Evening star., 1933-11-13
|STCCKSBEAT TIME !.
IN QUIET SESSION.
Commodities and U. S. Bonds
Claim Most Interest as
Dollar Sinks.
BY GEORGE t. HUGHES.

Special Dispatch to The Star.
NEW YORK, November ia GUS
tined rally in the market for United
States Government bonds, another
sinking spell for the dollar, general
strength in commodities and a stock
market that made no progress one way
or the other were the financial develop
ments of the first day Of the week.
The recovery in Government bonds
was the most encouraging of the mar
ket movements. Plainly these were
receiving support after their shrap de-
cline of last week. The dollar, on the
other hand, worked steadily lower all
day, until in the late afternoon sterling
at $5.16la had duplicated its previous
high, made Friday last. and French
francs at 6.32 cents, up 5is points,
were only 2ls points under their record
top.
Wheat closed 17s to cents bushel
higher. The other grains we're up frac-
tionally. Cotton was up over a dollar
bale at one time, but did not hold all
the gain. Active speculation for the rise
went on in silver futures, with ad-
vances running 20 rs points. Rubber
was strong. Sugar was reactionary.
Declines in Afternoon.
The stock market was fractionally
higher in the morning and fractionally
lower in the afternoon, but never very
far away from Saturdays finals The
selling was just about Offset by the
buying and there was an entire abb
sence of speculative interest.
The most important piece of news the
street had to appraise over the week end
House on the monetary program No
announcement was made as TO any con-
clusion, but the inference from the fact
that the price of gold was advanced 13
cents to S23.45 an ounce this morning
was that the policy of depreciating the
dollar was unchanged That in itself,
however, was not sufficient to shake the
stock market out of its lethargy
In London the price of gold dropped
to 129 shillings l y pence, and simul-
taneously the French franc weakened
in terms of sterling
Fractional advances were the rule
during the morning, but the movement
did not carry through, volume was very
light and the speculative element was
inclined to stand aside. 1t was a little
difficult to reconcile this hesitation
with the predictions heard on every
side that the trend was toward cur
rency imitation. Certainly this opinion
was not reflected in the market for
equities.
Oils Make Best Showing.
The best showing today was made by
the oils as 8 group. Buying in these
appeared much more confident than In
any other part of the list. The metal
stocks were inactive, with the exception
OF Patino Mines, which went to another
new high. As to this one stock it was
pointed out that the American shares
were exchangeable for sterling certifi-
Gates.
General Motors, U. 8. Steel common.
Air Reduction. American Can and other
stocks Of that calibre were in demand
In the first hour, but the orders were
filled without much change in price.
Among the rails New York Central and
Union Pacific did a little better. The
public utilities wore practically un-
changed. American Telephone, direc-
tors OF which meet Wednesday for
dividend action, swung back and forth
within the narrowest range.
outside OF the stock market the better
tone in Government bonds was the most
encouraging development. All COM
modities we're higher except sugar.
(copyright. 1933)