Evening star., 1934-04-25
STOCKS CO DOWN
|NNARROW RANGE
Few Specially Shares Firm,
Small Losses Shown
by Others.
BY VICTOR EUBANK.
Associated Press Financial Writer


NEW YORK, April 25.-Stocks
were slightly lower today, but fiuctua-
tons were generally narrow. A few
specialties were firm. National Steel
rose 2. Santa Fe Cancelled a small
decline. Moderate recessions were
registered by American Telephone,
United States Steel, Chrysler, Con-
solidated Gas and United States
Smelling.
Transfers approximated 100000
shares. The close was irregular.
With silver enthusiasm whiting ap-
preciably under the presidential
frown, the bar metal was reduced IA
cents an ounce to 4212 cents, the
lowest figure since last December. Sill
yer futures dipped and rallied nerv-
ously. Wheat and corn yielded an
other cent or more a bushel and cot
ton, after initial flrmness, turned
heavy. Rubber also reacted. Inter
national dollar rates moved up
briskly.
Most Metals Down.
Most of the metal shares were off
fractionally to around a point. With
the exception of New York Central,
which was steady, the rails were down
as much. Chrysler dropped more than
a point and the other motors eased
Industrial Rayon gave up points and
International Paper g. Power prefer
red lost 2. North American and Con-
solidated Gas were in supply and
moderate declines were suffered by
American Telephone, United States
Steel, Western Union, Montgomery
Ward, Sears. Roebuck, Johns Man
vile, du Pont, American Tobacco B
and Bethlehem Steel. The alcohols
were a bit firmer.
The utilities were not aided par
ticularly by the report Of North
American for the u months ended
March 81, which showed a rather sub
stantial recession in earnings. First
quarter gains, however, were regis
tered by Standard Brands, Stewart
Warner, Wrigley and others
Publication of another batch Of
names of persons and corporations
long or short of silver did not seem
to be especially startling to specula-
tive circles. although the list was
scanned attentively in the board
rooms.
Capital Still Watched.
The financial district continued to
watch Washington for further market
influences. While the consensus was
that actual currency initiation is out
of the administrative picture, at least
for the time being, the weakness of
commodities led some commentators
TO expect that the President might
consent to mark up the gold price in
order to halt the downward move
ment.
Much interest was expressed in the
Federal Reserve Boards monthly bull
letin, which reiterated its plea to Con-
gress for legislation making the ve-
locity of bank deposits a factor in de-
terminlng the amount of reserves re-
quired. Volume Of deposits now con-
Stitutes the only basis for fixing the
amount of reserves which banks must
carry with the Federal Reserve Sys-
TEN. Member bank reserves during
March increased S345. 900 900 to a
record total of S340O,00O 900, or about
S2,500,000,000 above legal require
ments. The board advanced the fear
that this huge excess might result in
extensive and possibly disastrous spec
ulation.
The rail wage deadlock still was a
depressing factor in the various mar
kets, although some hope was seen for
a compromise in the conferences now
under way between the carrier man
| agements and union officials.