Evening star., 1938-06-12
Ticker Is Near Standsti|I
as Transfers Total Only
107,23O Shares.
MANY ISSUES REMAIN
AT UNCHANGED LEVELS
Traders Inclined to Ignore Bright
Spots in News, Including Big
Advance in Wheat.
WHAT STOCKS DID
Total issues
BY FREDERICK GARDNER,
Associated Press Financial Writer.

ASSOCldtcu EItSS FlhhuCidl WIllcI.
NEW YORK, June 1.-THE stock
market almost shut up shop today as
dealings dropped to the lowest mark
in about 20 years.
The ticker tape was virtually at a
standstill throughout the two-hour
proceedings. Transfers totaled only
1c7 ,230 shares. the smallest turnover
for any day since August 3, 1918
This volume compared with 306.930
shares a week ago.
Price changes were exceptionally
small either way at the close, with
numerous issues holding at their Fri
days final quotations The Associated
Press average OF so stocks was un-
changed at 39.l. but was up = OF o
point on the week.
The unusually apathetic perform
ance was stressed by the fact that of
around 1900 issues listed on the New
York exchange, but 388 changed hands
today. OF these, $50 declined. l09 ad-
vanced and 1l9 were even with yester-
days close.
few bright spots in the news, including
one Of the sharpest rallies in wheat
futures for some time, together with
strength in most other commodities.
Imitation Talk Fades.
In addition. little attention seemed
to have been paid to fresh inflationary
murmurings occasioned by a brisk
run-up of European currencies in
terms Of the dollar as further heavy
buying of gold bars in London from
both American and continental
sources was reported.
1t was true that the domestic bust
ness outlook continued as cloudy as
ever, although some in Wall Street
thought chances for an upward re-
versal in the next month or so would
improve as Government pump -priming
gained headway and the depletion OF
inventories revives buying demand.
Today's market got of to a dragging
start and prices never moved out OF
slim groove. A few rails, coppers
gold mines and specialties managed
to emerge on top. Steels did fairly
we'll for while, but eventually gave
ground. Motors ripped up at the
last.
Retaining slight improvement were
New York Central at l1h2. Southern
Pacific. ia: Great Northern, 1875
Northern Pacific, 7a4 Johns Manville,
681s: Anaconda, 24is; Kennecott,
29H4: Homestake Mining, SO, and U.
S. Rubber. 267s.
u. S. Steel Off Slightly.
A shade down were U. S. Steel at
41A; Bethlehem, 44la; General Mo-
tors, 90; Chrysler, Al Y; Westinghouse,
75ls; Consolidated Edison, 244;
Montgomery Ward, 3oa., and Douglas
Aircraft, 44A.
Sterling pushed up 1ls cents te
$497N, the highest level for this unit
in nearly a month. The French franc
was ahead .oo5s of cent at 278A
cents.
While inspiring scant buying in
stocks, the financial sector seemed
pleased with advices from Washing
ton compromise was at hand on the
wage-hour bill which would be ac-
ceptable to many who had opposed the
measure.
Dollar devaluation talk. while
secuted by authorities, was partly
responsible for giving the market its
best day on Thursday. 1t lapsed
Friday.
Coppers were helped by another
lift in the export price for this metal
Rail shares were propped to some
extent, although carrier bonds were
lower.