Evening star., 1939-03-26
BY FREDERICK GARDNER,
Associated Press Financial Writar

NEW YORK, March 25.-The
stock market emerged from rather
nervous week with trends generally
pointing slightly lower.
While sentiment was buoyed to
some extent by the latest New Deal
move to taper future increases in
social security pay roll tax rates,
brokers thought the complex foreign
situation was still substantial buy
ing deterrent.
Lightness of dealings on the days
decline provided some encourage
ment for analysts, although it was
not overlooked that yesterdays ad-
vance was accomplished on an ex-
ceptionally meager turnover.
Transfers for the two hours to-
tailed 439,270 shares, the smallest
aggregate since February 18, and
compared with LOOT 7.240 last Satur-
day. The Associated Press average
of 60 stocks was of OF of a point at
491. and for the week was down OIL.
1t was the second consecutive weekly
decline in the composite.
Some Advances Shown.
Despite the predominance of
slipping tendencies in the brief ses-
sion, number of issues managed
to come out with modest net ad-
vances.
Of fractions to around point or
so at the close were U. S. Steel, Gen.
eral Motors, Douglas Aircraft, United
Aircraft. Consolidated Edison Ana
conda, Kennecott. Westinghouse. J.
C. Penney, Southern Railway and
N Y. Central.
Exhibiting plus signs at the finish
were Chrysler, U. S. Rubber, Allied
Chemical. Sperry. Montgomery
Ward. American Telephone, Santa
Fe and N Y Central.
United States Government securi-
ties moved up in the bond depart
ment and selected rail loans i'm
proved, but considerable irregularity
marked other sections of the list.
Curb shares gave ground readily
just before the close. Fractional
losses were recorded by Lockheed,
Electric Bond g. Share, Niagara
Hudson Power and United Gas.
Lake Shore and Cities Service, how
ever. were still a shade ahead at
the finish. Turnover of 73, 900 shares.
compared with 16l 900 a week ago.
Mussolini Watched.
Fridays upturn in the stock divi-
sion attracted some profit taking
by traders who wished to be out
of the market pending the expected
Mussolini speech Sunday which. it
was realized, might throw down the
gantlet to France and touch of
another crisis in the European sec
tor. At that. it was suggested by
some observers that the Italian
chieftain might step softly, in view
of possible friendly negotiations with
France over the colonies issue.
The weeks business news had it's
bright spots. from a market stand
point, but the trade picture as
whole was none too sparkling, de-
of'AoS 6oAAAo ONCA ldSI year. 1Qc pace
OF business was slow, and sagging
tendencies were in evidence at this
time year ago.
Stocks eased a trif1e on Monday
but came back Tuesday as fears
over Europe lessened a bit. The
market suffered its sharpest re-
lapse of the week on Wednesday as
uneasiness revived over the Ger
man march toward the east. An
attempt at rally succeeded in
the early part of Thursdays pro-
ceedlngs. but late selling wiped out
most gains at the finish. Fridays
slow recovery was attributed to
another lull in war tension.
A bolstering influence was seen
in the continued heavy flow of for
eign gold to the United States,
with "earmarked" funds now around
81 600, 600, ,0O0 The belief was ex-
pressed that, if there should be a
general war outbreak, large por-
ton OF this gold might be used for
the purchase of armament ma
terialS here.