Show Business Today Market Left Orphan in Trade Whirl By PAUL GESNER R and JOHN lOlL BECKLEY NEW YORK May lay 17 Telegrams Telegrams Telegram's Telegrams Telegram's Tele Tele- grams gram's Special News Service Service Service- The stock market this week began to loom larger as the orphan o othe of I Ithe the defense whirl I Price trends for the most par part were unevenly lower despite Fridays Fridays Friday's Fridays Friday's Fri Fri- days day's small gains On no day did transactions reach shares a figure representing represent represent- ing about one half the volume needed for most brokerage houses to pay expenses and show a modest profit Investors generally sat tight Individual Individual In In- speculative positions rem remained reni re re- re- re ni m ined little changed One broker described trading thus Those that had em held em The rest weren't in a spending mood War Var ar la Labor or Blamed The war and labor wage trends here were blamed most by brokers for small buyer interest The downward downward downward down down- ward shading In m prices was attributed attributed attributed at at- technically to the fact that most of the time there were not enough active buyers to absorb the relatively few shares offered for sale unless there were price concessions The report of the National Planners Planners' Planners Planners' Planners Planners' Plan Plan- ners' ners association headed by 0 O P M Deputy Director W. W L. L Batt that the defense program would have to be enlarged to from the present created hardly a ripple in dealings While bigger defense spending presaged more business for Industry industry industry indus Indus- try there were doubts in Investors' Investors minds as to just how much Increased in increased increased In- In creased gross would find its way Into corporation net profits and dividend checks Sell at Low Levels Shares as a group from the standpoint of yield are selling at around the lowest levels in But most securities c customers clung tightly to idle cash On the heels of wage rises won by soft coal and steel mill workers work work- ers General Motors' Motors auto also obtained pay grants Weakness most of the period in medium- medium priced railroad stocks which a week ago touched the highest levels of the year ear brought hints that rail wages might be the next to come front and center on the labor stage Farmers as a group during the week were promised more cash income income in income in- in come through congressional approval approval approval ap ap- ap- ap of higher government loan rates on wheat cotton and other major crops Views ray Pay Rises The investor viewed labor pay rises plus coming hikes in corporation corporation corporation corpo corpo- ration income taxes however as making the earnings outlook for stocks far less attractive than the staggering volume of defense orders orders or or- ders indicates Higher factory wages and larger farm income on the one hand painted a rosy picture of mounting retail sales Dollars pouring into store tills this past week averaged 15 to 18 per cent above a year ago and put sales totals at the best levels for this season since boom year 1929 The crest in public buying power may not be reached for another year But many But many business business business busi busi- ness men are wondering whether with defense needs getting priorities priorities priorities priori priori- ties over time peace-time consumer goods there will be enough automobiles automobiles automobiles auto auto- mobiles and general store merchandise merchandise merchandise mer mer- chandise to satisfy buyer demand say a year hence Ponder Expansion slon On the other hand many investors investors In Investors in- in wonder about future plant expansion costs whether costs whether general business slump with a plethora of surplus industrial capacity is due if the war var should suddenly end o 0 P M Director Batt says sas the pace of arms building is not fast enough People must be ready to make sacrifices sacrifices sacrifices sac sac- get along without a lotof lot lotof of ot luxury and items now considered necessities such as new cars every year Labor he says must sweat more work harder work longer hours And he lie adds building arms-building industries must expand even if this involves building factories for which there will be no practical use after the emergency The Associated Press average of 60 representative stocks Friday night stood at a decline of 70 cents under the level prevailing as the week opened A month back the measure was and a year ear ago The 1941 high is 45 and the low |