Evening star., 1939-06-11
Stock Trading Yields
10 York Visit
OF King and Queen
Traders Desert Floor
And Boordrooms;
Prices Are Mixed
BY FREDERICK GARDNER,
Associated Press Financial Writer.

Dy
Associated Press Financial Writer.
NEW YORK, June 10.-The
British took New York today and
with it the stock market.
Traders deserted the exchange
floor and boardrooms in large num-
bers after the opening in order to
welcome King George and Queen
Elizabeth on their first visit to the
metropolis.
The result was that dealings
slowed to a crawl near the close and
f1nal plus and minus signs, mostly
fractional were about evenly di-
vided.
The Associated Press average of
80 issues was unchanged at 48.5, but
up l.2 points on the week. In the
days price shifts 1874 stocks were up.
TIT down and 162 unchanged Trans
fers for the two hours amounted to
254 1880 shares.
While speculative interest was
dlmmed appreciably by interest in
the royal guests, market sentiment,
on the whole, continued fairly opti-
mistic.
Optimism on European News.
Not only was the majority of busi-
ness Items on the cheerful side, but
considerable optimism was evident
regarding European developments.
Peace hopes were strengthened by
unconflrmed reports from Paris that
Hitler was preparing to approach
England. France and the United
states on the settlement of problems
which have been causing world war
fears
SteelS eased trifle although pro-
ductlon schedules next week were ex-
pected to hold up fairly well. Opin-
IONS dlf1ered as to whether there
would be a gain or decrease in the
operating rate.
Motors were of only slightly Sat-
lsfactory sales of new cars were offset
TO some extent by fears of union
labor dlfficulties in Michigan, with
General Motors already threatened.
Merchandising Issues Resistant.
Merchandising issues continued
resistant as consumer spending ap-
peared to be broadening. The Fed
eral Reserve Board estimated de-
partment store sales for the week
ended June 3, up per cent over the
comparable 1888 period.
American Air Lines, coming over
to the big board today from the
curb, pushed up point at 81. Patino
Mines was an isolated weak SPOT,
dropping rs points to 77s. a new
years low, following word the Bo-
llvian government had decreed re-
StrlctlonS on exchange for mineral
exports. Principal Patino properties
are in that country.
Among the days gamers were
Cluett Peabody, Montgomery Ward.
Goodyear. American Telephone,
Standard Oil of New Jersey, Eastman
Kodak and J. C. Penney.
Among Stock Losers.
Down a trifie were U. S. Steel,
Bethlehem. General Motors. Chrv-
sler, U. S. Rubber, Anaconda. Con-
solidated Edison, Great Northern
and Douglas Aircraft.
Down bit in the curb were
Lockheed. International Petroleum
and Electric Bond & Share. Frac-
tional gamers included Fairchild
Aviation. Niagara Hudson Power
and Gulf Oil. Turnover of 4l,0OO
shares cOmDared with 26 OO0 a ueaL
ago.
The Governments crop report
was about in line with private fore
casts and wheat and corn at Chi
caeo were unchanged to off /. of a
cent a bushel. Cotton was down
5 to 25 cents a bale. Bonds were
uneven.
A Prop to Market.
Some investment buving in blue
chips during the week was seen
| as significant stock market prop.
Brokers noticed that high grade
equities were beginning to attract
some attention in view of the ex-
tremely low yields on bonds. New
financing at record low interest
rates was quickly absorbed.
The market ran up Tuesday as
the dwindling of offerings to almost
zero caused many traders to shift
to the buying side. The list enjoyed
its best rally in two weeks on Fri
day as business hopes frightened
further and more indications were
seen that the market was sold out"