Evening star., 1939-11-26
BY FREDERICK GARDNER,

BY FREDERICK GARDNER,
Associated Press Financial Writer.
NEW YORK, Nov. 25.-Aside
from isolated firm spots, the stock
market today finished the week with
an indefinite trend.
Steels and selected issues put
on a mild recovery show. after an
early slipup. but closing prices in the
short session were well scrambled
in proceedings that were sluggish
throughout.
The Associated Press average for
60 stocks was unchanged on the day
at SILL. On the week the composite
showed net decline Of one full
point.
Transfers for the two hours
totalled 293, 100 shares against 276,-
$50 last Saturday. The weeks
volume was the smallest since the
period ending July 8.
Speculative sentiment was still
clouded by the Presidents intima-
ton Friday that new taxes for de-
tense purposes were being con-
sidered. The tax question, which
has been restraining element In
markets ever since the September
war boom, was blamed for yester-
days sharp drop in securities.
Selling Dries Up.
Drying up Of selling today was
attributed partly to the opinions
OF some In financial quarters that
the tax-scare may have been over
done in the light Of action of former
Congresses which have usually ex-
hibited great reluctance in hiking
rates in an election year.
Business and industrial news still
remained cheering, but slackening
in a few lines helped confirm the
belief Of some that the lengthy
economic swing is due to take q
rest over the next month or SO.
AT that, 1t was argued most CORPORA
tions can stand a breathing spell in
view OF the large backlogs which
have been piling up since early
fall.
Steels, among the principal slump
ers OF the previous session, came
back on forecasts next weeks pro-
duction would hold around record
high levels. Up fractions to more
than a point were United States
Steel. Bethlehem, Republic and
Youngstown.
GAneral Motors and Chrysler
emerged at their final Friday quota
tions. The latter's stalemated labor
dimculties contributed to the lack Of
steam In this department. Il
Labor Troubles Feared.
The labor theme was further &C.
centuated as a market barrier by
threats Of a Nationwide moving
picture strike which could crimp all
producing companies and possibly
shut theaters throughout the coun.
try. Loew's and Paramount issues
however, kept declines to minor
amounts.
Holding modest advances TODAY
were United States Rubber, Mont
oomery Ward, Sears Roebuck, Doug
las Aircraft, Columbia Broadcast
ing, Southern Railway, Standard
on OF New Jersey, American Can,
American Telephone and American
Smelling.
Losers up to point were Du Pont,
Johns -Manville. ]. I. Case, United
Aircraft, Glen Martin, Texas Corp.
and Santa Fe.
A trifie improved in the curb were
Aluminium Co. and Lockheed.
American Cyanamid 3D." Fisk Rub
Der and Republic Aviation eased,
Turnover of 10000 shares was the
smallest for a short session since
October IA and compared with 65 900
q week ago.
A slow-moving bond department
registered irregularity. Commod-
lties were shade uneven. Wheat
at Chicago was "a of q cent a bushel
on to up as much. Corn was down
Il to up ". Cotton lost IS to 60
cents bale.
Drop Worst ON Friday.
With the European war continu-
Ing as a neutral factor, stocks regis
tered slight improvement Monday,
buoyed by generous year-end divi-
dends and bright earnings state
ments. Buying faltered Tuesday as
traders reverted to the question OF
why markets had for so long refused
to follow the industrial parade.
The list dropped again Wednes-
Gay without any special change in
the news picture. Traders returned
Friday from their Thanksgiyinp
holiday without decided market
views but prices suffered their worst
drop OF the week In the wake of the
presidential tax comments.