Evening star., 1933-06-10
STOCKS EASE OFF
At ACTIVE CLOSE
Week End Profit aking Is
Blamed for Slight Net
Losses.
BY GEORGE T. HUGHES.

special DlSpatch 10 Inc star.
NEW YORK. June 10-Stocks fin
ished actively, with some of the stand
ard leaders showing small net losses.
Week end profit-taking was induced
by uncertainty over last-minute con-
gressional legislation. the June Is war
debt payments, the renewed weakness
of the dollar in terms of foreign ex-
change and the opening of the Eco
nomlc Conference in London Monday
United States Steel common was down
fractionally near the end, although a
gain of 65.241 tens in untitled orders
as of June was announced by the cor
poration at noon. With it went some
of the other steel shares, despite the
expanding production program an
nounced for next week. Allied Chem
ical, General Electric, International
Harvester and General Motors were
also lower, but Consolidated Gas, Amer
ican Telephone and Atchison moved
higher
While the British Ambassador dis
cuSsed the British debt payment due
June Is with President Roosevelt.
traders here put the pound sterling
up to S4143S, the highest price since
England suspended the gold standard
in September, 1881.
Short Interest Gains.
After the close the Stock Exchange
announced that the June l short inter-
est stood at ,419,854 shares, a gain of
4,524 shares over May l.
Strength in the steel stocks was the
outstanding feature, forecasting the
doubling of the quarterly payment by
National Steel Corporation This div
idend increase was the first in the steel
trade since 1880. Allied industrial
shares, especially of companies supply
ing steel concerns with needed raw ma
terials, were bid up on the theory that
directors at their approaching dividend
meetings might take similar action.
The further gains in tobaccos were
a direct reflection of the belief that a
price increase in cigarettes is imminent.
Alcohol shares, recently weak, then were
taken in hand, especially after traders
heard that the Government contemplat-
ed permitting increased production
Betterment in grain prices, resulting
from the bullish Winter wheat crop
estimate, was not mirrored in the agri-
cultural implement shares during the
first hour, as these stocks had spurted
spectacularly in the final minutes of
Fridays session.
Mutual Shares Rise.
Gold shares for time were nosed out
OF the limelight by red metal issues,
following intimation that the copper
men are about to agree on some sort of
domestic stabiliZation plan Further
advances in sulphur stocks merely re-
fected the widening use of this basic
raw material by many industries.
The recapitalization plan announced
by Armour & Co. caused all of its issues
to turn active, and, in some instances.
higher. Improved sales in the dairying
industry helped Borden and National
Dairy products while higher grain
prices generally benefited baking shares,
such as General Baking and National
Biscuit. Standard Brands mlrrowed
the increase in sales of packaged foods,
which development later was indicated
by other securities
Grain carriers, such as Atchison, and
some of the coalers, like Lackawanna.
were early leaders on the upside in the
railroad division
General Motors turned active In the
motor list after Chevrolet announced
May retail deliveries the largest for
any month since June, 1881. The
sharp rise reported in building contracts
last month again aided building ma
terial shares. Various electric refrir-
orator companies reported capacity op-
erations.
Foreign exchanges were active and
strong here, the pound sterling most
OF the time being up about y cents
over the previous close.
tCopyright. 1887