Evening star., 1934-11-14
MARKET SAGG|NG
UNDER UTILITIES
Trading in Another Hesitat-
ing Phase-List Average
Yesterdays Close
BY VICTOR EUBANK,
Associated Press Financial Writer

NEW YORK, November 14.-Ti
stock market went into another hesi-
tating phase today.
The decline led by the utility shares
in the previous session was checked
after the first hour today and q little
buying developed in scattered special
ties, but on the whole the list aver
aged close to yesterdays final prices
by early afternoon.
In commodities wheat and cotton
sagged little in the earlier trading.
In bonds little selling developed in
utility liens and second-grade rails.
Foreign exchanges steadied, with gold
currencies receiving support, despite
the Belgian cabinet crisis.
New Lows Set.
In the early selling of utilities, Con-
solidated Gas and American Water
Works dipped about a point, and North
American fractionally, to new lows
for the year or longer, then recovered
partially. Rails were mixed. Santa
Fe and Pennsylvania lost about a
point, but Union Pacific was firm. In
the industrials, steels were about
steady, but motors sagged fractionally
Firm spots included American Sumatra
Tobacco and Air Reduction. up about
a point to new highs for 1884. Amer
lean Banknote and Bigelow Sanford
Universal Leaf and Penick & Ford
we're among specialties rising a point
or more. the last named in response
to an extra dividend of rs cents.
The 1lfilifu choraS irpnrOUad
what after news tickers in the financial
district reported that President Roose-
velt at his Wednesday press confer
ence had denied reports that study
was being made under his direction
looking TO greatly increased, Federal
control of electric power.
Wall Street was keenly interested
in interpretations of overnight news
that the Home Owners Loan Corp.
had suspended receiving applications
for loans, that further lending power
for the r. F. c. would not be sought
and other indications that the Fed
ernment Government is inclined to
withdraw from a number Of its emer-
gency operations and give private
finance and industry an opportunity
to carry on the burdens.
Hope for Recovery.
Some quarters in Wall Street are
| looking for a vigorous recovery drive
on the part of big business during
| coming months in an effort to prove
| that it is able to shoulder the burdens
| of making the country a going con-
Germ once more and thus forestall
radical measures in Congress.
The stock market, however, was in
clined to caution, on the theory that
all through the depression there had
been. recurrent talk of organizing big
business voluntarily to overcome the
depression, and not much came Of it.
Midweek business news and Stats
tics were encouraging. however. in
cluding a few favorable dividend an
nouncements and indications of gains
in production and movement Of goods.
Reports of freight movement by indi-
vidual carriers for last week thus far
have been moderately favorable in
view of the usual seasonal trend.
The IRON Age, in its mid-week sum-
mary, reported that steel production
was still rising and added, The out
look in the iron and steel market re-
mains favorable" 1t estimated cur
rent operations at 2712 per cent Of
capacity, gain of II Of point over
| a week ago.
Strength in scrap prices was ac-
cepted as a favorable omen. One
source of recent demand for scrap
was evident in the Department of
Commences report that iron and steel
scrap exports from the United States
| for the first nine months of this year
set a record of 1,275,414 tons, 21z
times the export volume for the like
period last year. The bulk of it went
to Japan.
Russian Purchases.
Russian purchases of sheets and
| strips from American steel mills were
reported to have totaled 10000 tons.
Dividend news continued favorable.
Included we're per cent stock divi-
dend by Burroughs Adding Machine,
| an extra of 40 cents a share by Con-
| goleum- -Nairn, Inc. and an extra Of
rs cents a share by Penick & Ford.
The weekly electric power report
was delayed by the Armistice day re-
cess Monday
The position of European gold cur
rencies indicated further imports of
| gold were possible.
The French franc opened at 6.5813
cents, of 4 of a cent. The British
pound was of u of a cent at $4.99%
Rubinstein Helena), Inc.-De-
clared a dividend of 25 cents on So