Show STOCKS SLUMP IN LATE RUSH RUSHBy By ELMER C. C United s Editor NEW YORK Jan 9 9 bonds and commodities declined in a late rush of selling Thursday Unloading of stocks gained such momentum that the tape fell be behind be- be hind Bonds reacted after a sub sub- lCd Jed by railroad and oil issues Cotton were weak all day with the December position under 10 cents Sugar eased These louses losses came in the face of inflation talk that circulated in world markets Europe took zen seri the suggestion of the committee commit commit- tee ce for the tho nation that President Roosevelt raise the gold price to 41 41 per ounce That would make the dollar worth 50 cents in terms of the no gold parity panty that prevailed before be- be fore ore the Roosevelt administration First repercussions were sharp declines In the dollar in world mar mar- The French franc soared against the dollar until it neared parity The Netherlands guilder topped Its par Other currencies made wide including the pound sterling A statement by Secretary S Mor- Mor that the was merely the work of speculators and that there was nothing to reports of devaluation steadied steadied- the dollar but it recovered only slightly from the lows Europeans European interpreted bonus plans as highly unfavorable for dollar dol dol- lar stability in that they were expected ex cx- to Involve inflation Oil shares had good news in price advances in cast Texas Texas crude crude Most leading oils made new highs at gains ranging to more than two points in Amerada They sagged from their highs and some substituted losses near the close Rails had a period of strength that carried the Jones Dow average to a new high since 1934 They too reacted and were vere irregular at the close During the session a sizable group of issues made new highs high for a year or longer including Air Re which touched 18 1 up 9 points American Agricultural Chemical Electric Boat National Biscuit Radio Orpheum and Westinghouse Electric Silver shares got a play on hopes of silver men that the silver dollar would be he devalued thereby raising the price of silver metal Gold issues were firm although not ac ac- ac tive |