Evening star., 1933-10-14
STOCK PRICES RISE
IN FINAL TRADING
Rally at Close Wipes Out
Many Losses From Earlier
in Day.
BY GEORGE T. HUGHES.

Special Dispa tch to The Star
NEW YORK, October IA frac.
tional rally in the last Is minutes Of
trading in today's stock market wiped
out may of its earlier losses >f
Increased offerings came on the mar
ket following the announcement that
Germany had resigned from the League
of Nations, withdrawn from the Geneva
Arms Conference and dissolved the
Reichstag.
Germany's action brought about a
tumble in Reich government dollar
bonds in this market, softness IN
French government couponed securi-
ties, break in reichsmarks, weakness
in French francs and belgas. and
liquidation in cotton and grain.
The principal stock market effect OF
Germany'S international decisions was
mirrored in the metal group, where cop
pers sagged, as that country is large
buyer of the red metal in the United
States. ,-..
United States Steel rallied from It's
low of the day, but finished with a net
loss. General Motors was off a small
fraction. United States Smelling lost
more than point. General Electric was
up shade.
A. T. & T. Is Strong Spot.
American Telephone was the strongest
spot in the public utilities. Power e.
Light shares, even when selling reached
its peak, displayed better resistance
than either the rails or the industrials.
Standard Oil of New Jersey was most
active in the oils. American Can was
up couple of points near the close.
Textile securities reacted from their
recent peaks.
Gold securities moved lower on the
decline in the yellow metal bars IN
London. Copper shares ignored the re-
ported reduction of 100000 pounds
in world refined red metal stocks dur
ing September, viewing the German ac-
ton as the more important market
factor.
The persistent selling of secondary
metal by one of the custom smelterS
with important German connections
was regarded as significant when traders
today recalled that such sales were
responsible for the depressed prices
here this week. Lower non-ferrous met
ais naturally brought offerings Of smelt-
ing issues.
Tobaccos generally disappointed trad
ers in view of the wholesale advance
of S150 a thousand in many leading
brands of scent cigars to cover in
creased manufacturing costs under the
N. r A. code. Johns-Manville was OF
fractionally in the construction ma
terial group despite its earnings of 42
cents a common share in the third
quarters, against net loss Of S277,693
in the same period a year ago.
United Aircraft and Bendix were
slightly lower, although professionals
made optimistic comments regarding
prospective Government contract awards
to plane manufacturers.
Overshadows Other News.
The suddenness Of the news fro,
Germany overshadoWed many construC-
tive domestic developments announce
overnight. The weekly Federal Reserve
system report revealed a gain of S21,-
000000 in circulation. due to the IN
creased volume Of retail business al this
season, and purchases of S35 100000 OF
United States Governments in the open
market. Brokers loans were down So
100000 Department store sales over
the Columbus holiday in the Eastern
section of this country ran from to
25 per cent ahead of trade year ago.
Decline in the consumption of crude
rubber during September, when use,
though less than in August, exceeded
that of the same month year ago by
so per cent. brought out offerings OF
tire manufacturing company stocks.
Safeway Stores opened shade lower
Immediately after it reported sales in
four weeks ended october 7 were SO
per cent over the corresponding period
a year ago. Mail order shares receded
in the face of cheerful reports of brisk
business, which was said to be enlanat-
ing especially from the Southwest.
(Copyright. 1o33)