Evening star. [volume] (Washington, D.C.) 1854-1972, 1937-05-09
STOCKS co down
FRACTIONS TO 81
IN SLOW SESSION
Business News Favorable.
but Traders Cling to
Side Lines.
STEEL AND RAIL ISSUES
LEAD QUIET DECLINE
U. S. Bonds and Prime Corporate
Groups Improve-Carrier
Loans Backward.
WHAT STOCKS DID.
BY FREDERICK GARDNER,
Associated Press Financial Writer

BY FREDERICK GARDNER,
Associated Press Financial Writer.
NEW YORK, May 8-In the slow
est session in about q year, stock
market leaders today edged down.
ward fractions to a point or more
News, on the whole, was to the lik-
ing Of speculative forces, but there
was little Of particularly stimulating
nature and the side lines appeared to
be more attractive than ever.
Transfers totaled 285 800 shares
compared with Ssh $50 last Saturday
The aggregate was the smallest for
any day since June g. last year. The
Associated Press average Of so stocks
was off 2 of a point at $50
Only 557 issues changed hands. OF
these, 28l declined, ll3 advanced and
1853 were unchanged.
Most losers closed above their lows
and handful of specialties managed
to emerge with substantial gains, a
few at new highs for the year.
ooocis woe Vic llIst W TURN GOWN as
thoughts of seasonal recession in
production proved an intimidating in
huence to holders of this group.
Although the outlook for rails was
still promising in the matter Of traffic
and operating revenues. this depart
ment slipped from the start under
profit taking pressure.
Motors Indifferent.
Motors were rather indifferent. Dis
appointing earnings for Hudson low
cred this issue rs points to 177s.
Chrysler drifted of y at ll51.. Gen.
eral Motors ended unchanged at 5s1a,
following the companys report April
world sales to dealers were the largest
In the compAny's history.
Anaconda WAS lifted II to SCI. on
better than-expected first quarter
profits showing. Kennecott was up a
at 55%, but Phelps-Dodge lost q at
47A.
Principal share losers included U. 8.
Steel at l03s.. Bethlehem. 86A; West
inghouse Air Brake, As; Yellow Truck,
22a.; Santa Fe, 92a4; Atlantic Coast
Line, 491a; New York Central, 40;
Southern Pacific, So; Douglas Air
craft, 5912; ]. I. Case. 1872; Deere
1871; Du Pont, 1852; Celanese, 1913;
Motor Products, 44as; Texas Corp,
sos, and Paramount, 2Os.
Owens-nlinois hit new high with
gain Of 80. at 96. Cluett Peabody
was up at "a. Slightly improved
were Socony Vacuum at 1925, Pull
man, 6ol2 Electric Auto-Lite, 80, and
Libby Owens, 7014.
Most of the utilities and oils were
about even.
Government Bonds Up.
| All sections of the bond market
finished the week in higher ground a.
light trading today brought more gains
than losses to active corporate and
| Government issues.
| Some railroad loans sold at slightly
lower prices as did a few specialties
and bonds influenced by unusual cir.
cumstances. The rails, however, lost
only portion Of their gains on the
week. Santa Fe General As dipped
70 to ITO, Katy As dropped IA t.
85A and Southern Pacific AIS lost
70 to 1913. Higher were New York
Central 3As and Lehigh Valley IS.
Bonds of marlborough Rapid Tran.
sit Co. and Third Avenue Railway
operating subway and surface lines ir
New York City, sold lower after
workers voted to strike unless specified
bargaining agencies were recognized
by the respective arrangements. The
I. r. T. IS lost Ia to IS, and the
Third Avenue Adjustment IS dropped
l to 80.
Turnover for all bonds totaled $4,-
273,O00, face value, compared with
$4,571 900 a week ago.
Curb Mixed, Narrow.
Traders stayed pretty we'll away
from the curb market and prices were
mixed within narrow limits.
Transactions totaled 10000 shares
compared with 10000 last Saturday
1t was the lightest turnover since last
September 5.
A few Oil shares managed to work
forward. Humble was up y at 77k
and International Petroleum added
the same fraction at So.
Other fractional gamers included
Niagara Hudson, 1874; Electric Bone
q Share, 1874; Fairchild Aviation
7As. and Western Auto, 1874.
On the down side were Consolidated
Aircraft, of l at "a; CONSOLIDATED
Steel, 1915; Sunshine Mining. 1917
American Cyanamid "B," 30; Ameri.
can Super Power, 1ss; Eagle Pitcher
| 1874; Hudson Bav. 29L and Ameri