Evening star., 1933-07-27
STOCKS IRREGULAR
WITH WEAKER TONE
Rally in Final Hour Offsets
Part of Losses-GoId
Shares Sell Off.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK. July 27-The stock
market weakened in the last hour OF
tOday's short session, after having ex-
tended its recovery in the earlier trad
ing.
The late selling was started BY a
break in the gold stocks, following ad-
vices from Washington, unofficial but
credited. that the Attorney General had
ruled that gold ore which had been
smelted could not be exported.
Liquidation came into the stocks OF
the domestic gold producers and the
Canadian issues yielded sympathetic
ally. There is no logical connection
between the position of the two. but
the market made one Homestake,
which had gone up more than 80 points
the day before, came down almost a.
much today.
Close Is Irregular.
Before the close a rally set in whiel
Cancelled part of the losses and lei
the list irregular on the day. The raj
road stocks gave the best account c.
themselves throughout, and next t.
them the steels.
The dollar was very strong all dac
In the late afternoon sterling was dow
more than II cents, with correspond
ing losses in the other exchanges.
Ihe chicago grain markets also were
strong
Opening quotations were practically
all nlgher, but few of them ran beyond
1ractlons. The exceptions were the wet
stocks and some of the volatile indus
trials, OF which Auburn Auto and ]. I.
Case were the chief examples. The rest
OF the list moved up sedately. present.
ing striking contrast to the hectic
sessions OF last week. It was a welcome
contrast also.
Steel Stocks StronT.
Mtsr trading had been under way a
nalf hour or so, leadership was assumed
oy the railroad stocks, responding to the
series OF favorable June earning state
menus now appearing. Compared with
year ago the gains in net are very
large. For New York Central the in
crease on this basis was 1000 per cent.
The action of the ST. Paul manage
ment In withdrawing an application for
loan from the Reconstruction Finance
corporation, on the ground that larger
income had removed the need of bor-
rowing, was another factor in the mar
ket
New York Central ran up nearly 2
points and gains of l to . points were
registered by a long list. including
Atchison. Chesapeake & Ohio. Lacka-
wanna, Erie and Southern Railway
Strength in the rails brought buvinp
into the equipment shares. with Bald
win Locomotive one of the beneficiaries.
Elsewhere in the list the steel stocks
were strong, with Bethlehem the fea-
ture. Perhaps this, too, was a reflec-
ton OF the better outlook for the rail-
roads. Steel demand from the motor
industry has slackened. but railroad
buying could take its place.
Metal Shares Uneven.
Metal shares were more irregular.
though most of them were hi
United States Smelling was still
favorite in this group. Western Un
Consolidated Gas and American T
phone worked higher among the
ties. General Motors extended its
Of yesterday in further reflection O.
good showing in the second quarter
well as in the half year.
The dollar staged a vigorous rally
the foreign exchange market. Sterli1-
at midday was down z cents and a
the European gold currencies were sub
stantially lower. Whether this repre-
sented the natural movement of ex-
change in favor of the dollar at TIL
season or whether it was the result c
official interference cannot be said Thn
price Of gold In London advanced ratht-
sharply.
Copyright. 1887