Evening star. [volume] (Washington, D.C.) 1854-1972, 1937-05-16
Few Rails, Industria|s I'M
prove Observation-Disclosures
Are Backward.
DISCUSSION OF SUMMER
SETBACK AGAIN HEARD
Steels, Motors, Utilities and To-
baccos Lag-Transfers Drop
to 343, $50 Mark.
WHAT STOCKS DID MAY !.
BY FREDERICK GARDNER,
Associated Press Financial Editor

NEW YORK, May l5.-The going
was slow and trifle rough in today's
stock market although a handful of
industrials and rails managed to gain
ground moderately.
Trading forces were shy and shifty
from the start and few backed judg-
ment with extensive commitments
either way Those who appeared in
the board rooms confined themselves
principally to tape watching.
Stimulus seemed to have faded from
the truce in the Jones g. Iaughlin and
General Motors strikes Current BUSH
ness news was still cheering 80 far
as it went, but talk Of Summer set
back was again heard in ANALYTICAL
quarters.
Rails swung up at the start of the
two-hour proceedings, but found the
track slippery before the close and
the majority yielded large part of
their gains in final dealings Steels,
motors, utilities and tobaccoe were
backward throughout.
Average Up Slightly.
Transfers OF 343,560 shares COM
pared with 1885, 800 last Saturday.
With the exception of the latter date
it was the smallest turnover since June
OF last year. The Associated Press
average OF so stocks ended with an
advance Of 2 Of a point at 663
Friendliness toward the carriers
was in the face of a contraseasonal
drop in last weeks freight loadings
At the same time observers of this
field believed the recession was only
temporary with an upturn likely later
in the month.
There was nothing particularly dis
heartening for either the automotive
OF steel groups but they failed to At
tract great deal Of buying attention.
Prospects Of new governmental
power program kept utilities subdued.
With London closed today and
Monday for the Whitsuntide holiday,
from overseas was lack
ing, Foreign buying and selling OF
American securities was also at
minimum
H0mestake Climbs.
Shares Of Homestake Mining got up
S points at 352. UP fractions to l or
SO we're Southern Railway at $685.,
Pennsylvania, 40; Union Pacific, las;
Southern Pacific. 56A; Northern
Pacific, 33a4; Baltimore g. Ohio, 3214;
Kennecott, 81; International Nickel,
SO; Briggs Manufacturing, 42ss; Para
mount, 1888; Republic Steel, 341s:
American Steel Foundries, 5llz; YELL
low Truck, 217s; Loew's, II; Union
Carbide, 100; Goodyear, 37l2; Good
rich, 4012. and Barnsdall, 1884.
On the downside were United Sta tes
Steel at 95; General Motors, IS;
Chrysler, 100: American Telephone,
1854: Deere, 1876; Firestone, 33A; Du
Pont, 1884; Consolidated Edison, 35ss
Cerre de Pasco. 81; Douglas Aircraft,
1915, and Western Union, 5634. Amer
lean Tobacco B and Reynolds B were
down to new lows for the year.
Bonds Move Higher.
The winds Of reaction blew them
selves out in the bond market as the
week came to an end, and prices i'm
proved in light dealings.
United States Governments stiffened
as demand accompanied
creeping advance, which materially re-
duced losses administered earlier in the
week. The reversal Of trend in this
quarter led many to believe Federals
have reached a price basis more in
line with market appraisals of insti-
tutional investors
Todays trading sent Governments
up 1872 to 9-32 Of a point Several
issues held back or dropped a little.
On the week, a few bonds we're up "a
to n Of a point, but the main body
closed bit lower.
Domestic corporate loans held even
or ventured fractionally upward, ex-
cept for the utility group. which con-
tlnued to work lower. High-grade
corporates and industrial loans were
even to little better, and rails moved
forward small fractions.
Volume for all bonds was held to the
total Of $4,038 900, face
' SSA~sSS ~AAS ASOV A1dUulu dy CulllOtCI
since August %, 1896. A week ago
81 ,273, 900 of bonds changed hands.
Curb List Improves.
Minor gains predominated in all Sec
lions of the curb market despite the
lethargy of trading as evidenced by the
turnover in about a year.
Shares closing small fractions to q
point or more improved included Sum
shine Mining, 1917; Pantepec, 7s: In
ternational Petroleum, 35s; Glen Al
den. 111a; Consolidated Copper, 81;
American Gas, 321s, and Aluminium
Co., 143.
Those holding unchanged or Slip
ping back trifle included E. w. Bliss,
Is; cosden Oil, 13s; Electric Bond L.
Share, 1871, and Creole Petroleum,
32A.
Transfers Of $4,000 shares were the |
smallest since August, %, 1896, and
with $4,000 last Saturday.