Evening star., 1933-10-13
stock PRICES SAG
TO LOWER LEVELS
Steady Stream of Offerings
Unchecked by Favor
able News.
BY GEORGE T. HUGHES.

NEW YORK, October I3-The stock
market moved lower today under a
steady stream of offerings, unchecked
by favorable news.
The firmness of bonds, a direct re-
suit of the Fourth Liberty "a per cent
refunding program, was in sharp con-
trast to the softness of shares. Indus
trial stocks we're down. on the average.
nearly three times as much as rails and
almost six times as much as public
utilities.
The Governments refunding program
was considered by many stock traders
to be defationary. as a step toward
sound currency stabilization plan, but
1t helped bonds and the dollar abroad.
British demand for dollars, both here
and in London, was sufficient to put
sterling down for loss approXimating
8 cents.
Commodities Decline.
Liquidation in grains, which started
almost as soon as the pits heard Of the
lower trends in Liverpool, along with
recesSiOns in minor commodities and
break of 81 a bale in cotton, aggravated
the selling in shares. Traders appeared
uncertain of immediate market pros
pects They switched into amusement
shares on the theory that the industry
would benefit from the gains in leisure
and purchasing power.
They switched into public utilities and
out of the rails. But in all of these
operations they admitted their confusion
about currency prospects and the trade
outlook. Even some strike settlements
did not seem to overcome these fears
especially of the superstitious type Of
trade, who either stayed on the side
lines or took profits
United States Steel near the end was
down couple of points. General Mo-
tors was off slightly more than point.
American Telephone fractionally re-
ceded. Standard Oil Of New Jersey
yielded more than point just before
the finish. Chrysler American Can,
du Pont, Liquid Carbonic, J. I. Case,
General Electric, Sears Roebuck, Public
Service of New Jersey and National Dis
tillers also yielded readily. Allied
Chemical staged a sharp sprint.
Gold Shares Off.
Gold shares sagged in the forenoon
ON the reduced price of bar metal in
the London open market. Copper issues
encountered slow but steady stream
of offerings, as custom smelters con-
tinued to sell the red metal for
cents a pound and large producers
AlClO tlicll IcFtH dlOullQ CeIllS. IL
was the suggestion of increased copper
output outside of the United ShRes-
however, that caused the recession in
the list, for the trade realizes that
the present price spreads are merely
temporary.
With most metals moving lower, hold
ers OF smelling company shares were
disposed to take profits Recession of
silver quotations abroad brought some
offerings into that group. Steels paid
less attention to operating estimates
than to the slowness of new buying
and the continuance of labor troubles.
Sears. Roebuck gave ground despite
It's sales report for the four weeks
ended October 8, which revealed
gain OF per cent over the correspond
ing period year ago Declaration
OF the regular quarterly common of SO
cents failed to prevent Loose -Wiles
Biscuit from moving downward
Alcohol shares were subjected TO
mixed market influences. Some COM
mentators predict the sale and purchase
OF alcoholic liquors will be lawful in
States without local prohibition laws as
soon as the thirty-siXth State ratiles
repeal This can occur on November Z.
On the other hand. high prices for
Iiquor may slow up demand.
Dividends Ignored.
Pullman Co. and Proctor & Gamble
also receded despite regular common
quarterly dividend declarations. The
zo-cent extra declared by McIntyre
Porcupine at once checked the descent
OF that issue. Patino Mines at this
stage was not Influenced bv London
cao'es forecasting higher tin produc-
ton quotas at the next meeting of the
Tin Committee.
kroger Grocery and American Stores
reported increased sales in the last four
week period, but their shares ignored
thls news. Dairying shares frightened
on the Government announcement that
1t intended to distribute butter to the
neeoy and thus reduce the current sur
plus. Beatrice Creamery reported earn
lngs OF u cents share for the six
months ended August 81, against 81
ago. 'e"'
professionals in explanation for their
market lethargy say that much good
corporate news is being held back until
aoor troubles are settled They assert
Lnat every good earning statement or
operating announcement is followed IN
oy certain labor leaders and used as a
Weoge for higher wage levels, shorter
aoufs or increased numbers of workers.
Copyright. 1880