Evening star., 1937-06-13
Fears of Spreading Strikes
Bring Resumption of
Quiet Retreat.
COPPER SHARES WEAK,
CUT IN PRICE TALKED
Rails Lag as Result of Drop in
Freight Loadings and Wage
Negotiations.
WHAT STOCKS DID.
BY FREDERICK GARDNER.
Associated Press Financial Writer.

NEW YORK, June l2.-Handi-
capped by fears of spreading strikes,
stock market leaders took another
turn on the downside today and many
1ell fractions to or more points to
new lows for the year.
Latest developments includes the
calling Of walk-out at the important
Cambria plant Of the Bethlehem Co..
involving thousands Of workers. Com
pany officials, though, claimed nom
striking employees were operating the
mills on schedule.
While union disputes at the Michi-
gan factories Of Budd Wheel and
Packard Motors were adjusted ami
caoly, Wall Street saw few signs Of
peace in other labor controversies.
1t was one Of those slow Saturday
sessions which have been plaguing
commission houses OF late. Trans
1ers amounted to 387,22o shares, COM
pared with 342,440 a week ago.
The Associated Press average of 6o
stock was of a OF a point at IS
mat Tor Is utilities dipped 2 of a
point to 40.7. a bottom mark since
October "a, 1886. OF 6l5 issues ap-
pearlng on the ticker tape, 4O7 de-
cllned, "a advanced and IA were
unchanged.
The list was at its worst in the first
hour. Support for some stocks came
later and extreme declines were re-
ouced IN many instances Just before
the close.
Short Covering Appears.
snort covering and buying by quick.
turn traders were said to have
oolstered the price structure at the
nnlsh. Some analysts thought the
market may have been "oversold" with
The possibility Of 4 substantial rally
coincldental with any constructive
news.
Rails dragged the greater part of
the time, still under the influence of
iast weeks more than seasonal drop
IN freight loadings A factor here
also was the continuance of carrier
wage negotiations
Coppers displayed weakness on the
thought a lag in industrial opera
tons later in the year might bring
a cut in the price of the red metal
10 between II and 13 cents pound
United States Steel, down more
than l for a while, came back for 4
net gain Of Is of a point at ss1s
Bethlehem, however, yielded Ia at
8l7s.
New 1887 lows. among others, were
registered by General Motors at 5ost
Chrysler, 1862; Motor Products, 3o1s;
Vanadium, 25s4; Boeine, 291a Con-
soHdated Edison, 80; Electric Power
u Light. 1914; American Can, "a and
Public Service of N. j.. 37as.
Oils were resistant, Socony-Vacuum
and Texas Corp. edging up slightly
at 1873 and $3.50, respectively.
Bond Market Uneven.
Adhering to the pattern of recent
sessions the bond market was slight
ly uneven, with losses prevailing.
The llstless trading was reflected
by a total turnover for all bonds of
s3,726, 900, face value, compared with
S4,363,000 week ago.
Although United States Govern
ments tended to stifTen a bit near
the close, the gains were too small to
overcome the setbacks suffered earlier
in the week.
Domestic corporate issues lifted or
sagged in about even numbers. Rail-
road loans tended TO- improve bit as
did high-grade corporates.
Among the heaviest losers were
Philadelphia Co. 5s, which yielded 2
points to 95l2, Third Avenue Refund
ing IS off IA to 48, and International
Hydro Electric IS down to 75s4. New
York Central 3As dipped a to 1o8.
Goodyear Tire SIS moved up q to lo47.
and International Telephone 4l2s
gained q to 49,
Curb List Narrow.
The curb market drifted in a mar
row groove with most divisions except
the utilities, finishing lower for the
day.
Metal and oil shares suffered from
lack of support, although loses were
for the most part confined to frac-
tions. Aluminium of America dropped
at 1882, New Jersey Zinc lost ~ at
74A and Lake Shore Mines, at 4712,
was down q.
Others to yield included Console
dated Aircraft, 2l, OF 2: Creole
Petroleum, of u at 3312, and Humble
Oil, down by the same fraction at 1917.
Among the utilities Consolidated
Gas OF Baltimore picked up u at 6s1z,
and there were fractional gains for
Electric Bond & Share, 14A, and
United Gas preferred, 1927.