Evening star., 1934-03-03
STOCKS TURNDULL
AFTER BRIEF RISE
Close Fairly Steady, but
Only Few SpeciaIties I'M
prove Much.
BY VICTOR EUBANK,

Associated Press Financial Writer.
NEW YORK, March 3.-After a
brief upward flourish following the
opening, stocks turned dull In today's
abbreviated session. Aside from q few
specialties price changes were ex-
| tremely narrow. The close was fairly
steady. The turnover of approximately
100000 shares was the smallest since
early January.
The speculative enthusiasm that
appeared late yesterday seemed to
have waned considerably. Many
traders took profits and new commit
ments on the buying side were ap-
preached with much caution
Financial observers pointed out
that the equities market was In an
area of supply which might be q
little difficult to negotiate. The theory
was advanced that some buyer.
around the tops Of last July were nc
unwilling to transfer their holdinc
on small bulges
Cotton spurted in the early hour
but later dipped under heavy realis
ing. This staple, however. still he,
many friends who were highly opt
mistic over the probable effects Of tt
Bankhead restriction bill on prices.
Grains furnished little stimuli
Wheat, corn and oats recorded sms
losses at one time. Silver and rub
Der were a bit higher Bonds wer''
mildly mixed. International dolla'
rates f1uctuated fractionally in quie
dealings.
The more active shares, up slightly
to around a point, included those OF
( j. c. Penney. Columbian Carbon
Shatuck. Snider Packing. United
States Smelling Bethlehem Steel
| American Smelling, Sears Roebuck
and Park Utah. Among losers of sim
liar amounts were Western Union
United States Steel, Westinghouse.
American Telephone. Johns -Manville,
Woolworth. United States IndustriaI
Alcohol, United Aircraft, Allied
, Chemical, Union Pacific and Nev
| York Central
Some of the metal stocks ralliet,
momentarily on word that the House
Subcommittee on Coinage, Weight
and Measures planned to report to
the full committee bill providing for
the Government purchase of foreign
silver up to $500 100000 which
would be exchanged for American
agricultural products. 1t was not be-
lieved, though, that this measur7
would get very far in Congress be-
cause of administrative opposition.
The recently volatile aircrafts werc
not stirred by the resolution Of the
United States Chamber of Commerce
urging prompt restoration Of normal
airmail service on a contract basis
with private lines
Renewed inquiries for locomotive
were reported from several of the rail-
roads, but freight car demand was said
to be tagging. Equipment companiee
explained that a number Of the car
riers were hesitent about ordering new
cars because of the uncertainty re-
garding Co-ordinator Eastman's plan
for the pooling Of equipment.
Wall Streets eyes appeared to b.
diverted. at least for the moment
from the Washington scene by furthe.
good news from industrial fronts. In
addition to the unexpected declara-
ton OF a higher dividend by General
Electric, the Sears, Roebuck report
1or the company's past fiscal year.
showing substantial profits compared
with a large 1882 loss, was seen as
another indication of economic re
covery.
There We're many conjectures as
the outcome of next weeks N. r. A.
convention at the Capital. The i'm
portance Of the Presidents forthcom-
ing address to the $500 delegates was
stressed In brokerage circles. Just
how far the authorities will 20 In the
campaign for reduction of workin.
hours and the increase of wages Va
matter of discussion.