Evening star., 1937-11-14
BY FREDERICK GARDNER,
Associated Press FlnanciaI Writer.

Associated Press FinanciaI Writer.
NEW YORK. Nov. 13-Late buying
in major steels helped strengthen a
rather shaky stock market structure
today.
Early declines Of fractions to a point
or more were transformed into gains
Tor an assortment OF issues at the
finish, although there were still Just
as many losers at the final gong.
The generally indifferent session WAS
exemplified by the fact only 624 in
dividual stocks changed hands. of
winch 233 were up, the same number
down and 158 even. The Associated
Press average of go issues was un-
changed at 486. Transfers amounted
to 509.500 shares, compared with 1865 :
800 last Saturday.
Steels stepped ahead on the final
lap when it was estimated mill obera-
tions at Pittsburgh next week would
record an upturn for the first time in
a long while. At the same time. how
ever. sharp drop in production at
Chicago was forecast.
Spectators Are Timid.
Inc slowness of the days proceed
ngs and generally narrow trends were
explained in the light of speculative
timidity pending opening of the special
confessional session Monday and the
reading OF the Presidents message.
Whlle business news was spotty. Wall
street continued in a hopeful frame of
MIND regarding prospects for revision
OF the surplus profits and capital
gains tax laws, as we'll as additional
moves by the administration to halt
the outgoing tide in trade and in
dustry.
Snare gamers of as much as a point
or so included U. S. Steel at soIa
bethlehem 54s4. American Telephone
l5l q, Anaconda ~315s. Westinrhous.
io4s4 Goodyear 23la and Santa Fe
42A.
Motors were sluggish, rejecting
lower output and consumer resistance
Chrysler was unchanged at 6ss. and
General Motors up "a at 4oia.
Among the losers were American
Can at SO, j. c. Penney II. J.I Case
9o' General Electric 42ss. Montgomery
Ward 4024, Allied Chemical 1ss
Loew's 81 and American Smelling
52hs. ''s
Bond Market IdIes.
Inc bond market idled through the
snort session to finish about steady to
lractionally lower. Federal loans
pushed higher, while domestic cor.
porates swung fractions in both di.
rections.
Foreign dollar issues we're marked
by further declines In Brazilian and
other South American loans follow
ing the announcement Brazil had
suspended interest payments on its
external debt.
Carrier liens showed little evidence
OF DEFINITE trend. while utilities and
lloustrlalS were mixed and narrow
Inc Associated Press averages for 90
rails dipped L of point to 74.9 while
10 utilities stood at 93.6, up 4 of a
point and 10 industrials gained . of
point to 983.
III onlteo states Federal loans ad-
Vances ranged up to 1882 of a. point
with principal activity centering in the
Longer term Treasury issues. No de-
clines were recorded.
Curb Losses Predominant.
Losses Slightly outnumbered gains in
a dragging curb market. Shares
churned fractions either way in the
slowest session since October 2. Afew
high-priced specialties dropped a point
or so but they were the exception
Aluminium Co. Slumped 10 to 88h
Fractional losers included American
Light d Traction 141a, American Gas
d Electric 27A. Eagle Picher 1IX
Gulf Oil 4012, Consolidated Steel and
Fisk at 75s.
A little on the upside were Electric
Bond & Share at 1914, Niagara Hudson
Power 81. United Gas 6ls. CONSOLIDATE
ed Copper 5ss, American Cyanamid
b 26A, Fairchild 3A and Cosden
25s. 'A
Volume totaled 100000 shares conn.,
pared with last Saturdays transfers
of 10000 shares.