Evening star., 1933-11-05
FIRM STOCK TREND
CALLED SURPRISING
CONSIDERING FEARS
Improved Sentiment Follows
Change in Industrial
Advisory Board.
BY CHARLES ". STORM.

| Editor, the News Service of Wall Street.
NEW YORK, November 4.-The gen.
eral stock market the last week has
given an impressive demonstration Of
flrmness considering the large amount
of uncertainty that is attending prob
able outcome of the National Recovery
Administration program and the un.
favorable criticism following adoption
of the new monetary policy by Presi-
dent Roosevelt
In view Of the dlTe predictions made
on all sides with regard to the ultimate
results of the administrations policy
Of raising rails the price Of gold in an effort
element of surprise in the action of the
stock market is that it did not show
pronounced weakness.
There appeared to be a distinct
change for the better in sentiment late
in the week in important industrial cir
cles. This improvement was attributed
to the addition of four important execu-
tives to the Industrial Advisory Board
While the new appointments were said
to be just part of the rotating system
to be used in connection with the per-
sonnel of the board, it was significant
that the better feeling in the Wall
street district did not appear until after
the formal announcement.
The proposal by Gerard Swope, head
of the General Electric Co.. of plan
of industrial self-government under
Federal supervision, while the subject
of some criticism. was interpreted on
the whole in favorable light.
Buying Impressive.
Impressive buying appeared in the So
called pivotal stocks Friday. The buy
ing orders came from important bank
ing and industrial interests and were
considered significant. The fact that
the orders we're for stocks that were
not recent speculative favorites was also
considered important. The buying was
aggressive and for larger units than
had been the rule recently.
The financial district continues to be
the center of innumerable rumors re-
garding possibilities of imitation. Con-
siderable discussion has centered the
last week around talk that the admin
istration proposes to buy newly mined
silver just as it is buying gold and that
the white metal will be used as a basis
for the issuance of silver certificates
This would be viewed as another step
in the direction of currency imitation
and the silver stocks were given a whirl
Speculation in this group Of shares,
however. diminished considerably owing
to the absence Of official confirmation.
The street, however. still feels that
silver will be utilized in some form as
part of the monetary recovery plan. It
has been pointed out that silver as a
basis for additional currency would ap-
pease the silver inf1ationistS and at the
same time utilize the silver offered in
partial payment Of interest by the
British government to the United
States.
Business Forging Ahead.
Notwithstanding many reports to the
contrary. general business seems to be
forging ahead, although with reduced
momentum. There is no doubt that
production outdistanced retail consump-
tion for a time, but the slack is be-
heved to have been taken up and some
seasonal betterment is anticipated in
the near future.
Tere is much criticism heard on all
sides as to the feasibility Of the ad-
minlStratiOn'S industrial recovery pro-
gram, but the record shows that busi-
ness is better than it was six months
ago.
The probability that the administra-
ton will regulate the Stock Exchange
has been source of worry to brokers.
and this is particularly emphasized by
the sharp decline which has occurred
in the price of New York Stock Ex-
change memberships.
The New York Stock Exchange man.
agerent is thoroughly alive to the sit
uation, and it is expected that it will
formulate and announce additional
changes in its rules and regulations
which will eliminate practices now con-
sidered unnecessary to the welfare Of
the investment business.
Despite the bewilderment and pessi-
mism which has prevailed the last week,
there has been q surprising expansion
IN the volume Of buying Of small units
of stock by the public for cash.
tcopyright 1893. by North American News
paper Alliance, 1ncD