Evening star., 1937-07-11
STOCKS co DOWN
IN QUIET TRADING
At WEEKS CLOSE
Prices Suffer More From
Neglect Than From Sell
ing Pressure.
MILD RECOVERY CUTS
SOME EXTREME LOSSES
Steels Follow Rest Of Market
Despite More Favorable News
on Labor Situation.
WHAT STOCKS DID.
Total issues
BY FREDERICK GARDNER,
Associated Press Financial Writer.


fered more from inattention than
selling pressure in today's market.
Brokers blamed the current heat
wave for driving many customers from
the board rooms. Even those who ap-
peared displayed more than the usual
buying apathy.
With some traders desiring to
tighten commitments over the week
end, prices drifted fractions to
point or more lower There was mild
recovery movement near the close and
extreme declines were reduced in
many instances.
Transactions for the two-hour ses-
sion aggregated 297 500 shares. The
Associated Press average Of so stocks
was off 0.3 Of point at GIL.
Listlessness of the proceedings was
exemplified by the fact only $50 is
sues changed hands, as against 825
yesterday. There were l59 advances.
242 declines and 159 were unchanged.
Steels Also Down.
Stees followed the rest of the mar
ket, Notwithstanding labor news was
more to the liking OF the financial dis
trict. United States Steel was of p
at 1885, and Bethlehem yielded 3. at
s0is. Republic edged up 4 at 80 as a
strike called at one OF the company's
plants failed to materialize. Sloss-
Sheffield was up at l6l.
Graham-Paige was the liveliest
stock OF the day. advancing - of
point to 4, on reports OF expanding
business and word Sears Roebuck
would invade the tractor field by
handling Graham Paige machines.
The Governments crop report, in
dicating the best wheat harvests since
1881, WAS good news for Granger Rail-
roads. mail orders and farm imple-
ments, but most OF these held to
narrow range
On the down side were Chrysler. at
1903; Westinghouse, l471s; American
Telephone, 1885,: Western Union.
4814; Santa Fe, 8lA; Southern Pa
cific, 467s; Kennecott, 58ts; American
Smelling, Ola; Loew's, 80; Du Pont,
l54. and United States Rubber, 6O1o
General Motors was unchanged at
SO. Allis Chambers was up l at 67a,
on plans for broadening manufacture
ing facilities.
Bonds Are Narrow.
NarroWness and quiet trading
characterized the bond market. Turn
over was extremely small, with traders
ranks thinned as result of the torrid
weather.
Fluctuations in most groups were
confined to fractions Government
issues steered a quiet course with
minor gains predominating. Swings
were confined to 5-32 on the upside
and 1872 the other way.
Some utilities scored modest ad-
vances. Railroad loans were steady
with a firm undertone. International
Hydroelectric IS climbed a point to
7712 and Utilities Power & Light 51as
gained IA to close at Sc. Chicago
& Northwestern 4s.s held even while
Erie IS dropped y to end at rs.
Allegheny Corp. liens. feature OF
recent markets following announce
ment Of plan Of consolidation with
Chesapeake Corp, were less promi-
nent. although the IS of l949 closed
at 90. up /.
Approximately $2,8l4,O 900 face value
of bonds changed hands compared
with $4.56l,0o0 on the previous two
hour session on June ,26.
Curb Shares Lower,
Buoyancy was lacking in curb
market trading as most shares sagged
to lower levels.
Business was practically at a stand
still during the short session with
many traders "out of town for the
week end"
Utilities were target as quiet but
persistent selling forced them down.
American Gas & Electric gave up IL
to close at 33. United Gas and Niagara
Hudson buckled slightly while Electric
Bond & Share kept level.
Interest in oils was negligible with
little movement either way Creole
Petroleum finished at 384. up a
minor fraction, and Gulf Oil lost u
to end at 55A. Sunray Oil was un-
changed.
A few industrial specialties bucked
the downdrift scoring slight gains
Carrier Corp. was up a ma jor fraction
and Niles s-Bement-Pond climbed Il
Cleveland Tractor closed at IAN,
I'M u