Evening star., 1934-01-24
STOCKS TRADED
in LARGE VOLUME
Small Advances Predominant
During Realizing and
Buying FIurries.
BY VICTOR EUBANK,


NEW YORK, January 24.-Stocki
were turned over in large volume TO-DAY
under profit taking and accumulatins
flurrles. While gains predominatec
curing most of the session, most OF
these were moderate Prices taperec
IN the last half hour, but there was ne
pronounced pressure apparent and
realizing was well absorbed. The clos,
was. steady. Transfers approximatec
100000 shares
Trading activity in equities expanded
considerably under renewed demand
Tor those equities which are supposed
to benefit BY dollar devaluation, Gov.
ernment spending and the recovery oi
business and industry over a broad
front. While gains we're moderate In
most cases. and profit taking was evi-
dent in several groups, the undertons
was firm throughout the early hours
during which the ticker tape frequent
ly Jagged behind floor transactions.
The dollar showed no erratic incli.
nations in foreign exchange dealings
Grains, cotton and other commoditie,
also usually followed a narrow groove
Rails Prove FavOrites.
Rails proved the favorites in shar
trading, such issues as Santa Fe, N. Y
Central, Norfolk & Western and Della.
ware q Hudson getting up l to mort
tnan points. Industrial Rayon ad.
anced 3. while Johns-Manville, U. S
Steel, ChrySler, Liggett g. Myers and Z
number of others were up l or more
The metals and alcohols were some.
what diffident and the utilities JUS
| about held their own.
Gains in the carriers were attributes
partly TO optimistic traffic and earning
reports as well as to the fact that in.
vestment commentators have called at
tention to the backwardneSs of tht
| division as compared with some of tn,
others.
| Wall Street opinion continued opti
mistlc but cautious. The feeling wa
| general that the near-future equitie
market might be much more Selec.
tive one than recently. Various chart
lists, quite bearish not SO long age
! seemed to have reversed their position
and = have found that the mysterious
ragged lines were on the upward move
At the same time, it was pointed out
! scores of issues are selling very higl
if considered on current or near-tern
earning basis.
Capital Watched Closely.
washington developments were beirl
watched closely. Word that the Presi
dent would oppose the amendment u
| the monetary bill creating a f1ve-mai
! equalization board. but might accept tn
| proposed time limit for using the 81,
| 600 100000 fund. found banking circle
little confused as to the probable out
come of this legislation.
| So far as exchange equalization
concerned, some international banker
saw in Prime Minister Macdonald
statements at Leeds concerning the re
| lation Of pound -dollar-franc rates
| confirmation of runors that the thre
! powers have already been discussin
| some sort of "pegging" agreement. i
! the event of an early consummation
Stabilization arrangement betweel
Great Britain. France and the Unite
| States. it was believed that the use
( the entire American equalization stak
might not be necessary.
| Brokerage quarters did not appea
unduly worried by word from the Cap
/ ital that the President hoped for legis
| lation this session on Stock Exchang
| regulation. Many Exchange member
already have become resigned to som
! form Of Federal control and. if it IS no
! too drastic, they believe it may have
especially harmful effect upon trading
! In fact. in some commission house1
! the thought was advanced that. witt
Government regulation. the presen
hesitant public might be brought bacl
INTO the market.