Evening star., 1933-12-22
STOCK PRICES HOLD
MAJORITY Of GAINS
TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE yIQxP
Reaction Depresses UtiIitiet
and Tobaccos-CIimb
Resumed at End
BY VICTOR EUBANK,

NEW YORK, December 22.-stoc1
pursued a zigzag course following Ink
tial buoyancy today. Silver issue1
which bounded up to 10 points at thi
opening, held major portion of theii
gains despite profit taking. Reaction
ary tendencies occurred in utilities and
tobaccos, but in the late dealings price.
again crept upward. United Statea
Smelling retained all but a couple
points of an opening 10-point advance
Late gains Of 2 to around included
American Smelling, Howe Sound.
Chrysler, Case. Auburn. Cerro De Passed
and American Can. American Tele-
phone and Liggett g. Myers B shaded
losses of around 3 and 6 points ret
spectively. Transfers approximate
2,300 900 shares.
Led by the metal group, stock
jumped ! to 10 points shortly after thi
opening, apparently on the overnight
news that the President had promoted
silver to a more solid monetary base
with value for newly mined metal o
6tl2 cents an ounce. Trading was fad
for awhile, but later quieted down un'
der profit taking. Grains, cotton and
other commodities leaped forward be-
hind a sharp advance in silver futures
Foreign exchanges rallied substantially
although the gold price remained static
Speculative bonds firm, but Unitet
States Government issues eased.
React From Peaks.
The so-called silver shares. includ.
ing United States Smelling, America
Smelling, Howe Sound, Cerro de Pascs
and Colorado & Southern were up
around to 10 points at their best, but
most Of them later reacted from the1
peaks. At the same time, the tobacco
section had its worst break in some
months. Liggett & Myers B losing about
6. American Tobacco B 8 and Reynold.
nearly 2. American Telephone also
dropped 3, and Consolidated Gas, Ma
tional Distillers, United States Indus.
trial Alcohol, Atlas Tack, and some
others, were off l to around 2. United
States Steel, Case, Eastman Kodak
Scar, Roebuck; Kennecott, New York
Central. Johns Manville and Allied
Chemical were up fractionally to about
points. Union Pacific and Santa Fe
we're a bit lower
Brokerage circles were unable to full
account for the fall of tobacco shares
In soma quarters the break was at.
tTlDuUeO pdIIly 10 year-enO Selng- INT
recent drop in cigarette production
with the likelihood that earnings haU
shown considerable decline. was alst
believed to have been a factor.
News that the r. F. c. had in.
creased its gold-buying fund by an.
other S25.000000 to a total of S10O..
100000, and that s60OOO,O00 had all
ready been used in purchases, was alst
OF much interest to Wall Street Intt
nations from Washington that thI
administration would place no limit
upon future expenditures for gold, boil
at home and abroad tended to con.
firm previous opinions that there woult
be no relaxation in the campaign u
raise commodity prices.
Gold Rate Unchanged.
The financial district did not attacl
much importance to the fact that tn,
frequently. 1t was believed signiflcan
by some banking quarters. however
that of the gold already purchased
only S16976,000 was bought in tn
United States, while some S45,OOO.O .OOi
was acquired abroad. 1t was not know
in just which foreign centers the goN
transactions took place, but it wa,
generally assumed that the bulk O
the buying was in London.
Freight car loadings for the weel
ended December 16, which were re.
ported today. were about in line Will
previous estimates. They were III
1923 over the preceding week to {
total of 554,832. The total was 1906,
ahead OF the corresponding week las
wear