Evening star., 1939-07-30
By FREDERICK GARDNER,


Associated Press Financial Writer.
NEW YORK, July 29.-The stock
market today finished a generally
shiftless week, with prices edging
downward.
The list slipped at the start of
the brief session and, with the ex-
ception of handful of inactives,
never really got back on its feet.
Closing losses were inconsequential
for the most part, although a point
or so was Topped off here and there.
1t was the slowest session in two
weeks, transfers for the two hours
totaling 245,360 shares, against 806,-
110 last Saturday, when the direc-
ton was definitely upward. The
turnover for the six days was nearly
100000 shares under the preced-
| ing week.
The Associated Press average of
! 60 stocks was of 02 of a point at
so and showed net decline of O.4
on the week. A year ago the COM
posite stood at 491, and a month
ago it was ass.
The intense humidity in the finan-
cial district resulted in near-de-
serted boardrooms. Also many trad
ers. seemingly interpreting Fri
days lackadaisical proceedings as
tipoff of today's indifference, de-
cided it was hardly worth while put
ting in an appearance.
Earnings Favorable.
So far as the news was con-
cerned it was still more hopeful
than otherwise. Sustaining factors
for the near term were seen in the
steady flow of favorable corporation
earnings statements, mounting de-
partment store sales and forecasts
next weeks steel mill operations
again would register a modest ad-
vance. Wall Street refused to get
excited over happenings in Europe
or the Far East.
Analysts suggested the market
lately has been more or less of
professional affair, with the public
apparently waiting for clearer direc-
ton signs before loosening its purse
strings
Among the days losers were U. S.
Steel, Bethlehem, Chrysler, General
Motors. Anaconda, Westinghouse,
ohns-Manville. U. S. Gypsum, u S.
Rubber, Sears Roebuck, Douglas
| Aircraft and Consolidated Edison.
The majority of rails and utilities
kept recessions to small figures. The
few gamers included Eastman
Kodak. Southern Pacific. American
Telephone. United Aircraft and In
ternational Harvester.
Stumbling in the curb were Alumi-
mum, Ltd, Carrier Corp, Electric
Bond g. Share, Humble Oil and
Fisk Rubber. Brewster Aero edged
forward Turnover. of $4,000 shares
compared with $4,000 a week ago.
Commodities Improve.
Quiet strength of commodities
was reassuring influence. Wheat
at Chicago moved up ss to Is cents
| 'bushel and corn was ahead y to
l. Cotton advanced 80 to 40 cents
bale. Bonds were mixed.
h The share list dipped Monday and
Tuesday without any outstanding
news to account for its action.
Some observers, though, expressed
the opinion the market may have
at last caught up with the business
procession and was due for a rest
There were alf-hearted rallies
Wednesday and Thursday, but deal
ings. dwindled. Specialties were par
ticularly prominent on the upturn,
several hitting new highs for the
year. Rails did fairly well as June
operating revenues for class / roads
were shown to have topped the
same 1888 month by a large per-
centage. The surprise move of
Washington in abrogating the u S.
japanese commercial treaty evi-
IDENTIFY was more puzzling than de-
pressing to speculative sentiment.
The trend was moderately down.
ward Friday, with the market tend
ing to ignore the much better than
expected profits figures of General
Motors and Bethlehem and the pay
ment by the latter of dividend on
the common for the first time since
| 1897.