Evening star., 1939-06-04
Market Ends Week
On Moderately
Cheerful Note
Price Changes Small
And Turnover Light
In Saturday Session
BY FREDERICK GARDNER,

Associated Press Financial Writer.
NEW YORK, June 3.-The stock
market today ended a rather spotty
week on moderately cheerful note
While price changes were small
throughout the brief session, steels,
motors, mail orders, rubbers and
specialties generally pointed upward
Many issues, however, closed vir-
tually even or a shade in arrears.
With numerous traders deserting
boardrooms for week end holidays,
the days turnover was the smallest
since May 13. Transfers totaled
175,740 shares, against 1872 1850 last
Saturday. The weeks volume, due
partly to the Memorial Day shut
down, was the lowest in about year.
The Associated Press average OF
go stocks was up i of a point at
Alb, but on the week showed a net
decline of q.
The days news budget was lack
ing in particularly stimulating quail
tiles from either home or abroad.
Steels Draw Support.
Steels drew some support on an
nouncement Of the Navy's big war;
ship orders and indications next
weeks mill operating rate would
register further comeback. Mo-
tors, while continuing under the
cloud of Detroit labor difficulties,
edged upward as forecasts of bet
ter than anticipated second quarter
earnings for the principal manufac-
turers were heard.
Although the start of new series
OF Government-busine confer
ences revived mild hopes of some
thing constructive coming out of the
meetings, speculative contingents
recalled that past moves in this d.
rection had not achieved a great
deal.
Stocks emerging behind modest
plus signs today included United
States Steel. Bethlehem. Chrysler,
General Motors, United States Rub
Der. Montgomery Ward, Anaconda,
New York Central, Pennsylvania.
Union Carbide, Eastern Kodak and
Zenith Radio.
Restraint on BUYERS.
Tending to restrain buyers in the
short session. brokers said, were re-
ports the President possibly would
veto the huge farm bill because the
Senate added 100000 of un-
budgeted benefit payments without
voting new taxes to finance them.
This. it was feared might compli-
cate business tax revision plans now
before Congress.
Amsterdam joined other European
markets today in Saturday closings
and from now on will shut down
over week ends through August.
Consequently, clues from overseas
price trends were lacking as a New
York influence.
Higher in the curb were American
Cyanamid "B,' Bell Aircraft, Elec-
trio Bond g. Share, Lockheed and
Humble Oil. Carrier Corp. dropped
small fraction. Turnover of So 900
shares compared with 5000 a week
ago.
Stocks Shade Higher.
Stocks tilted shade higher Nom
day on estimates of sharp re-
bound in steel production following
settlement of the soft coal tieup.
Zest for the buying side waned
Wednesday, after the Memorial Day
recess, and the market suffered its
worst setback of the week Thursday.
This decline was blamed partly on
the belief of some analysts the list
was due for a rest after p, fairly
lengthy recovery.
A feeble rally arrived Friday. not
Withstanding disclosure of the largest
recession in the weekly motor out
put OF the year to date. A more than
seasonal increase in last weeks
freight loadings was an offsetting
factor.
Merchandising issues were rela-
lively strong all week, rejecting i'm
proved retail demand and expecta-
tions of expanding consumer pur-
chasing.