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Show SELLING OF STEELS DRIES UP, BRINGING RALLY IN STOCKS! GAINS OF FOIilT : OR I.:0J1E ilOTEQ - BT VICTOR EUBANK - ' Asaeeiated Presa rinaSKlaJ Edlter ; NEW TORK. May 1 Selling of steels dried up In rridays stookv market and leading Issues, paced by, motors and rubbers, registered gains, running to a point or so. Activity broadened somewhat In. the forenoon, but the net subsequently subse-quently went to sleep again and transfers for the five hours approximated ap-proximated 400.000 aharea. Best prloes were shaded In many cases at ths dose. ; Brokers attributed ths better performance per-formance partly to short eoverimr, inspired by thoughts trends may have seen their worst for a while. A little Investment nibbling was lt evidence here and there. Fading of European war fears sat a speculative factor were once more , stressed by advices ths British had announced readiness to confer on; a long-range peace policy If Ces many would give assurances ag greasion would be renounced. Bright Spots Noted ! Business new, en the whole, evoked no great cheering, but -a few bright spots could be seen oq the cloudy horison. Trading forsss still clung to ths hops at least some form of tax revisioa would be approved ap-proved by congress. - . U. 8. government bends dipped after their lengthy rise to recaed highs, but corporate loans took 04 a ahow of firmness. Foreign mar kets eddied In a narrow rangev ' ' There was an inclination to waver in ths stock department at the start when U. & Steel preferred broke under par for the first time in seaa ' erai months and posted another new; year's bottom. Ths lasus later earns back and big stsel" eommon, along with Bethlehem and Yoiuigstowa Sheet, edged forward. - ; Among best performers were' Chrysler, General Motor U. & Rubber, Rub-ber, Goodyear, Sears Roebud, Douglas Aircraft, Du Pent. Wee. inghouss. Union Carbide, Eastman) Kodak, Anaconda and Great Northern. North-ern. CemuMdltitei Steady Commodities were about steadV. Wheat at Chicago was anchangsd to up H cent a bushel Corn Ira. proved "4 to . Cotton, In lets ' transactions, . was off U cents ta , up 10 cents a bale. Sterling and the French Irene held virtually even, but Holland guilders renewed c noising nois-ing vigor. ! Modest upturns In the curb were scored by Lockheed, Electric Bood A Shart, American Cyanamld B and Aluminum of America, - There waa undsrstood ts have been considerable "switching' en ths "big board." This wss notice, able In North American and Breoka lya Union Gas.- The former in. dined to slip as the latter snevwd Ughsr. Wall street opinion eras mixed regarding reports of a new admin, urtration s pending-lending program involving billions, but most refused to make any forecasts as to just how markets would act If such .a plsn wsrs adoptsd. - Word of furthsr stsel price cut' ting tended to confuse financial quart in and cloud earnings prospects pros-pects In ths near future for tne principal producers. It wss sus geeted. though, the recent drop la etui shares pricee may have discontinued dis-continued the profits outlook to soms extent Strength of the motors wis thought to have reflected partly the advantages which will accrue to the manufacturers with lower steel costs. ; In addition, therewas a eontra-sessonal eontra-sessonal jump of 7770 units in thai week's automotive output One explanation ex-planation for this was the desire of motor makers to stock up deal- ' era in preparation for a nearby shutdown for ths purpose ef getting ready to turn out new 1140 models earlier than usual. Another Increase In-crease next week was looked for. Survey Caeuidered . Market followers noted ths survey of Dun at Bradstrect, which sale". that, deepite unfavorable comparison compar-ison with last week, retail spending in ths current weak topped the bum period a year ago by to 4 per cent ' Some retailers reported a pickup in demand as miners and railroad man began returning to work, bus. it wss added, totals for the most part were still subnormal la former strlks districts. The review found orders for fall goods in ths wholesale department were largely in apparel and dry goods Unas, although "frequents inquiries and orders In general showad a relaxing of the extreme caution evident up to a few weeks ago." . |
