Evening star., 1933-07-28
STOCKS LIST SAGS
AS DOLLAR RISES
Market Quiet After Early
Squirt and Prices Drift
UnevenIy Lower.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, July 28-Bewildered
by the rapid and erratic fluctuations
in the exchanges and disturbed by the
weakness in commodities. stocks reacted
in today's 3-hour session.
The volume Of trading was small
and the market was never really weak
On the other hand cautious liquidation
went on in preparation for the two-day
holiday.
The market closed at or just above
the lows Of the day, but with no pres
sure Reports that the administration
would conf1ne itself to its industrial
recovery program, allowing the dollar
to recover If it would, made for eau
tion in speculative commitments.
The market will be closed tomorrow
and all Saturdays in August. as well
as the first Saturday in September.
On Monday business will be resumed
on the usual schedule. from 10 to 3,
and continued thereafter.
Opening Is Lower.
Opening prices were lower, and for a
brief time trading was active, but the
market soon quieted down. Traders did
not know what to make of the weak
ness in the foreign exchanges, or, more
properly, the strength in the dollar.
London was as much puzzled as New
York. Reports of statement to come
from Washington with regard to the
intentions of the administration could
not be confirmed.
On the other side. sterling ranged
between s4.321a and s4.46l2, represent
ing at the low a decline on the day Of
26 cents. In New York the opening
was s447l2, off AS cents. from which
it dropped to 444l2, of rs, and then
shortly after noon recovered to $4.51 II
where it was of only Is cent.
Commodity markets were all weak.
Cotton broke a dollar a bale at the
opening. and silver futures were down
so to 1873 points. Wheat in Winnipeg
was of at one time 5 and cents
bushel. In Chicago the opening was
3as to 4a4 cents bushel, but here there
was a later partial recovery.
With all this uncertainty about the
exchanges, it was not surprising that
stocks should react. At the opening
they were quite substantially lower, but
part of the loss was regained, although
on smaller volume. The absence of any
important short interest was demon
strated by the sharp decline In few
individual issues on the first sales.
Canadian Pacific was off points. and
that Is OrQlnarlly SeOdte StOCh- IL
made up all of the decline except q
fraction subsequently.
Gold Stocks Sell on.
Gold stocks were lower and they wel
under moderate pressure all through th! !
early trading. The exception was Home
stake Mining, which rallied 10 points Oh
| the first sale, coming down thereafter
to around the preceding close. No slighr
on the probability of free gold mark
was thrown by the published extrac
| from the opinion of the Attorney G.
eral on the matter of exporting u
| fined gold.
The alcohol stocks were the stror
group They were all down at the c
! ing, but all came back for net gain
| the day. Among the metal shares K
prices were the rule. with the gre
activity in U. S. Smelling
| The general list was never weak
! though it was slightly lower. The
cipal effect of the conflicting outsio
yelopments was to cut down the
| over The market was the slowe
any day since the big break.
(Copyrisht. 1889