Evening star., 1934-02-06
STOCKS END DAY
WITH MIXED TONE
Utilities Shares Given Whirl
but Most of Others
Are Lower.
BY VICTOR EUBANK.

NEW YORK. February 6.-The
utilities were given an upward whlrl
in todays stock market, while most
other groups, with the exception of
the metals and various specialties,
were subjected to profit taking. Low
priced power and light issues were
turned over in large volume in the
final hour. The close was irregular.
Transfers Appropriated 100000
shares.
Although equities were still active.
volume dwindled on the moderate de-
clines Some of the utilities and
metals moved substantially higher, but
other groups were hesitant. Grains
sagged in the early hours. Cotton.
silver and rubber were firm. Listed
loans were rather narrow. The dollar
declined nearly 4 cents in terms OF
the British pound and about IA Of
cent in relatio to the French franc.
Smelling Shares Rise.
Shares of U. s. Smelling got up 3
points. while American Smelling and
Cerro de PaSco were point or more
higher. The farm group improved,
/ with Case advancing 2. American
Telephone. Western Union, Consoli-
dated Gas and Public Service of New
Jersey gained about a point each.
Amusement issues were a bit higher.
The steels and rails eased and some
Of the oils were soft. The alcohOls did
little. A few of the chain store issues
were again in demand
Declaration of a dividend Of Is
cents a share by Socony-Vacuum
against a 25-cent disbursement last
December brought some realizing
in the petroleum section. AT the
same time directors Of Columbian
Carbon voted a 25-cent extra.
The recent crratic movement OF the
dollar, Of foreign currencies, IN lead
ing exchange markets was oeing
watched closely by internatlonaI
bankers and trading circles. There
we're a variety Of opinions as TO the
possibility of France falling off the
gold standard and the effect such an
action would have IN the United
States. In some quarters It was le!t
stocks might react but in others II
was believed that a French gold en-
bargo would have but slight influence
because of the continued uptrend IN
Z UOilltSlIC DltS4lItS - anu 4lIdt1N-S
Rail Report Cited.
Further conformation of recovery
was seen Ill the report of the Bureau
of Railway Economics which lndlCat-
ed that 1858 was a turning point for
the carriers During the year it was
! found. freight revenue increased hy
II per cent. while the percentage Of
decline in passenger revenues was the
| smallest IN years. With a sharp re-
/ ductiOn OF expenses. and easement IN
taxes. the roads were able TO show
an increase of asa per cent in net
! operating income over the previous
year.
The failure of General Motors to
vote a small extra dividend TO its
! large family of stockholders was e&-
planned on the ground that while the
future of the automobile trade nov
| appears to be the brightest N years,
! some motor executives want more
| concrete evidence of public demand
/ before handing out extra disburse-
! ments. The return Of International
! Nickel to the dividend field with a
/ l0-cent payment. however, was cheer
ing to market analysts
! Estimates of the American Iron &;
Steel Institute that steel production
this week Will BE- at the rate of about
375 per cent Of capacity a gain Of
| 81 points over last week. bore out
previous forecasts of an expansion Of
/ orders from both the rail and auto
! motive companies.