Evening star., 1933-11-15
STOCKS END DAY
WITH SMALL DROP
TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE |S
Traders Hesitant as Dollar
Continues Slump to Be-
low 60 Cents.
BY GEORGE t. HUGHES.
Special Dispatch to The star.

special Dispatch to The Star
NEW YORK. November l5.-A new
low for the dollar, less than so cents In
gold. weakness in all the grains. irregu-
larity in other commodities and a stock
market which had difficulty deciding
which way to go, but which finally left
of fractionally lower, were today's
financial developments.
Sterling and francs went to new peak
prices, weakening only unimportantly
at the end. Dollar depreciation did not
help stocks. however, and Government
bonds declined, although not to their
lows OF the movement made on Friday
last.
Wheat closed 2 to pa cents bushel
lower. Corn was off la to l3A. oats
off Ia to la and rye down iIs to
l IS cents. Cotton was little changed.
The silver market had a hectic day,
with futures now higher and now low
er. Rubber was strong.
American Sugar declared the regu-
lar dividend on both classes of stocks
Standard OIL Of Kansas shares we're
put on q 50 annual dividend basis by
the first declaration since March. 1881.
American Telephone declared the regu-
lar rate.
Oils Make Best Showing.
In the stock market the best show
ing was made by the oils and the
poorest by the rails.
The market was confused in the early
trading by the wild fluctuations in the
exchanges, by the fact that the Recon-
struction Finance Corporation made no
change today in its price of gold, con-
trary to its custom, and by doubt as to
the significance Of the personnel
changes in the Treasury Department.
Sterling in London before business
opened on this side scared to S5.38,
while the London price of gold at l29
shillingS X pence was up from 1913
shillings z pence Tuesday. The opening
here was S5.36l2 for sterling. up 1914
cents, and 6.53 cents for francs up 10l5
points, both new highs When the
r. F. c., however, failed to advance the
price of gold the exchanges reacted in
favor of the dollar.
Foreign Exchanges Rise.
Before noon the decline in the foreign
currencies had been Cancelled and both
sterling and francs were at the highest
of the day up to that time. The market
was nervous and unsettled and quota
tions were not to be relied upon for
any length OF time.
Stocks were lower in the first hour,
but more than recovered the loss in the
second. At the same time, speculation
was extremely cautious, because the
rank and file were completely bewil-
dered over the money outlook and be-
cause the renewed reaction in United
States Government bonds had a re-
straining influence
The oils were the leaders on the
recovery, particularly Standard of New
Jersey and Standard Of California.
Chemicals were well supported. Air
Reduction was strong Motor stocks
gave good account Of themselves un-
der the leadership Of Chrysler. On the
other hand, the rails came back only
fractionally, and utilities were in sup
ply In short, the whole movement
was indecisive.
Trade News Favorable
The business news was mildly en-
couraging. Electric output was up 6s3
per cent for the week, against gain
of 38 per cent the preceding week.
The Iron Age reported steel production
had struck at least a temporary re-
sistance level Steel output was re-
ported to be at 27l1 per cent Of ca
pacity. against 25.2 per cent last week.
The stock market dragged along i
the afternoon without appreciate
change.
Violent fluctuations kept up in the
exchanges. Sterling touched $5.41 and
the French frame 6.57 cents. At this
rate the dollar had a gold value Of less
than so cents for the first time since the
policy of depreciating it was put into
effect.
(copyright 1o331