Evening star., 1934-01-23
STOCKS DISPLAY
UPWARD SLANT
TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE Sx
Minor Adjustments Take
Place, but Optimism Still
Rules Market.
BY VICTOR EURANK,
Associated Press Financial Writer

NEW YORK. January 23.-Financia
markets continued to undergo sorni
minor adjustments today, but. on thi
whole, the speculative approach wal
still optimistic and most prices dis.
played an upward slant
Stocks were a bit irregular in tht
early hours, dipping and rallying mod.
erately. Leading issues. though, foune
buyers on the reactions The activity
was somewhat under that Of the pre-
vious session The dollar performed
sedately in foreign exchange dealings
and was only slightly lower In terms o.
sterling and the gold currencies. Thl
grains were almost unchanged, but cot.
ton. rubber and silver futures were .
trif1e heavy.
Show Small Advances.
Share gamers of fractions to arount
point included Allied Chemical
United States Steel Du Pont. American
Can. American Smelling. United Statei
Smelling, Douglas Aircraft. American
Metals. Union Pacific, youngstown
Sheet & Tube, Bethlehem Steel Repub.
lie Steel, Houston Oil Standard Oil o
California United States Industrial AL
cohol, Sears Roebuck. Case and Amer.
ican Commercial Alcohol American
Telephone, Public Service Of New Jer'
sey. North American and a number
others were about unchanged
Steps toward the enactment Of tn,
administration monetary program verI
being watched closely in brokerage
houses and, in some board rooms. thu
opinion was expressed that market hest
fancy might be expected until the golt
bill gets final congressional approval.
TNnfo lie Nf > Gr,a
ing, expected to be made public tomor.
row. were being awaited with interes
by the financial sector. which has beer
doing considerable guessing on th'
amount and terms Estimates of tht
total ranged from $1,000, 100000 to ST.
500 100000 and it was generally be.
lieved that orthodox methods would b
used in the borrowing with issues o
securities maturing in not more thar
two years. One-year maturlties, it wa
figured in some banking quarters, nigh
be on 17s to per cent basis. witt
slightly higher rates for two-year paper
Sentiment Confused.
Advices that the President would asl
Congress for an emergency appropia
ton of some s1.166, 100000 to carry or
the Civil Works Administration. thi
Civilian Conservation Corps and direc
Federal relief found Wall Street senti
ment a little confused because of indi
cations that the administration planned
to taper off the civil works program
and wind it up in May. AT the sam,
time various observers deduced tha
if the President expected to close VI
the c. w. A. in the next few months
he must have assurances that recover
will have been so far advanced tina
the large number OF men now on tn
Government s emergency pay roll vii
be able to find normal work by tina
time
Earnings reports of 1888 continued u
bring cheer to trading circles. tn
United States Leather Co.. for instance
had net profits for the year of 1891 Oh
compared with a net loss in 1882 o
81, l,806,385. On top of Southern Pacific
sharp earnings recovery, reported yes
terday. Norfolk & Western was an
other bright spot with a net profit 70
the year of s22 ,30ll40. equal to s15.2
a common share. as against 1882 ne
of Sl6,8ll, ,9l8 for sll30 share. Th
declaration of a 50 extra dividend b,
the N g. w. directors was. consequent
ly, not entirely unexpected.