Evening star., 1934-01-12
STOCKS IMPROVE d
IN LATE Trading
Display Firming Tendencies
Farm, Alcohol and Metal
Shares Up. -
BY VICTOR EUBANK,


NEW YORK, January 12.-Stocks
displayed firming tendencies IN the late
trading today after earlier irregulartty.
Late buying centered in the farm
shares. Alcohols and some of the metals
were also firm. Case rose more than 2,
while American Commercial Alcohol,
United States Smelling, International
Harvester, Deere, Allied Chemical and
American Commercial Alcohol gained !
to 2. American Telephone and Santa
Fe were steady. Transfers approx
mated 1,45o, 900 shares.
Some of the metal shares moved up
point or more In the forenoon, in
cluding U. S. Smelling and American
Smelling Case, Peoples Gas and
American Commercial Alcohol and ad-
vanced around a point. There were
frequent transactions in Paramount,
Foundation Co., Electric Boat, Schultz,
Loew's and Warner Bros. at slightly
higher prices.
Follow Firmer Trend.
Santa Fe, Southern Pacific, Sears,
Roebuck, International Harvester,
Deere, United States Industrial Alco-
hol Mcintyre, Dome and Cerro de
Pasco were moderately firmer. Amer
ican Tobacco B and Reynolds
dropped about point each and United
States Steel, Chrysler, Western Union,
Union Pacific and a number OF others
eased Consolidated Gas sagged and
American Telephone, General Motors,
Nash and Allied Chemical were about
unchanged
Brokerage houses with connections
abroad reported that, during the last
few days, there has been more foreign
buying of stock than in a month or so.
Largest commitments were said to have
been made from Amsterdam. although
there was a sizable demand from other
continental sources. The majority Of
the purchases, it was found, were in
equities of the larger corporations.
Renewed interest in American shares,
it was understood, was based principally
on the belief of foreign operators and
investors that dollar stabilization is
nearer at hand than adNces from Wash
ngton have indicated
DevaIuation Expected.
In foreign circles, it was pointed out,
the impression seemed TO be growing
| that the administration will soon seek
| legislation permitting the Treasury to
take over some $500 900 900 in gold
from the Federal Reserve System and
at the same time devaluate the dollar
| to around its present theoretical Co.
| cent level. with the President still re-
tanning his power TO further cut the
value to so cents if he finds it desirable
Market observers have been puZZling
| lately over the amount of liquidation
from banking aff1liates. which, under
| the banking law of 1888, are to be di-
vorced from the parent institutions.
While there are still a number of
months in which the separations can
be effected, the various planned disso-
lutions will require the transfer Of
sizable blocks of securities During the
| past few months. it was said, the mar
ket has not been broad enough to abb
sorb liquidation at profitable prices
Consequently, some commission firms
argue, lot Of stock is now awaiting
! the proper moment for distribution.
Despite intervals of trading inde-
cision, Wall Street was noticeably
cheered by the car loadings figures for
the week ended January 6. which. in
cluding the New Year holiday, were
up 49.317 over the previous week and
| 60.470 above the 1888 week. Loadings
| totaled 499, ,939 cars