Evening star., 1937-08-08
Demand Centers on Stee|s.
Coppers and SpeciaIties
as Shorts Cover.
RAIL SHARES IMPROVE
DESPITE WAGE BOOSTS
I. C. c. Expected to Grant Higher
Rates-Transfers Dwindle
to 314,863 Level.
WHAT STOCKS DID
BY FREDERICK GARDNER.
Associated Press Financial Writer.

NEW YORK, August demand
converged on steel, copper and spe-
cialty stocks in today's brief market
and favored issues were lifted frac-
tions to or more points.
There was nothing particularly
prominent in the news from the mar
ket's standpoint and brokers attributed
the creeping rally partly to short COW
ering by traders who wanted to be out
over the week end and to some in
vestment buying based on the theory
the list may have dragged bottom in
the past several sessions
Steels had the benefit of optimistic
figures on foreign shipments and a
sizable upturn in ingot production in
July over June and the compare Bile
period last year.
The red metal group continued re-
sponsive to the hoist in export copper
prices and wishful thinking regarding
possible increase in the domestic
rate in the event demand abroad keeps
up the present pace.
Earnings statements again inspired
accumulation Of individual stocks al
though the listlessness of some issues
on publication of excellent profits fe-
ures inclined observers to believe con-
siderable discounting had already
taken place.
Slowest Since July II.
La elo
July H. transfers totaling 3l4,863
shares compared with 389, 500 last Sat-
urday. The Associated Press average
Of so issues recovered 4 Of = point at
693, the exact amount it lost Friday.
Rails made better showing despite
indications wage boosts will cut sharp
ly into net income, At the same time
there were thoughts the Interstate
Commerce Commission may grant
higher freight rates.
The automotive division did we'll
ignoring a drop in output this week
and the closing Of Chrysler's Plymouth
plant by warning rival unions. Further
price increases were announced by
General Motors.
Principal gamers included United
States Steel at llss4: Bethlehem. 9934
General Electric, 57ss; Anaconda,
s3is: Kennecott, 63a.; American
Smelling, 96a4; Cerro de Pasco, 757s ::
Miami Copper, 2lL4; Santa Fe, 1919;
New York Central 4Ol4; Southern
Railway, 29a4; Southern Pacific, 4s1s =;
J. I. Case. 1874; National Steel, 983,:
Consolidated Edison, 81; American
Rolling Mill, 40; United States Leather
"a. 20. and Super-Heater, An.
United States Rubber was OF Il at
SOS, although the company disclosed
best first half earnings since 1926
Canada Dry, with comfortable second
quarter net against q loss last year.
dipped q at 24's.
Bonds Mark Time.
The bond market marked time in
light dealings with movements both
ways restricted to fractions. Treasury
issues f1rmed little while domestic
corporates were generally mixed For
eign dollar loans moved narrowly.
Federal obligations we're in light de-
mand with dealings at approximately
Sl20,000 face value. Gains. which pre-
dominated. were held to around 3/32.
Losses were confined to . similar
amount.
More than seasonal gains in car
loadings were evidently not enough to
jolt rail liens out of their letharsy.
Most issues moved irresolutely with
gains and losses generally confined to
fractions. The Associated Press aver
ages for 20 railroad bonds showed q
decline Of i Of point to OIL.
1ndustrials showed stif1ening ten
dencies as traders scanned current
trade statistics. earnings and sales re-
ports. The compilation for 10 indus
trial issues showed an advance of OIL
OF point to 1892.
Utilities held a. fairly unbroken
front. with the average for 10 issues
unchanged at 982.
Curb Trading Quiet.
Selected mining and speciality shares
gained little ground in a lethargic
curb market, but most advances were
narrow.
The session. was the dullest for 4
saturday since June 10. with only S.
600 shares traded. Last Saturday
transfers totaled $1,000.
Among metals Newmont was IN de-
mand, in line with action on the big
board. and finished up IN at l091a
Hudson Bay gained ~ at "a and
Hecla added u at 2oss.
Bower Roller Bearing led the spe-
clalties With rise Of ~ At 3331.
Hl EA0lAH nnIIoE IaaneA