Evening star., 1934-05-21
Exchange Topics
BY the Associated Press.

BY the Associated Press.
NEW YORK, May 21.-Several in
f1uences combined to stifle spec
ulative impulses at the start of
the new week today. Wall Street had
been expecting President RooseveltS S
silver message to Congress today, but
news came through from Washington
that 1t would not be presented until
tomorrow. Traders were waiting for
its contents, although the general line
of the silver program was believed to
have been indicated last week. In ad-
dition, seasonal Slackening in Specu-
lative activity and industry thinned
out the stock market. But the prime
concern of Stock Exchange houses
continued to be the Federal exchange
control measure and in what form it
would finally emerge from the House
and Senate conference.
Brokers eyed the languid ticker tape
ruefully during the forenoon, when
only about 100000 shares changed
hands on the Stock Exchange. wonder
ing whether they were getting sam
pie of a stock market stripped of all
its speculative froth by the stern hand
of governmental control. Without
pool activities, constant buying and
selling for small turns by many trad
erS and stirring up of public interest
in stocks through market letters and
prodding by customers men, the mar
ket will need big news to rescue it
from stagnation. it was forecast N
some quarters.
It has been automatic in Wall
Street that public interest in the
market aWakenS only after it has been
we'll started on a movement and mar
ket tacticians in the past always were
guided by that rule. Professionals
started moves in stock, expecting to
find buyers drawn in by the sight Of
advancing prices and activity. by gos-
sip and bulliSh sentiment generated
by performance of the market itself.
What puzzles Wall Street now, as
suming Federal control of speculation
works effectively, is where the market
can look for what traders call lead
ership.'
Bulls on stocks were not particularly
discouraged by lack of volume in
stocks. They pointed out it was
characteristic of markets changing
direction of movement after decline.
Dizziness often has succeeded a sharp
decline, such as occurred in April and
early May. Following the Spring de-
cline two years ago and a temporary
technical rally, the market went into
a stalemate which lasted nearly two
months before it started on the first
big upward swing of a bull trend.
Chartists still read a bullish interpre-
tation of the main trend of prices into
their curves and statistics.
The rather sharp decline in auto
mobile production which set in about
three weeks ago seemed on face Of
latest production estimates to have
slowed down With sales showing
some improvement lately it was hoped
output of automobiles would stabilize
around current levels for a month or
two and thus help cushion the usual
seasonal falling off of business in steel
and other lines. It was estimated
automobile production last week ap-
proximated 1850 units, a drop of
3,755 from the preceding week. In
the same 1888 week output totaled
55,801 cars.
Some of the weekly commodity in
diceS attained new peaks for the year
last week, chiefly as result Of the ad-
vance in grain prices on drought news
from the Middle West. Textile prices
have been easing laterly, but stiff
fening of prices in that quarter is
expected if Washington approves the
curtailment program the cotton goods
industry has heer discussing