Evening star., 1937-08-22
Mild Demand Laid Mainly to
Short Covering on De-
pressed Leaders.
FEDERAL BONDS SCORE
MODERATE RECOVERIES
Reduction in Reserve Bank Rates
in Two Districts Bring Halt
to Steady Decline.
WHAT STOCKS DID.
Total issues
BY FREDERICK GARDNER,
praGS Ur,tor


NEW YORK, August 2l.-Mild
buying demand, attributed largely to
short covering, succeeded in putting
props under today's stock market and
many recently depressed leaders
stepped up fractions to two or more
points.
Several of the weeks sellers appar-
entity decided to cash in profits on
the theory the market might put on
ralying demonstration following
Congress adjournment. Some, though.
thought possibility of a special ses-
sion in November might be an Off
setting influence.
1t was the smallest days dealings
since July II, transfers totaling 280,-
$50, compared with 467030 last Sat-
urday The Associated Press average
OF so stocks moved up a of point
at 679
Among the principal share gamers
were U. S. Steel at ll57s, Bethlehem
98 ,, Chrysler 113l4. General Motors
567s. LoeWs 841., Paramount 23is.
Montgomery Ward 62is. Anaconda
587s. American Smelling SO, Interna-
tional Nickel 64is, N Y. Central 80,
Illinois Central "a, Southern Pacific
44a4. Electric Power & Light 81.
American Water Works 1874, Sears,
Roebuck 95. u S Rubber 80, Good
year 4ls>, Texas Corp. 6l3s and Ma
tional Biscuit 26l4.
There was an assortment of losers
running to point or So Among these
were Allied Chemical at 234. West
inehouse l491., Soconv Vacuum 2O5s
Consolidated Edison 35ls, and Ma
tional Cash Register 34is.
Government Loans Up.
United States Government loans
rallied mildly in the bond market. but
the corporate list mostly tended lower
in an inactive session
Action of the Federal Reserve Board
in approving lower discount rates in
the Chicago and Atlanta districts was
credited with starting the upturn after
yesterdays wide break in the Govern
ment list. Traders said. however, the
real effect of the move would not be
apparent until next week when atti-
tude of the institutional investors
could be determined.
Today's gains ranged from 2-32 to
9-32, and were made on light volume,
with demand centering on the Treas
ury's 3sss of l940-43, the 3sss of l94l-
43, and the 3l.s of l94l.
japanese dollar loans. which ha
been under pressure the past week
because of the events at Shanghai.
improved, with the Government 6las
up :. points at 75a4 and others frac-
tlonS to around point higher. Other
foreign issues were quiet and uneven
Carrier liens were mixed Baltimore
d Ohio convertible 4l2s picked up H.
points at 62l. and New York Central
GAS, at l06i 2, were Il higher. On
the downside were Nickel late A lss,
80 y, and Santa Fe As, no..
Curb Market Narrow.
A few Oil and utility shares added
fair gains in sluggish curb market,
but interest was at minimum and
changes were generally narrow.
Transfers totaled $1,000 shares, the
sioWest half day since June l9.
Gulf Oil and Creole Petroleum ap-
peared in some demand, each finishing
2 point up, the former at Sc y and
the latter at 37l..
Late profit realization shaved ad-
vances among the utilities. Fractional
gamers included United Gas, 912,
Electric Bond & Share, IT'S, and
American Super Power, Is. The new
Commonwealth Edison, on the other
hand. dropped y at 3l12.