Evening star. [volume] (Washington, D.C.) 1854-1972, 1933-12-01
STOCKS co HIGHER
IN QUE! SESSION
AIcohoIs and Metals Firm.
Utilities and Rails Dull
but Steady.
BY the Associated Press.

BY the Associated Press.
NEW YORK. December IA steady
to firm tone prevailed in stocks today,
despite extremely dull trading. Fore
noon advances of / to around points
tapered about half in the late dealings.
American Telephone was a soft spot.
while firmness predonninated in United
States Steel, Du Pont, American Com
mercial Alcohol, Johns-ManSville,
Chrysler and Continental Can. Trans
fers approximated 800, 900 shares.
While there was no rush for equities
generally and an occasional soft spot
was noted in the list, the persistence
of the administrations price-raising
program was an obvious selling de-
terrent Public participation was still
at a minimum, and the majority OF the
transactions was accounted for by pro-
fessionals. The British pound advanced
some 8 cents, and the French franc
moved up about one-tenth of a cent
in early dealings, but subsequently
yielded part Of their gains. Grains were
indecisive, but cotton, rubber and sill
yer firmed. Bonds were mixed, with
Federal issues trifie easier.
Financing Plan Talked.
Aside from the steadily climbing gold
rate and its depreciating effect on the
exchange value of the dollar, the Treas
urys financing plans for December 10
when rnaturities of some $3.50 ,ooc, 900
must &c met, were awaited with Hucn
interest by investment circles.
Few, if any, bankers believe that the
financing will involve the issuance OF
lgreenbacks" or even the payment of
any considerable amount Of cash. Most
of the obligations are held by the banks,
it is said. and, as these have more cash
now than they know what to do with;
the forthcoming transaction Is expected
to mean little more than the exchange
of one piece Of paper for another. With
the banks loaded down with IDLE FUNDS;
it was not believed the Treasury would
have any difficulty in raising any rea-
sonable amount 1t desired.
further modest increase in the
r. F. C. gold price brought rise in
foreign exchange rates in the earlier
dealings. The gold price was boosted .
cents to S3401 an ounce. The pound
sterling advanced 5l5 cents to S5.2212.
and the French franc .05 Of a cent TO
SIG cents.
Paris Reserves Still Drop.
Much interest was manifest in finan-
cial circles in the address Of Ambassador
Bingham in London last night, in
which he asserted that the United
States was in no more danger of I'M
bridled imitation than Great Britain,
and urged his hearers to disregard full
limitations of that school Of prophets
who still predict disaster in the face Of
incontrovertible facts"
The weekly statement of the Bank OF
France. showing a drop Of 100000, 900
francs in gold reserves, or $50, 200. 900 at
par of exchange, also attracted atten-
ton. This was the largest loss for any
week since formal sterilization of the
franc in 1923. Although the French
gold reserve is still huge, this rapid eff
f1ux brought new doubts to Wall Street
over French ability to adhere to the
free gold standard.
Dun & Bradstreet's weekly mercantile
review said there had been a little
slackening of trade this week, after the
brisk pickup of the preceding fortnight.
While the slowing down of consumer
demands has not been pronounced" it
said, last weeks good showing was not
held in many centers.'