Evening star., 1938-06-19
BY FREDERICK GARDNER,
Associated Press Financial Editor.


Total issues ------ $50 56s
BY FREDERICK GARDNER,
Associated Press Financial Editor.
NEW YORK, June 18.-With cop
pers showing the way, leading stocks
edged forward today in the slowest
market session for nearly 20 years.
Traders had few tid-bits Of fairly
cheerful news to comfort them, but
most refused to be tempted to assume
an extensive position pending more
definite signs Of break in the lengthy
recession.
The list started off slightly higher
and then shifted over q narrow range
during the remainder of the proceed
ings. There was an assortment of
negligible losers at the close. with a
few weak spots in evidence.
With the ticker tape merely creep
ing throughout the greater part OF
the proceedings. transfers totaled only
l04.530 shares. the smallest turnover
since August 3. 1918. The aggregate
week ago was lot. 7.230 shares. The
weeks volume of 1892 900 shares was
also the smallest in 20 years. The
Associated Press average OF so is
sues was up OIL Of a point at 3S.7,
but on the week was of o..
The apathy of the session was
shown by the fact only 359 individ-
ual stocks were traded. OF these
l2l advanced. 10s declined and 100
were unchanged.
Export Copper Boosted.
A little more cheerfulness was re-
fiected in the coppers which oene-
fited from the latest foreign curtaii-
ment agreement reached in London
and was in line with the recent sus-
pensions Of important domestic mines
for the purpose Of bringing output
closer to sagging consumption. A Eft
in export copper prices was also help-
ful.
Major steels managed to emerge a
tribe higher, although they were slus-
gish the greater part Of the time on
forecasts further cuts in quotations
for steel products were likely. A lift
in the steel scrap price of so cents a
ton at Pittsburgh was a sustaining in
fluence.
A handful Of secondary rail bonds
rallied briskiy after their late weak
ness, support appearing for these on
the theory they had been oversold
even If some roads eventually have to
60 through the wringer. Carrier
stocks were also mildly improved.
Mounting freight loadings and i'm
proved operating revenues for May
was.a bolstering factor for the trans
portation section.
Colds Lose Buoyancy.
Most gold mines lost their buoyancy
Of the early part Of the week as dollar
devaluation talk waned. Despite the
continued demand for the yellow
metal abroad, both sterling and the
French franc were unchanged today
in terms of the American money. The
belief was widely held in the financial
sector that a possible cut in the dollar
would await the outcome of Govern
ment pump-priming as means of
turning the business tide.
Stocks emerging with modest gains
in the two-hour session included Ana
conda at "a, Kennecott, 2924; Cerro
de Pasco, 3434; Westinghouse, 747s:
Allied Chemical, 149; Santa Fe, 2434;
Southern Pacific, l0A; Douglas Air
craft, 4312; Standard Oil of N. j.,
46k; U. s. Rubber, 26l2, and Sears,
Roebuck. 56h.
Goodrich preferred weakened on
the omission Of the dividend on this
issue, closing OF points at 80, a new
low for the year. The common was
of * at 111a. International Har-
vester slipped "a at so on reports OF
plant shut-downs for this company In
July to Offset declining sales.
Imitation Theme Fades.
The imitation theme was the princi-
pal market motivator during the early
part of the week, but this subsequently
faded materially.
Those who had expected the ad-
journment of Congress to be celebrated
with run-up in share prices were
disappointed Failure Of the law
makers to pass a relief measure for
the railroads more than Offset this
development. Talk of q special ses-
sion in the fall also was confusing to
market followers.
The main obstacle to important
selling in the week, brokers said, was
the expectation Of many that the
administration lending spending pro-
gram would be pushed quickly and
prop most tagging industries. Little
pickup In business was looked for
before fall. though, and this tended