at the close, was
accompanied by falling off in volume.
The market opened strong and ac-
i've ana STOCKS continued in demand
throughout the morning The turnover
in the first hour ran TO 100000 shares
against only 100000 on Wednesday and
Z2o.ooo on Monday The buying came
In waves, but there was little or no re-
action during the period Of relative
quiet and brokers reported large buying
orders Just under the market.
Notwithstanding the activity, which
at times looked feverish, the advances
were moderate. The feature was the
uniform improvement rather than the
extent of the gain. In the first hour the
metal shares were the leaders and In
the second hour the rails led the way
Other strong spots we're General Motors,
which carried along with It du Pont.
auburn Auto Western Union, Allied
Chemical and various commodity issues
among which the rubber stocks wert
prominent.
Railways Join Trend
In the railway list Atchison. BaIti.
more d Ohio, Lackawanna, Delware &
Hudson, Louisville g. Nashville New
York Central, New Haven and Pennsyl.
Vanla were all up to 2 points. Union
Pacific, directors of which declared ths
usual Sl.50 quarterly dividend on the
common, gained 2 points by midday.
The dollar declined again. Sterling
opening at $5.01k2, was I'D go cents
It was quoted $500 shortly thereafter.
me French franc opened at 6.20 cents
up "A points, and little later sold al
6:22 cents, both new high records
Montreal funds were at premium over
the United States dollar. The Recon.
Structlon Finance Corporation lacked ur
It's Offering price for new gold another
10 cents, putting 1t at S3.l5 an ounce
In London gold was slightly lower, al
$50 shill1ngs II pence, and the pound
stronger against the franc.
The British chancellor Of the ex.
chequer, speaking in the House of Com.
mons, announced that the government
has no intention OF pegging the poun1
either to the dollar or the French franc
(Copyright, 1q33)