Evening star., 1939-03-12
Stock ks Retreat
Moderately in
Late Selling
Pressure on Motors
And SteeIs Sturts
Market Decline
WHAT STOCKS DID.

BY the Associated Press.
NEW YORK. March l1.-Late SELL
ing of steels and motors spread to
other departments of today's stock
market and put slight crimp in
this weeks rally.
spots in the list. with American
Telephone bounding up 234 points
to another 1938-39 peak and few
new highs being posted in other
sections
The list was no more than mildly
irregular until near the finish when a
fair-sized volume of offerings came
out in the leaders. Dealings, rather
slow most of the time, picked up and
transfers for the two hours totaled
533 ,085 shares against 584560 week
ago. For the six days the turnover
was nearly 100000 shares above
the preceding week.
The Associated Press average of
60 stocks was off 2 of point at 53.2,
but on the week showed a net ad-
vance of 8 of point.
While the trend was down at the
last, losses generally ran to only a
point or so for the most depressed
stocks and the majority kept de-
clines to minor fractions.
Optimism Apparent.
Optimism was the rule in Wall
Street following action Of the S. E. C.
in liberalizing short selling rules.
Other alterations for the benefit of
the market were to be discussed at
meeting in Washington Monday
between representatives of l6 stock
exchanges and the Securities and
Exchange authorities. Business
prospects continued as bolstering
influence, brokers said.
At the same time, traders inclined
to cash profits and clear decks for
the weekend holiday. In addition
the European outlook clouded a bit,
with the Communists continuing to
war in Spain, possible German in
tervention in the Slovak independ-
ence row, and speech of consure
/ against the democracies by Soviet
leader Stain.
Steels ignored forecasts of an in
crease in mill operations next week
while motors paid scant attention to
reports of widening sales of new
cars. Coppers steadied as less ap-
prehension over the proposed Chill
can export tax on the metal was
evident.
| Among the days losers were U. S.
Steel, Bethlehem, General Motors,
Chrysler. Boeing, Douglas Aircraft.
North American, Du Pont. Philip
Morris, Loft, Santa Fe and N. Y.
Central
Keep Small Advances.
Modest advances were retained by
Sears, Roebuck, Montgomery Ward.
Anaconda, Union Carbide and Allied
Chemical.
Lagging fractions to over a point
in the curb were Lockheed. Electric
Bond e. Share, American Cyanamid
b American Gas & Electric and
Consolidated Copper Sales totaled
10000 shares, against l02, 900 week
ago.
The principal fuel for the rising
markets of the week was still the
administrations business propping
program, although some in the
financial district remained skeptical
and were disposed to step lightly
pending concrete action at Wash
| ington.
Aiding sentiment was more than
seasonal jump in this weeks auto
mobile production and freight car
loadings, general expansion in retail
spending, stiffening of copper and
lead prices, boiling textile market
in New York's Worth street and the
trade treaty with Brazil.
Although aircrafts took turn for
the worse on word the British were
putting out feelers for a disarma-
ment conference later in the year,
| this development, on the whole, was
seen as constructive one market
wise.
Much bullishness was derived from
the awakening in the bond depart
ment where there was exceptional
activity and wide gains were scored
by railway, utility, industrial and
atin-American loans. Strength of
stocks in London also was viewed as
1'1p inspiring factor.