Evening star., 1933-09-20
STOCKS END DAY
WITH NET LOSSES
Nervous and Erratic Changes
Accompany Confusing
Dollar Trend.
BY GEORGE T. HUGHES.


NEW YORK, September 20.-Stocks
closed lower today after session OF
nervous and erratic fluctuations. The
dollar made a new low, rallied, weak
ened and rallied again. Commodities
were weak all day
There were a few exceptions to the
trend in the stock market. but only
few. The steel shares gave a better
account Of themselves than for some
time. One or two of the food issues
were strong. Mcintyre mining made
new high. The rubber stocks were
well supported. The rest of the market
was definitely weak
Probably the poorest showing wa.
made by the rails, which were affected
by the slump in railroad speculative
bonds
Wheat closed 1ss to 2 cents a bushel
lower. Cotton was down s1.50 bale
In the late afternoon. OF the minor
markets. rubber was the only one to
display any flrmness.
Stocks Fail to Respond.
Before business on the Stock Ex-
change was resumed, London had re-
ported a new high for gold, 1873 shilling.
pence an ounce against 1872 shillings
9 pence yesterday. and record Low
for the pound in terms of francs
Sterling on this side opened up cent:
and French francs up points, the
latter at the highest since the present
valuation Of the franc was fixed in 1928
The weakness in the dollar, indicat.
ing foreign belief that currency infla.
ton could not be avoided, found nc
support in the movement of specula.
tive stocks. They were uniformly
lower throughout the morning. The
metals and the oils made the best re.
slstance, but they could not combat the
trend. Stocks were not pressed fol
sale, but there was steady stream OF
liquidation.
The business news was not espe.
cially unfavorable Electric output wa,
up 1877 per cent on the week. against
gain of Ill per cent a week ago
The Iron Age reported an increase II
the rate of steel operations to 43 pei
cent, compared with Al per cent week
ago. This, however, was offset by thu
emphasis placed on the difficulties i'm.
posed on the industry by the new codei
and the fear that the increased ex.
pense involved would prove too heavy
a load.
Interpreted Adversely.
The New York Central reported load.
ings up Ill per cent over 1882, wherea:
week ago the gain was 1875 per cent
All this meant was that the rate o.
improvement was decreasing 1t die
not indicate any important falling OF
In traffic. present or prospective.
The stock market. however. inter.
preted everything adversely Probably
the address of the Secretary of Agri
culture, in which he decried imitation
as cure-all, had some effect Rail.
road stocks were weak from the star
and that made a bad impression, par.
tieularly as the railroad bonds we're S,
poorly supported. The general lis
was lower with few exceptions.
BY noontine United States Smelt.
ing was off more than points, Ma.
tional Distillers off points and
long list of industrials down / to
points. Activity increased on the re.
action
Oil stocks held better than the av.
erage and the motors. while lower, un.
covered support on the decline. Tha
was true of some of the metals Trad,
ers reported the market was thin boil
ways and complained about poor ex.
ecutions'
tCopyright. 1889