Evening star., 1933-10-26
MARKET IS QUIET
IN GOLD ADVANCE
Trading Fails to Respond
and Grains Weaken
FractionaI!y. 90
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, October 26-All the
markets were reactionary today despite
the fact that the Treasury, through
the Reconstruction Finance CORPORA
ton, advanced the price it was willing
to pay for newly mined domestic gold.
Neither stocks nor commodities paid
any attention to that, nor to the higher
price for gold in the London open
market.
Recovery Checked.
Stocks were never weak and the
losses in them never large, but the re-
covery earlier in the week was checked
and the market forced to take realizing.
That was true also of wheat and cot
ton: Wheat closed "a to 3 cents a
bushel lower.
Consolidated Gas cut the dividend on
the common stock 10 cents a share. but
the stock moved with the rest of the
market. The preferred issue sold off
close to the years low. Bonds were
heavy all day,
Fluctuations in the foreign exchanges
were narrow. The net result, however,
Was q signify lower valuation for The
dollar.
The Washington announcement as to
gold came a quarter of an hour before
ample time for traders to analyze it.
Today's offer to domestic producers
by the r. F. c. was s3l .54 an ounce
against s3l36 yesterday. If this figure
be regarded as fixing the gold value of
the dollar, today's quotation was equiva-
lent to 65.53 cents against yesterdays
65.91 cents.
London Trading.
In London the price of gold was 1870
shillings 9l2 pence, against 130 shill-
lngS pence yesterday. On this basis
the paper dollar was worth 66.6l cents
against 66.70 yesterday. Taking the
opening quotation for the French franc
in New York of 5-a712 cents. the dollar
works out at 6674 cents. In other
words, Washington makes the dollar
worth the lowest and the franc puts
it the highest
All through the morning the stock
market was slightly reactionary, all
though never weak. The stocks that
had advanced the most vigorously We'd
nesday were subject to profit-taking and
came down point or so. Volume was
much under that Of the preceding ses-
sion. Except for Homcstake. the gold
mining stocks were lower, influenced
perhaps by the publicity given to a
statement by the president of Alaska
Juneau, in which he sounded a note Of
warning against new gold mining ven-
lures and speculation in gold mining
stocks. Chrysler was slightly lower. In
the metals Cerro de Pasco American
Smelling, United States Smelling and
Patlno yielded. but not importantly.
Noranda held better
Sugar Market.
Among the sugars Great Western was
firm and American sugar weak. Amer
ican Telephone lost a couple of points
of the advance of the day before. j. I.
Case was off couple of points in SYM
pathy with the heavineSS in grains.
As to the immediate future of the
market, the Street continued hopeful.
1t was not rampantly bullish but
neither was it bearish. There was still
doubt about the efficacy of the Presi-
dents program for raising commodity
prices, but there was no inclination to
discount failure
Not so much was heard about the
danger OF France going of the gold
standard. The French franc did net in
Its fluctuations envisage any such pos
Slblllty and the statement of the Bank
OF France. while showing an additional
loss OF gold. revealed that holdings of
the metal were still more than 100 per
cent Of note circulation.
Copyright. 1933)