Evening star., 1937-09-19
BY FREDERICK GARDNER,
Associated Press Financial Writer.


NEW YORK, September 18.-Stocks
tumbled through support levels in to-
days brief market, many crashing to
new post-depression bottoms for losses
OF to 4 points generally. There was a
handful of wider setbacks.
Few issues escaped the selling that
at one time put the ticker tape min
ute or so behind floor transactions
Dealings slowed in recovery periods.
Steels were notably weak. along
with coppers, farm implements and
specialties. Rails showed some come
back near the close and utilities. on
the whole, were only fractionally in
arrears.
opinion was mixed in the financial
sector as to how much of the down.
turn was inspired by the President S
Constitution day speech.
1t was pointed out by some, however
that the Chief Executives remarks
were hardly new or startling. being
largely reiteration of the principles he
has maintained all along.
Other Factors Watched.
Most brokers thought the renewal of
the downswing was due mainly ia
other influences, including business
doubts, foreign war clouds and indica-
tlons important stockholders have been
getting "O1,t fro,,, ,,,,Jar, ~1,,r;- A.,
last several months.
The Associated Press average of go
stocks fell is points to 57.7, eoualine
the low mark for this index since April
29 last year. Transfers totaled 7O3 $40
shares. compared with l,404,120 last
Saturday, which was the largest two
hour volume since March s.
Helping to depress steels were dwin-
ding backlogs for this industry and
signs mill operations are due for a
recession soon if new orders do not
appear.
Coppers, of course, were still under
the spell of sliding prices for the ,ex-
port metal and talk of slicing the do
mestic rate because of increased pro-
duction and decreasing consumption.
Allied Chemical shares. on few
sales, toppled II points to 1872. Losers
OF sizable but lesser amounts were
United States Steel at COLA, Bethle-
hem, 76, Chrysler, 94$s; General Mo-
tors. 49%; Anaconda, 43; Kennecott
491s; Texas Corp, so; New York Gen.
tral, 27l2; Santa Fe, go; Great North
ern, 1919; Westinghouse, 1881; j. L
Case, 1895, International Harvester
939s, United States Rubber, 403s
Union Carbide, go; Sears -Roebuck
1874, General Electric, 45s.; Electric
Power g. Light, 16; Paramount, 18;
Socony Vacuum, 1873: Du Pont, l48la
and Marshall Field, 1872.
Bond Market Eases.
A dropping bond market was boil
stored somewhat by slight stiffening
in Federal loans Gains, which were
in the majority, ranged up to 5-32 OF
a point while losses were held te
around 4-32.
Turnover in Federals was approxi-
mately sl30,000 face amount, com.
pared with around sl5O,O00 Friday.
Corporate ratings slipped from
fractions to around points lower or
light dealings. Lower priced and de-
faulted rail liens led the decline. The
Associated Press averages for 20 rails
dropped 3 of point to 86.2.
Among some of the widest declines
in this group were New Haven con
vertible IS at 80, off 21a; Allegheny
IS stamped at AZ, off 2; Great North
ern As at 11512, off 134, and Southern
PACING refunding As at 1031s. off lss
Industrial liens wobbled fraction.
ally lower, dropping i of point ir
the averages to 1919, while utilities
ran into moderate selling forcing then
down 2 OF point in the averages tc
the lowest level since January...l935
Curb Shares Join Drop.
The curb market declined fractions
TO around points in moderately ac-
tive trading. Some of the widest
recessions appeared in the oil group
Gulf Oil fell 23s to 483s and Creole
Petroleum was down point to 281a.
Sunray Oil and International Petro-
leum were fractionally lower.
AS stocks moved lower in sympathy
with depressed big Board" some
OF the higher-p priced shares were dealt
sharp setbacks. Aluminium Co. of
America declined 4 to 1913 and Elec-
trio Bond & Share preferred dropped
to 66.
The utility division showed many
fractional losses including American
Gas e. Electric at 292s, off 9s
American Superpower at IA, off Il
Electric Bond & Share at 1924, off "a
and United Gas at 7M off "a