Evening star., 1933-11-02
STOCKS CLOSE DAY
WITH SMALL GAINS
Metals Sell Off as Rest of
List Strengthens in
Afternoon.
BY GEORGE T. HUGHES.

Special Dispa tch to The Star
NEW YORK, November 2-Stocks
closed slightly higher after q day Of ir-
regular and desultory movements.
The metal shares were strong in the
morning and sold of in the afternoon,
while the rest of the list did the oppo-
site. None of the changes were of any
great amount. and the market at no
time established a trend.
Outside of stocks the chief interest
attached to the foreign exchanges.
These were uniformly strong against
the dollar, with the European gold units
creeping up close to their record highs.
Wheat rallied today, although it did
not recover all Of yesterdays loss. At
the end quotations were up 15s to 2A
cents a bushel. Spot silver touched a
new high for the year and silver fu-
lures were strong.
Rail Issues Helped.
Traffic reports helped the railroad
issues. There was still a favorable at
titude toward the oils, a number of
which, including Standard Oil of New
Jersey and Royal Dutch, were selling
not far from the highs of the year.
The weak spot was the utilities, where
Consolidated Gas went into new low
ground for 1888. American Telephone
was heavy. Another feature Of the
morning was the bidding up of Great
Western Sugar.
While there was no official informa-
ton as to purchases Of gold abroad as
per program. the dollar was under pres
sure all day. The French franc was
strong in both London and New York.
In London the result was a much higher
price for gold, 1873 shillings 8 pence
against 13l shillings pence Wednes-
day. The sterling rate on Paris dropped
below 80 francs to the pound.
In New York the franc opened at
B.O7 cents, up 5A points, and increased
This gain subsequently. The record high
Tor tot6Ie the fl franc nc was 615 cents on Sep
lent to a record low for the dollar. All
OF this may have been and probably
was the result of speculation by foreign
operators, who were going on the the
ory that currency imitation in the
United States could not be avoided. 1t
was also possible to claim that the new
gold policy was at last having the de-
sired effect on the international value
OF the dollar.
Sentiment Improves.
The latest Developments in regard to
the National Recovery Administration
were well received in the Street, but
they did not seem to have much effect
on the market. In general, however,
views as to the business outlook were
not quite SO gloomy Favorable dividend
action was taken by Coca Cola, which
declared the regular dividend in the
common stock, and by American Steel
foundries, which ordered a 50-cent a
share disbursement on the preferred,
the same as paid in the preceding
quarter.
The market dragged along In the
afternoon, with only here and there a
stock indicating trend. National Dis
tillers was strong although the other re-
peal issues did little. Great Western
sugar continued its advance and Du
Pont gained moderately. On the other
hand the gold stocks we're heavy.
Traders are switching out of the gold
into the silver shares notwithstanding
the steady increase in the price of gold
both in the foreign market and at
home. There was no improvement in
the utilities and interest in the rails
faded away.
(Copyright, 1881