Evening star., 1937-06-27
STOCKS co DOWN,
SOME RAILS HIT
NEW 1887 LOWS
Most Issues Off Fractions
to Point, With Few Losses
Even Larger.
STEELS ALSO DEPRESSED
DESPITE STRIKE NEWS
Coppers Join Retreat After Early
misunderstanding
and Oil Groups Slip.
WHAT STOCKS DID.
BY FREDERICK GARDNER,
Associated Press F1nanclal Writer.

NEW YORK, June 26.-Prices
slipped downward in sluggish stock
market today, unsupported by any
thing except perfunctory buying in
terest.
Leading shares lost from fractions
to point or more, with few issues
sagging even more. Rails were under
the most persistent pressure and some
finished at new lows for the year
At the close the Associated Press
average Of Is carrier stocks was down
IL points at 81, new minimum level
since December %. 1886. For so stocks
the figure was $50, off OF of point.
Turnover amounted to only 288 ,24O
shares. little better than the 220 1850
Of last Saturday. Tickers were silent
for moments at a time as bids and
offers Jagged at the trading posts.
What was regarded as more favor
able news of the steel strikes was ap-
parently ignored and steel shares
sagged, although to lesser degree
than the rails
Reports from the Mediterranean
GicuOlC dlCo NSiC AoohCo uPoAA 40 eAA
favorable. though they failed to stimu-
late the trading pace. Favorable in
dcations of industrial activity were
likewise ignored.
Coppers were resistant for part Of
the session in sympathy with an i'm
proved tone on the London metal
market. But later support failed and
most shares in this section slipped.
Likewise better off than the carriers.
but still under yesterdays closing level
were merchandising, amusement, util-
ity and tobacco shares. The oils, also,
shaded fractionallv.
Bonds Down Slightly
Slightly lower prices ruled in large
section Of the bond market.
Railroad loans were of rather
sharply considering lishtness of deal
ings. The Associated Press averages
for 20 carriers fell 0.2 Of point to 9l.9,
the lowest since June 8, 1895.
Low yield corporate issues also de-
clined. The average for this group
dipping L of point to 1903. Other
domestic. groups we're even and the
foreign averages improved a mile.
Transactions totaled s4,56l 900, face
value for all bonds compared with
s2,910.o00 week ago Sales for the
week were less than s35 100000. face
amount. against more tuan s42 500 900
the week before
U. S. Governments were quiet with
swings held to minor fractions Prices
ranged to about 3-32 of point on the
downside. A few loans improved a
trif1e.
Western Union bonds lost little as
did Postal Telegraph and Third
Avenue Railway issues.
Curb List Irregular.
Scattered issues made little prog
ress in generally lower curb mar
ket today.
Trading was at the usual Summer
weekend crawl with turnover 74,OOO
shares compared with $4,000 for the
short session last week.
Gamers against the fractional down.
trend were Consolidated Gas of Balti-
more, up l at 65; Fairchild Aviation
which gained y at Az; Interna-
tional Petroleum. up 4 at 34la:
Pan-American Always at 6214 anc
Sun-Ra Oil at 4, each up Is.
Showing small recessions were
American Cyanamid "B" at 3O12
Creole Petroleum, 36l2; Eagle
Picher, l8; Electric Bond e. Share
1885,. Gulf Oil. 50. and Niagara Hud-
son Power 11A. One of the widest
downswings in thhe list was Newmont;
which lost 2 at 95,