Evening star., 1933-09-21
STOCK PRICES HIT !
new Low MARKS
G E TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE U
Continues ia
Press Heavily, While
Dollar Stages Rally.
BY GEORGE r. HUGHES.

Special Dispatch to The Star.
NEW YORK, September 21-Large-
scale liquidation carried stocks down
sharply on the Exchange today. Losses
Of 8 to 4 points were common and in
the high-priced issues larger declines
were recorded.
The low prices of the session were
made in the last hour. when stop-loss
orders were uncovered and the decline
was accelerated
Speculative bonds broke with stocks
and only the United States Government
issues held. Commodities were acutely
weak Wheat in Chicago dropped the
limit allowed for one days fluctuations,
S cents a bushel Cotton in the late
afternoon was of $1.50 a bale. The
foreign exchanges moved nervously
around the preceding close, with the
dollar at one time stronger and then
weaker
Imitation Doubtful.
The only plausible explanation for
this rush to dispose of stocks and
staples was the growing conviction that
there was to be no currency imitation
after all. The speech of Secretary
Wallace, the comment Of Senator Lewis
and the tone of the Washington dis
patches all carried conviction to the
speculative mind. All the markets will
be the better once this imitation craze
subsidies. but for the moment the effect
is unfavorable so far as prices go.
The dollar rallied today against both|
sterling and the franc. The price of
gold in London dropped shilling to|
1872 shillings pence an ounce, repre-|
senting a corresponding appreciation
Of the pound against the franc. Trad-|
ing on this side started with sterlingj
of 334 cents and francs down 71AI
points under the 6-cent level. OthefI
European gold currencies reacted. TheI
Treasury set the price Of gold at $3l.33I
an ounce compared with 1928 yes-|
terday.
For once all of these exchange andI
bullion fluctuations were consistent and
all pointed to q revision Of opinionI
as 10 the prospect Of currency infa-|
ton in the United States Washing-|
ton advices. together with more care
tary Wallace, weakened the confidence
Of those both abroad and at home who
have been insisting that imitation could
not be avoided.
Concessions Forced.
The stock market construed the days
developments as bearish and stocks
were freely offered, with support only
at concessions. The same view was
taken by the wheat and cotton mar
kets, especially the former Bonds re-
acted in the speculative division. GoNS
ernment issues were steadier.
The selling In stocks affected all
groups, with the oils making the best
resistance and rails, the repeal issues
and industrial specialties making the
poorest showing. Stocks in which pools
are supposed to have been operating
were affected most OF all, as their spon-
sors stood aside
Specifically, Illinois Central dropped
4 points and New York Central,
points, in the first two hours both OF
them large losses for stocks in theil
price range Union Pacific was off
to 4 points and Baltimore & Ohio somd
3 points. Railroad stocks felt the in
fuence Of the weakness in railroad
bonds
Three to points were shed by thd
liquor stocks. Allied Chemical, Inter
national Harvester. American Sugar
Cnrysler and General Motors were al
weak. The utilities, in which there
was no over-extended long account
held up fairly well, although they wexl
down fractionally.
Sentiment in tie street was pessiI
mistic, but that was because Of thu
story told by the tape. As matter o.
fact, the rally in the dollar based o1
belief that radical initiation will not b}
employed is constructive from th|
longer viewpoint.
(Copyright. 1889