Evening star., 1939-05-14
Stock Market Uneve
In Narrow Groove;
Volume Dwind|es
Some Short Covering,
Investment Buying
BoIsters Prices
WHAT STOCKS DID.
BY FREDERICK GARDNER,
ASS0rjated proSc Financial Writar


NEW YORK, May 13.-Mild rally
ing inclinations were displayed by
some stock market departments to-
day, but the list generally edged out
of the week without pointing in any
particular direction
Developments at home and abroad
were without any great stimulating
properties and the few traders who
appeared in the boardrooms for the
tWo-hour performance shifted posi-
| tions with notable caution.
Fractional advances were plenti-
full at the close, as were minor de-
! cllnes, Nd numerous issues were
unchanged Many stocks failed to
appear on the dragging ticker tape.
Dealings again were among the
smallest for nearly year, trans
fers for the short session totaling
l59.l40 shares, against 176,750 a
week ago. The Associated Press
average of 60 stocks finished the
/ day unchanged at 458, but for the
week was up 3 of a point.
Short Covering Seen.
Some short covering and a little
investment nibbling helped to keep
| the list fairly well on balance. A
st" dying influence seemingly was
a Iaint revival of hopes that at
least minimum tax revisions might
get through the present Congress.
/ Traders, though, were disposed to
go slow pending the tax confer
| ence called by the President for
Monday at the White House.
Prospects that soft coal would
start moving next week. after a six
week tieup in this industry, pro-
vided little cheer.
A handful of farm implement
and mail-order shares attracted a
| little interest following the SEN
ate'S vote on record appropriation
for agriculture and the favorable
profits showing of Montgomery
Ward in the quarter ended April
30. Edging higher were Montgom-
cry Ward, International Harvester
and Oliver Farm.
Douglas Aircraft Gains.
Douglas Aircraft, with the best
net for the fiscal quarter ended
February %, in the concerns his
tory, was ahead throughout. Brook
Iyn Union Gas stock and bonds
made another push into new high
territory for the year on favorable
profits forecasts.
In front were Bethlehem Steel,
Chrvsler. General Motors. Glenn
Martin, Southern Railway. Chesa-
peake & Ohio. WESTINGHOUSE, Du
Pont, Allied Chemical, Standard Oil
OF New jersey and Union Carbide.
Behind were United States Steel.
Santa Fe, United States Rubber,
| Anaconda, American Can. Johns
Manville. Public Service of New Jer-
sey, United Aircraft and Air Re-
duction.
BONDS were uneven. Cotton fu-
lures moved up 35 TO IS cents a bale
on reports Spain might put in
slzable order in the United States
/ for this staple. Wheat advanced
IL to Is cents a bushel as weather
reports continued gloomy. Corn
was Is off to up Is.
The markets had to contend
throughout the week with the coal
shortage situation which menaced
/ the Nations industry and transport
Virtual settlement of the tieup un-
der Federal pressure brought no
appreciable rally in securities, the
result apparently having been ois-
counted.
| Climb on Tuesday
/ Stocks had their best day Tues
day, with the fading European war
scare and predictions of the coal
mining truce being given the credit
Business news was a handicapping
| factor, brokers said, along with
doubts as to what Congress would
do to aid recovery.
| In a narrow Curb market frac-
tional gains were managed by Amer
lean Cyanamid B" and American
Gas & Electric. Of as much were
Bell Aircraft and Humble Oil. Turn
over of $4,000 shares was the small
est short session since August 20
last year and compared with 10000
a week ago.