Evening star., 1938-06-08
Stock Averages
BY VICTOR EUBANK,

NEW YORK, June "a creeping
advance in stocks was extended today
as small buying orders stirred the
market fitfully in its premature sum-
nler siesta
Buyers bid prices of many shares up
fractions to more than a point in one
of the quietest sessions of the last few
years. In the fourth hour only 10000
shares were traded and the ticker fire.
quently was at standstill. Trans
actions approximated 275,0o0 shares
for the day.
The few traders who continued to
take hand in the dealings were in
clined to play for further June rise
in view Of the small offerings shaken
out lately by poor business news and
dividend cuts and omissions.
A contrasting note in the dividend
news was the announcement Of an
extra payment of 81 by American
Shipbuilding Co., causing a squirt in
the stock. At one time it was up
about 4.
Watchful Waiting Rules.
So small was the speculative partici-
patton, the market lacked its usual
sensitivity to political and industrial
developments. Most analysts inter-
rupted the slow drift of prices as
indicative OF waiting mood, in hope
business trends would turn upward in
the second half of the year.
Narrow fluctuations up and down
also ruled in most other markets. in
cluding bonds. Wheat at Chicago
ended 1s to q cents a bushel lower.
Corn was off % to Il up.
Aircrafts and electrical equipments
benefited from selective buying. Head
ing the uneven rise were such shares
as Westinghouse, Douglas, Interna-
tlona Harvester. Santa Fe, Anaconda
Copper, Allied Chemical, International
Paper preferred, United States Gyp-
sum, Bethlehem Steel, Union Carbide
and United States Rubber preferred.
Owens Illinois Glass was one Of the
few soft spots. Also lower most of the
time were j. G. Penney, International
Nickel and Oliver Farm Equipment.
Up about a point at the finish
were Caterpillar Tractor, Monsanto
Chemical and Texas Gulf Sulphur.
Fractionally to point off were Johns
Manville, Corn Products, Otis Eleva-
tor and Phelps Dodge.
Cotton closed As to so cents a bale
higher.
At midafternoon the British pound
was $4.95 5-16. up q. The French
franc traded at 2.777s cents, up .ool.
of cent.
Iowa Primaries Discussed.
The significance of the Iowa pri-
maries in portraying underlying polit-
ical currents came in for much dis
cussion in brokerage circles, as traders
sought slants on the fall elections
However. the stock market appeared
to be unconcerned. content to pro-
long the June drift.
Probably the major deterrent to
selling at the moment. some brokers
| neld, was expectation Federal spend
ing for relief and public works would
be speeded up the next few months
so that autumn industrial and trade
trends might begin to reflect the aug
mented stream of dollars pouring
from Washington.
The slump in automobile buying,
touching a strategic industry, was
shown in General Motors May sales
figures. Sales to dealers in the United
States were only lists units, COM
pared with 1885 in April and 1870, ,oS5
In May, 1887. For the first five months
total sales to consumers were 522,049
units, against 7l7.36o in the compa-
rable 1887 months.
The outlook for extension Of this
session of Congress beyond tine cur
rent week was rated disappointment
in financial quarters, which had been
looking for early adjournment. An
offset, however, was found in reports
prolongation of the session might re-
vive efforts to push through Q rail-
road aid bill.