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Show SELLING FLURRY PARES STOCKS FRACTIONS TO 2 POINTS tax r.Ecu3Ti::i -HOfEsjijs::!- BY VTCTOB EVBA1TK Asaeraatea Prsso snsmBpral EdlUo NEW YORK, May usiaass taxes rather than European axes concerned securities markets Tuee-day Tuee-day and trends generally pointed: downward. Btooks got off to a hesitant start, then encountered a sisablo selling flurry before noon that dropped; loaders fractions to around 3 points. There were larger Isolated I nam. Dealings slswsd subsequently. Transfers approximated 000,0oq shares, dosing sjuetatlona ware near bottom marks of the day. While Washington adrioea. fee lowing Monday's Whits Houaa con-, farenoe attended by treasury and congressional authorities, indicate, to Wall Street that eenate chieftains) would attempt sons alteration 04 taxes which industry dislikes, most financial houses seemed to feel UU tie In ths way of substantial aileviai lion could be looked for at this time. News Net Inoptrbxg Business news Itself was far from Inspiring ta ssisulsUvo forces, one) many tired holders of stocks were sold to hers reduced commitments in view of the recent Inability o the market to get oat of o rut Early of fsrlBgs apparently expanded when traders discovered pivotal Issues, govs ground easily an small selling. The overseas picture. It waa gene orally eon ceded, tended to fade as) a market Influence, as the opiate gained ground that war woo hardly likely In the Bear future. U. S. government Isens again) edged forward la the bond depart, meat, a a urn bar to new highs, but secondary issues slipped la Bps' thstis transactions. OosutodlUss) were lire gu tar. Bullies Iibii Principal share leases Includes U. 8. Steel, Bethlshem, Chrysler, ' General Motors, Eastman kodak, . Santa re. Amsrieaa Smelting, Do) Pont, Wostlngbouse, JohnoJdaa-vtlle, JohnoJdaa-vtlle, Phillip Morris, Douglas Air craft, Montgomery Ward, U. S. Rub' ber, American Telephone eat Allis Chalmers. Left, en occasional lively moves, was an except ioa with o gala of erouad a Brant. Wheat at Chicago was off to 14 cents a bushel oad cent down Vi to tt. Ia tats trads cotton woo off 10 cents a bale to op M, aterllnsl and the VreBoh trans were virtually unchanged, Driftina? lower In the sur evara Aluminum of eVmerloa, Xleetrlo Bond Share, Lockheed sad oVtaaeV ard Steel prlng. 1 lre(R IVUrts Btew Rislnf tsBdends Were atoeent 1 most forele-n markets, wK 4teeUJf)2 ssweptienally tlutiish, Oa the borne front tire oompaji) Issues were uninspired by the ao. tioa of the Internatlenal rubbsa rerulatloa oommitteo at Laindoa la boostlnf third-n(uarter prakdaotioaj quotas far IU members from M pes cent to H per eent ef atrreed alloere ablaa. Rubbers futures, thouch, ada vanced. Utilities held fairly wan at earn. Ibis ta this fisld continued to malnq tela favorable levels. Kails also kept losses relatively email, ale thouch last week's f re trot loadlrvjTa were understood to bar allowed 41 sitablt drop. Koto IdU rtrnvie The hut e volume of idle fund ta the country at aia was sited bj) analysts at a Boaslble future mare kst teeter of prime lmpertaaoe, Straaslnc thlt thought was the report the OeasraJ Motors Accept aaco eoirpotwtioa, fl nan sins; ooatH pany wholly owned by the dener1 Motors sorpo ration, bad awrantedj to borrow eoO.000,000 from frroup of banks for five years at 1 pes) eent annual Interest. The pro. esods are te be used la retlrlntT the entire 150,000,000 principal amount of 1 per .ant debentures due eat August 1, 114, ar ths call price o lOJVt. Noted waa the condition state, msnt ef reporting federal reserve member banks for the week ended May 10, disclosing a ump of 117 000,000 la reserve ha la nest during; ths week. The banks Innraaitd their holdings of treasury bills and notes) by 120,000.000, while holding, of U, 8. government bonds foil 117,000,000. |