Evening star., 1934-09-16
Stocks Set New 1894 Lows.
U. S. Bonds Still Ease
Despite Refunding.
PESSIMISM 0VERD0NE,
SOME OBSERVERS HOLD
Cotton Depressed by Strike News,
Grains Affected by Fear of
Import Shipments.
BY CLAUDE A. JAEGER,

Associated Press Financial Editor.
NEW YORK, September l5.-This
is a week of lower prices throughout
the principal financial markets.
Stocks slid off rather decidedly,
several issues reaching new lows for
1884 or longer. The Standard Sta
utilities hit the lowest level since
July. 1892; of 20 rails, the lowest
since May. 1888, and of so industrials,
the lowest since May of last year,
with the exception of one day, June
26, last.
Announcement on Monday Of the
terms of the TreaSury's Sits ,000, 900
refunding operation failed 70 check
the selling in United States Govern
ment bonds, and several issues sagged
more than a full point during the
week.
Regarded rs Attractive.
The alternate offer of 3L 10-12-
year bonds or 21z per cent 4-year
bonds in exchange for the 81, $50 900, :
900 called Fourth Liberties was wide
ly regarded as attractive in financial
quarters, but with the further de-
cline in the Treasury list during the
week bond experts said that the
four-year issue would undoubtedly be
favored. The outstanding issue of
Treasury 3A per cents of 1944-46
dipped momentarily under par, but
came back to close at 100.
Commodities joined the decline.
Cotton, adversely affected by the tex
tile strike, lost more than 80 q bale
Grains were generally depressed, with
discussion of foreign grain coming in
over the tariff, in view of the wide
spread between domestic and world
prices, evidently contributing to the
selling. Wheat futures at Chicago
lost about cents a bushel, and corr
more than 4.
Larger Volume Recorded.
Trading in securities quickened o
little on the decline. The Standard
Statistics Co. composite price index
of 80 stock issues dipped 29 points to
677, and of 60 corporate bonds, 1.3
points to 82l. The stock composite
average was the lowest since July 26,
and with the exception OF that day
the lowest since May, 1888. The cor
porate bond average touched the low
est since January 81, last, the day the
dollar was restored to an international
gold bullion standard on the basis OF
$35-an-Ounce gold.
Securities markets were gloomy over
the textile strike, failure of decided
Autumn business improvement to ma
terialize, uncertainties and forebod-
ings over probable next moves of the
administration in regulation. and
other problems.
Control Date Awaited.
The acknowledged New Deal victory
at the polls in Maine brought little
cheer to Wall Street The fact that
important regulations of the securities
and exchange commission take effect
October l also made for uncertainty
although it was made clear at the
commissions Offices in Washington
that it proposed to move slowly, to
avoid any unnecessary disturbance.
AS a matter of fact. Wall Street
gloom deepened to q degree which
prompted many observers to suggest
that it had reached the point of un-
reality. Trade reviews stressed con-
tinued better-than-expected move
ment Of goods at retail, and it was
widely observed that business condi-
tions seemed definitely better than
financial sentiment.