Evening star., 1933-09-10
STOCKS END WEEK
DULL BUT STEADY
General Motors and A. T. &
T. Among Few to Show
Slight Advance.
BY JOHN L. COOLEY.

NEW YORK. September 9 (Pl.-Mar-
kets went back on their regular Sat-
urday schedule today, but traders were
so unenthused that volume in stocks
dropped to the lowest level in more
than a year. while bond turnover was
the smallest since the Summer of 1881.
Stocks merely loafed through their
two hours and price fluctuations were
hardly worth mentioning, extreme
moves of a point being scarce. The
closing composite of 80 issues was un-
changed and the total turnover came
to but 279,110 shares. the lightest week
end since July 8 last year.
break in gold Currencies attracted
more attention than the highly un-
interesting behavior of security mar
kstS Little actual business in exchange
was done here. but at London trading
was active and a strong demand ap-
peared for sterling from the Continent.
French spectators were said in some
quarters to be covering their pound
positions.
Sterling Loses Ground.
Sterling. however. lost a couple of
cents in its relation to dollars. Lon
doE's gold price dropped and there
was corresponding reduction in the
American Treasury's quotation.
The week end brought some rather
cheerful trade news. Freight loadings
in the week ended September rose
to new 1888 high at 666,652 cars. up
around "a 1000 from the previous week,
cue partly to increased shipments Of
coal. which were stimulated by first
of the month price increases. Rail
stocks tended toward firmness as the
market closed, although their changes
were small. Union Pacific got back
part of Fridays loss.
United States Steels backlog dropped
129,681 tons in August. but this de-
crease was somewhat under the lower
range of advance estimates. which had
mentioned 10000 to 100000 as the
possible extent of the shrinkage. New
business began to taper off around the
middle of last month, as consumers
needs slackened Considerable inter
est attaches to fourth-quarter steel
prices; some manufacturers are an
nouncing increases on certain products.
Auto Output Holds Up.
Motor Car output held up well last
month The National Automobile Cham
Der Of Commerce estimates August vol
ume at 171,l45 units, a rise OF 213 per
rent over August. 1882. and comparing
with 177.080 for July this year. It was
noted that production for the first eight
months Of 1888, amounting to 1,530,402
cars and trucks, was 18 per cent larger
than the entire production for the year
1882, which aggregated 977,l34 units.
The seasonal decline from July, 3.4 per
cent. was much smaller than occurred
in any corresponding period since 1929.
On the Stock Exchange few lead
ers managed to poke bit higher. Cen
oral Motors
Standard Oil of California. Southern
Pacific. American Commercial Alcohol
and National Biscuit had gains OF ap-
proximately half point. United States
Steel. Westinghouse, Santa Fe. General
Electric, New York Central and Chrys-
Ter closed unchanged or nearly so
Owens-Illinois Glass was up point
and Public Service of New Jersey was
down l.
Commodities Groggy.
Commodities, with the exception of
fugar, wool tops and bar silver. which
improved moderately. were generally
soggy. Cotton dropped more than So
a bale and the Governments crop re-
port on Friday. although about in line
with private forecasts, did not aid the
demand. Wheat sagged 2l2 cents to
"a cents bushel, corn receded ia to
rs cents and rye was Oh As to SIS
cents q buShel.
Market analysists and economic OBJ
servers, despite the apparent hesitancy
OF traders to commit themselves ex-
tensively on the long side Of stocks
were rather optimistic for what they
termed the long pull" although they
were none to ocertain as to the outlook
over the next few weeks.
Just what effect applications Of the
numerous codes in the administrators
national recovery program would have
on the profits of business and industry
was a matter Of divergent opinion. Pro-
ponents of currency imitation. while not
as sure of their position as in previous
weeks. still were watching Washington
for Indications that the President >ould
utilize some of his wide discretionary
powers for monetary expansion.
SO far as credit expansion was con-
cerned. the Federal Reserve System in
creased its weekly open market pur-
chases of Government obligations from
$35. 100000 to S37,500,000. Little at
tention. however. was attracted by this
relatively small increase.