Evening star., 1934-01-25
STOCK LIST OFF
IN SELLING WAVE
Motors Are Fairly Steady
but Other Groups Go
Slightly Lower.
TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE ISO&
BY VICTOR EUBANK,
,ociated Press Financial Writer.

NEW YORK. January 25.-Scattered
selling gave the stock market slightly
easier appearance today. Motor shares
were fairly steady but other divisions
yielded fractions to around a point.
Volume was reduced Issues showing
late declines of fractions to around a
point included American Commercial
Alcohol. Case. u S. Steel. American
Telephone, Consolidated Gas and
American Can. General Motors was
steady Transfers approximated 2000,-
900 shares.
Stocks followed a rather dull routine
in the early hours and prices OF some
of the recently buoyant leaders were
disposed to ease a trifle under in
termittent profit taking f1urries. There
was nothing unusually heavy. Some
specialties held their folloWings and
managed to move up fractionally 10
around point Several so-called pools
were supposed to be operating, but in
formation about these was vague.
Buying of gold and the sale of dollars
in London by the Federal Reserve Bank
of New York did not seem to affect the
firmneSs of the American monetary
unit. which pushed up cent or more
in relation to sterling. Grains and cot
ton moved heSitantly. Silver futures
were a little heavy, but rubber exhibited
strength.
Motor Shares Edge Up.
Shares of some of the motor and
automobile accessory companies moved
up moderately in response to prognos-
tications of better business. Such is
sues as American Telephone, United
States Steel. American Can, Consoh-
dated Gas du POnt. New York Central.
Union Pacific, Santa Fe and Westing-
house yielded small portions Of their
recent gains. The metals were hesitant
and the utilities Jagged bit.
Brokerage houses with foreign con-
nections reported that buying from
abroad has been expanding substan-
TALLY recently. One of the leading
houses IN the Street stated that its
business from London on Wednesday
was the heaviest in more than month
Selected common stocks and secondary
rail liens. II was said. appeared to lead
in POPULARITY with the European Gus
toners.
Various market observers. although
still bullishly inclined, continued 10
caution clients against the indiscrimi-
nate purchase of either stocks or bonds.
, II was reiterated that a number OF
stocks now look too high. as measured
either by conservative hopes or exist
ing facts.
Lull Held Temporary.
The recent halt in steel production
progress, while due to a number Of fac
tors, vas partly attributed to the taper
ing of IN demand from the automobile
! industry a result Of delays in getting
new models into production. The motor
| luN. adviCes from manufacturers stated.
was expected to be only temporary.
The oversubscrlptlon 10 the Govern
ment's new billion-dOllar note and cer-
| tificate issues apparently furnished little
stimulus TO either listed shares or bonds
/ although barking circles pointed out
that the heavy demand for the short
! term securities was a fOregore conclu-
sion. The many gueSses as to the al
/ lotments of subscriptions ranged from
| 10 TO 80 per cent. The popular recep-
ton accorded the new obligations was
said to have been due 10 the attractiv
interest rates and 10 the fact that only
81 900 .O0000 was borrowed when some
estimates had placed the figure much
higher
Opinions were voiced in the financial
district that. as soon as the admins
tration's monetary legislation IS enacted
/ by Congress and indications given that
The dollar will be maintained az around
40 per cent devaluation. an effort may
be made 10 f0at a long-tern Treasury
Iefundlng loan.