Evening star., 1940-06-09
BY FREDERICK GARDNER,
Associated Press Financial Writer.

D1 fhEDEhlCh GAhDNEH,
Associated Press Financial Writer.
NEW YORK, June BIN dealings
that barely kept the ticker tape
alive, the stock market today f1n-
ished a war-hesitant week pointing
slightly downward.
European bulletins telling of fur
ther Nazi progress tended to chill
speculative sentiment to some extent
despite other, reports the French
were putting up a stiff retreating
battle and even had bombed Berlin
suburbs.
Wall Street was calm under the
new threat that Italy would make
the break on the side of the Ger
mans early next week, but the pos
sibility Of more adverse happenings
over the week end caused many
traders to tighten accounts or keep
buying commitments at minimum.
On the other hand, domestic busi-
ness developments remained a hope
full market factor although a pessi-
mistic note was sounded here and
there by those who fear the -defla-
tionary effect of proposed heavy de-
fense taxes on individuals and cor
porations.
Turn Down at Close.
Leading stocks started out with
minor advances, but the majority
fell away trif1e at the close.
Transfers of 1920 shares for
the two hours were the smallest
for any session since July 8, 1899.
They compared with 273,445 last
Saturday. The weeks turnover of
around 2,500,O00 shares also was a
bottom figure for this period in
about a year.
The Associated Press average of
go issues was off 4 of a point at
1872 and on the week was down 3.
WHY'S common and pre-
ferred were a bit ahead following
announcement the company, with
subsidiary, would enter the NUM-
tions field. Chrysler and General
Motors were resistant, with war
orders thought likelihood for these
concerns.
U. S. Steel, Bethlehem and
Youngstown, up for a while on fore
casts of brisk upturn in next weeks
mill operations. ended under water.
Other losers were Goodyear, Good
rich. Montgomery Ward. Boeing.
Santa Fe. Westinghouse, Allied
Chemical, Texas Corp. and Interna-
tional Paper preferred.
Up shade were Sperry, Consoli-
dated Edison, Anaconda, Standard
Oil of N. j.. National Biscuit and
General Electric.
In a ragged and sluggish curb
modest advances were posted for
American Gas, Standard Oil of Ohio
and Technicolor. On the offside were
American Cyanamid "B," Brewster
Aero and Jones & Laughlin. Sales
of about $4,000 shares were the same
as a week ago.
Free" Sterling Drops.
'Free" sterling fell l3 cents to 1872
in the wake Of the British ruling
that hereafter the official rate of
s4.02 or s403 to the pound would be
used for all the country's foreign
commerce. The French franc also
dipped.
Bonds were uneven, as were COM
modities. wheat at Chicago was of
q to l cent a bushel and corn de-
clined y to q. Cotton was up Is to
40 cents a bale.
The stock list again moved with
the overseas battle dispatches during
the week, but the drying up of SELL
ing was interpreted by many as an
indicator that much of the bad
news" may have been pretty well
discounted.
Prices eased on balance Monday,
but came back Tuesday as home in
dustrial prospects frightened. The
worst spill of the week was suffered
Wednesday when the Hitler offensive
on the Somme got under way. The
Associated Press average fell to the
lowest mark since May 81, 1888. AL
though the market was exceptionally
thin" in every session, quotations
f1rmed Thursday and Friday as hopes
revived in commission houses that
the Allies were digging in to halt
thu 10 otoe$