Evening star., 1938-05-01
Changes Small in Second
SI0West Session of Last
20 Years.
FEW RAILS, SPECIALTIES
SCORE MINOR ADVANCES
Losses Plentiful and Many Issues
Remain at Closing Levels of
Previous Session.
By FREDERICK GARDNER.
Associated Press Financial Write-.


NEW YORK, April 3o.-stocks
muddled through the second slowest
market session in 20 years today and
price changes generally were regard
ed as meaningless
The list moved narrowly and apa.
thetically from the start. with the
ticker tape frequently at a standstill
for a minute or so. A handful of
rails and specialties managed to
emerge with minor advances, but small
losers were plentiful and numerous
issues were at the closing levels of
Friday.
The turnover for the 2-hour pro-
ceedings amounted to 147,770 shares
against 410,95O last Saturday. There
has been only one lesser volume since
1918. and that aggregated some 49,
600 shares on September /, 1894. For
the week the total was slightly more
than 100000 shares, the smallest
since early 1885.
The Associated Press average of
go stocks was unchanged at 1872. On
the week this composite was down %
points. It registered only one modest
plus sign in the six days, and that
was Wednesday. It was the second
consecutive week that the index fin
ished with loss.
Traders today found virtually no
inspiration for taking a positive po-
sition on either side of the market.
Industrial news was still cloudy and
Washington developments furnished
few if any trend clues.
The feeble last-minute rally Of
yesterday, which brokers attributed
partly to little buying and short
covering following the defeat OF the
wage-hour bill by the House Rules
Committee, petered out at the start
and led to quick shift to neutral
territory by the in-and-outers.
The Presidents monopoly message,
which came after the close Of the pre-
ceding session, apparently had little
significance either way so far as the
market was concerned.
Uncertainty Increased.
Word that a movement had de-
veloped in the House Appropriations
Subcommittee to allocate relief funds
directly to agencies rather than to the
President merely served to stress
doubts the lending-spending program
may be long time getting under way.
For the day modest gains were held
by shares of Chesapeake & Ohio at
2613. Pennsylvania, 1888; Great
Northern, ,l474; j. l. Case, 1873; Con-
tinental Can, 375s; Union Bag g. Pa
per, 10; National Distillers, 1928, and
Woolworth, 421a.
On the offside were United States
Steel at 4234; Bethlehem. ASA ::
Chrysler, 401s; General Motors, 291a !:
Douglas Aircraft, 1925; International
Harvester, 563s; Westinghouse, 701z;
Texas Corp, 36si; Union Carbide, So;
Sears Roebuck, 561s; Anaconda, 263s;
American Smelling. 351s. and Du
Pont, 96N.
Wednesdays meager recovery SEEM
ingly was based on reports Washington
and important business interests were
preparing to cooperate to battle the
recession. The visit of Henry Ford
with the President, however. brought
no stimulating statement from either
and stocks quickly settled back in the
doldrums.
Carrier Issues Helped.
Carrier issue were buoyed to some
extent this week by the move of the
railroads for is per cent wage cut.
Motors were soft throughout the
week as General Motors revealed a
drop in net profit from 80 cents a
share in the first three months last
year to IA cents in the first 1898 quar-
ter. A sharp drop in output of all
manufacturers, with indications the
spring peak had been passed, helped
depress the group.
Bethlehem's statement on profits
was a bit better than had been ex-
pected, although dividends on the two
preferred issues, which were voted.
were not covered. Steel stocks showed
few revival signs.