The Wilmington morning star., 1946-05-19
Wall Street Cautious AS
Labor Troubles Con-
tinue To Mount
BY VICTOR EUBANK

NEW YORK, May 19-(P)-The
s4ock market today extended the
weeks generally lower drift by
fractions to a point or so although
rouidation was timid and dealing;
amor, the slowest of the past year.
As throughout the six-day tretch,
Isoor difficulties served as the
nri0cipal speculative and invest
ment deterrent. No great amount
of bearishness followed the gov.
trnncnts seizure of the nations
railroads in an effort to avert a
strike called for later in the day
hut this factor, in addition to the
salemated coal situation, accen-
+rated Wall Street caution.
The ticker tape loafed from the
start Of the brief proceedings but
there we're few recoveries at the
closc. Transfers of 41O, 900 shares
compared with 900, 900 last Satur-
dav and were the smallest since
last Sept. 8. The weeks volume
ais, tapered TO 5,947, 400 shares
AGAINST 1926, 800 the week before.
The Associated Press 60-stock av-
craze was off 1 of a point at 49,
and. for the six sessions, showed
A net decline of 8. Issues appear
ing curing the day numbered 1877
of which AS fell and 166 advanced.
Among scattered stocks to con-
test the trend on the day were N.
Y. Central, up 3-0 at $685. 81; Great
Northern 3-4 at $50, Southern Rail
way l-8 at $3.50, Public Service
Of New Jersey 3-8 at $27.87, Philip
Morris IA S46.62 and Glenn
Martin SO at 1912.
Among the days casualties were
Associated Dry Goods, off 2 SO at
$3.50: Publicker Industries 2 at
SD. Paramount Pictures l IL at
S8l. Di:tillcrs Corporation 2 at
SIP. General Foods 2 at $53 and
Phiico at l 1-8 at $34.
In the minus column were j. S.
Steel, Bethlehem. Youngstown
Sheet, Chrysler, General Motors,
Santa Fe, Southern Pacific, Stand
ard Oil IN. J.), Texas Company,
U. S. Rubber, Anaconda, Kenne-
colt, American Smelling. Westing-
house. and General Electric.
Bonds were narrow. At Chicago
new corn contracts were up 43-S
10 5 cents a bushel, oats unchanged
to up IL and the old May rye
future down the limit of 5 cents.
Cotton was up 5 to so cents a bale.
Curb gamers. were Brown Rub
Der. Claude Neon Lights, Long Is
land Lighting and American Gas.
Lower were Electric Bond & Share,
Creole Petroleum and Aluminium
of America. Turnover here was
200, 900 shares versus $50, 900 last
Saturday,.
From Monday on such buying as
eventuated was concentrated on a
wide assortment Of specials. Bids
were based on earnings, dividends
and, as in past weeks, actual or
prospective stock splitups. In the
weeks initial session the return
Of the coal miners to work on a
tWo-Weeks' truce aided sentiment
somewhat but losses predominated.
The direction was downward
Tuesday, with the exception Of in
dividual strong spots. United Air
craft dipped 2 1-8 in the wake of a
dividend cut and disclosure of a
first quarter loss. Further mod
crate liquidation continued Wednes-
day. The erratic Publicker Indus
tries common tumbled 8 "a points
after a proposal t. double the stock
outstanding. Dow Chemical, how
ever. climbed 5 and Hiram Walk
er 3 -.
There was a comeback Thurs
day when the President proposed
arbitration to settle the coal dis
pute. Pu5licker Industries re-
trieved 8 points and Hiram Walk
er was up 6 10 in response to split
talk. The averages slipped Friday,
as both miners and operators re-
Jected arbitration, but volume tap
cred to $50, 900 shares, a low for a
1uIl session since May /.