Evening star., 1939-12-17
BY FREDERICK GARDNER,

hSSOCldtcQ FTcSS FluHnCiAl WTlIST.
NEW YORK, Dec. 16-The stock
market today edged out of another
spotty week with most leaders show
ing mildly declining trends.
Steels and aircrafts tried to stir
up little advancing spirit at the
start. but the majority eventually
wilted.
With nothing outstandingly bull
ish in the days news, year-end tax
selling. while fairly we'll absorbed,
was sufficient to keep the list in a
generally narrow groove and pull
down most early gamers at the
close.
The majority of gains and losses
was in minor fractions. with nu-
merous issues unchanged. The As
sociated Press average of so stocks
was off 2 of a point, but on the
week retained a net advance of O.
The composite. however. was one
half point under its level at this
time last year.
Market Pace Slow.
Dealings were sluggish during the
greater part of the session, but
picked up trif1e just before the
finish. Transfers for the two hours
totalled 1886. .44O shares, against 26l, =
730 shares on the preceding Satur-
day. For the six days. though. the
turnover was around 400 900 shares
larger than in the preceding week
Steels backed away in the final
half hour as signs were seen of de-
clining production in this field. Some
quarters looked for the mill operat-
ing rate to drop to approximately
70 per cent of capacity by next
February There was considera BILE
argument, though. as to whether
stocks had not already discounted
the recession
The market. as matter of fact,
seemingly paid scant attention to
DEVELOPMENTS either at home or
abroad. Even an upsurge in wheat
futures to new highs for the last
two years. and strength in other
staples, failed to buoy speculative
contingents.
Allied Chemical Eases.
Allied Chemical gave back 3 points
of its APPOINT advance Of Friday.
Lesser downturns were suffered by
United States Steel. Bethlehem,
Chrysler, United States Rubber, Boe-
ing. Glenn Martin. United Aircraft,
Lockheed, Consolidated Edison. San
ia Fe, New York Central, Westing-
house. United States Gypsum and
American Metal.
Climax Molybdenum. off more
than 7 yesterday on the Govern
ment's extension of its moral en-
bargo' against exports of molyb-
denum to countries bombing civilian
populations. came back three -eighths
OF a point at 397s. Aluminium also
was placed in the embargo" class
and Aluminium of America, a curb
issue. lost points.
Holding modest improvement were
Douglas Aircraft, Republic Steel,
Cluett Peabody. Sperry, Interna-
tional Nickel, International Paper
preferred and General Electric.
Aircrafts Shaky.
Alrcrafts became a bit shaky as
financial circles heard of new financ-
ing plans of several companies and
it was expected issuance of new
shares might be resorted to in the
next few months.
Gains running to major fractions
were scored in the Curb by Ameri-
can Cyanamid B." Lake Shore and
Carrier Corp. American Gas & Elec-
trio slipped back. Turnover of 96,-
600 shares compared with $4,000 a
week ago.
Wheat at Chicago, up 2 cents a
bushel in the forenoon, put on a
burst of speed after the stock mar
ket's close and finished up ga to
31s cents bushel. Corn gained Il
to rs. Cotton was up 80 to 60
cents a bale.
Stocks dipped Monday as tax ad-
justments expanded and were a
shade under water Tuesday. The
market had its best day Wednesday,
making belated response to soar
ing commodities. There was a small
slip-up Thursday as traders cashed
profits both in shares and staples.
A commodity rally Friday seeped
over into the stock department and
resulted in leaders ending with
modest advances.