Evening star., 1937-10-31
STOCKS ARE DULL;
MANY LEADERS co
. SLIGHTLY LOWER
Steel Group Is Hesitant,
With New Slump in Ac-
tivity Forecast.
RAIL SECTION MIXED;
SOME SPECIALTIES UP
Carrier Bonds Stage Advance,
U. S. Government Obligations
Retreat Quietly.
BY FREDERICK GARDNER,
Associated Press Financial Writer.


Associated Press Financial Writer.
NEW YORK, Oct. 30.-Many pivotal
issues slipped trifie lower in an in
decisive abbreviated session Of the
stock market today.
No particular trend was apparent,
and trading was at fairly slow pace
through most Of the day, with the
ticker frequently at standstill.
Steel shares proved the most hesi-
tant, although one or two closed
higher. The rails, in spite Of the de-
cision of carrier executives to ask a
new blanket increase in freight rates,
were narrow and mixed. A few amuse-
ment and speciality stocks moved
higher
At the start the market generally
seemed inclined to follow up yester-
days final hour rally. with small in
vestment buying reported from the
floor. But the upswing was weak and
short-lived and profit selling soon
shaved gains. From then on apathy
set the tone
Traders were inclined mostly to even
up accounts over the week end. News
was not impressive and there was a
disposition to await the outcome of
talks at Hyde Park between the Presi-
dent and Treasury officials over taxa
tion matters before assuming commit
ments. Threats of renewed tension
between Great Britain and Japan in
China were closely studied.
Steel Decline Forecost.
Unofficial forecasts of further mod
crate drop in next weeks steel operat-
ing chilled sentiment in this division.
United States Steel dipped as low as
62A, but rallied later to finish at 631a,
off " net. Bethlehem, on the other
hand, ended IS up at 55la.
Others down bit for the day were
Inland Steel, 70; American Rolling
Mills, 261s; Westinghouse Electric,
1041a; Western Union, 1924: General
Motors, Ala; American Telephone,
1541s; Sears Roebuck, 1924; Mont
gomery Ward. 433s; Anaconda, 317s;
Kennecott, 3634; Union Pacific. 90:
New York Central. 211a; Du Pont.
1854: Union Carbide, 80, and Allied
Chemical, 16334.
Chrysler benefited from SO divi-
dend on the common, ordered after
the close on Friday and finished up 1
at 76A. Other gamers included
R-K-O, 63s; Paramount, 1888; Radio
Corp, 8h; Santa Fe, 1925; Northern
Pacific. Is; Goodrich. 2234; Goodyear,
26A; Woolworth, 4134; Standard Oil
of New Jersey, 53la; Texas Corp,
46H, and Barnsdall, 1914.
The Associated Press average of so
stocks dropped L of point at 50.2.
Transfers totaled 1890 shares,
against 1861 ,020 last Saturday.
Railroad Bonds Higher.
Some lower-priced railroad liens
recorded most gains in a quiet and
generally steady bond market. Fed
eral loans were in light demand and
tended q little lower. while foreign
dollar issues pointed fractionally
higher.
Principal activity centered in the
carrier group, and despite the individ-
ual gains the Associated Press average
for 20 railroad liens dipped 2 of a
point to II.
Pushing up fractions to point or
so were Illinois Central 4s4s at 461a,
SIS of 1850 stamped at 80,
st. Paul IS at 1914 and Southern
Railway As at SIS.
Industrial and utility liens were on
q fairly even keel although the list
was spotted here and there with minor
losses. The averages for 10 industrials
advanced 2 of a point to 992 while
10 utilities stood at 92.5, of S Of q
point.
Curb Gains Erased.
Increased selling near the close
erased many gains made in early curb
market trading in an extension of the
recent rally. Final prices were mixed.
A few leaders dipped sharply under
previous closings as bids were with
drawn. Mining shares were gener-
ally steady and utilities and oils held
to a narrow range.
Aluminium Co. of America finished
at 81, off 11a; New Jersy Zinc 81, of
1%; Creole Petroleum ASA, off "a,
and American Gas g. Electric 25A,
off "a.
Fractionally higher were American
Cyanamid "B" at 26; Hecla Mining
at 1917; Hudson Bay Mining at 221z;
Molybdenum at SIS; Electric Bond g.
Share at 111z, and United Gas at 6.