Evening star., 1940-06-23
Stock Market Drifts
As Traders Await
French Decision
Selected steeIs, Rails,
Utilities, Airerofts
Edge Higher
what Stocks Did.
Sat. Fri
Advances -------- 224 1877
Unchanged -------------- los i5a
Total issues ------ 432 537
~ FREDERICK GARDNER,
Associated Press Financial Writer.

Associated Press Financial Writer.
NEW YORK, June 22.-The stock
market managed to keep its balance
today after a somewhat hesitant
week attributed mainly to a revival
Of war doubts in speculative quar-
ters.
In the second slowest session for
about a year, selected steels, rails,
utilities. aircrafts and specialties
managed to emerge with modest ad-
vances, although declines were well
distributed at the close.
Notwithstanding predominance of
optimistic domestic business pros
poets, many traders continued to
stand aside in the brief proceedings
pending Qualification of the French
decision regarding Germany's ar
mistice terms.
The Associated Press average of
10 stocks was up i of a point at
4l.2, and on the week showed a net
gain OF 3. Transfers for the two
hours amounted to 204,34O shares,
smallest turnover since June 8. The
volume compared with 559,170 last
Saturday. Dealings for the week
were a little more than half those
OF the week before.
Domestic News Good.
Aside from the complicated Euro
pean picture, the market had the
benefit of high hopes for the effects
OF defense spending on industry
generally; the belief steel mill oper-
ations would step another notch or
two next week; brighter outlook
for the utilities as the result of ex-
panding power consumption; grow
Ing freight car loadings, and i'm
proved department store sales.
In addition, Wall Street seemed
cheered by reports the British had
taken over the major portion of the
French fleet and would keep the
fight against Hitler going for some
time to come. Politics was a minor
influence, although opening OF the
Republican convention next week
received considerable attention In
boardrooms.
American Woolen common was up
"a and the preferred 29s as textile
manufacturing was buoyed by Gov
ernment orders.
Other gamers of fractions to
around point were United States
Steel, Bethlehem, Chrysler, Douglas
Aircraft, j. c. Penney, Union Car
bide, Consolidated Edison, North
American, Santa Fe, Southern Rail-
way. Brooklyn-Manhattan Transit,
Sears Roebuck and United States
Rubber.
Show Small Losses.
A shade behind were Montgomery
Ward, United Aircraft, Phelps
Dodge. International Nickel, Du
Pont and American Telephone.
Bonds were irregularly better and
commodities steady. Wheat at Chi
cago was up l9s to Is cents a
bushel and corn advanced Is to "a.
Cotton was so cents a bale higher
to cents lower. Free" sterling
rallied briskly in terms of the dollar.
Tilting forward in a sleepy curb
market were Brewster Aero. Elec-
trio Bond g. Share, Niagara Hudson
Power and Niles Bement Pond.
Transfers here approximated 10000
shares against $4,000 a week ago.
The stock list, despite an early
selling wave, maintained its equilib-
rum Monday in the face of the
Nazi defeat of France. Prices re-
covered at the close sufficiently for
the 60-share average to end un-
changed.
Feeling that lot of adverse war
news had been discounted, together
with hopeful industrial signs at
home, brought buyers back Tuesday.
Rails led an extension of the re-
covery Wednesday but commit
ments dwindled. The list slipped
Thursday in further restricted trad
ing as European clouds offset domes-
tic business optimism. The market
came out bit ahead Friday on the
smallest five-hour transactions of
the week.