Evening star., 1938-08-27
Stock Averages
BY VICTOR EUBANK,
Associated Press Financial Writer


NEW YORK, Aug. 27.-Light SELL
ing. partly on revival of European
war fears, put crimp in todays stock
market and leading issues stepped
down fractions to more than 2 points
at the worst.
Support appeared in the final hour
and earlier weak motors, steels. rub
bers and wide assortment of spe-
cialties cut losses substantially. all
though volume dWindled noticeably on
the come back. Transfers were around
100000 shares.
Nervous holders. brokers said. got
out in the early part of the session
as the speech of Sir John Simon.
chancellor of the British excheouer
came in on the board room news
tickers. While the Simon address
urged peaceful settlement of the Cze-
choslovak controversy, it was not
overlooked that warning was sounded
that II Germany starts a conflict in
Central Europe, England might be
compelled to fight, and that other
world powers may be drawn in. Most
in Wall Street, however, viewed the
chancellor's statement as more con-
ciliatory than otherwise.
Business News Cheers.
Business news continued to provide
moderate cheer for bullish forces. but
many commission house customers de-
cided it was best to be on the safe side
over the week end and to await further
assurances fall recovery forecasts would
become reality.
Adding somewhat to apprehension
over affairs abroad were advices the
British home feet would reach fight
ing stations in the north of Scotland
during the week of the Nazi party
congress at Nuremberg and the start
next Thursday of important French
Army maneuvers.
In the matter of motor stocks at
tention was given Wards reports which
advanced the opinion the automobile
production cycle has been modified
and that the rise from here on will
not be as pronounced as in the previous
year" At the same time, observers
found prospects for sales of new cars
after Labor Day exceptionally bright.
Steels derived some aid from esti-
mates that next weeks mill operations
would at least maintain recent gains
and probably register another small
increase.
Utilities Are Quiet.
There were one or two heavy rails,
but the majority confined set-backs
to minor fractions. Utilities were
quiet and most were only a shade
down. Amusements. rejecting broad
| hopes for pickup in theater attend
| ance as the dull summer season ends.
were again among the resistant stocks.
Bonds were under moderate pres
sure. Commodities were mixed. Wheat
at Chicago, though. turned strong in
the wake of the Governments an
nouncement of buying program for
this cereal
Leading foreign markets were closed,
but further gold boarding abroad re-
suited in another boost of the yellow
hASeoi PllCG III 10 Wltnln
reaching distance of the recent high.
Foreign currencies generally were lower
In terms Of the dollar.
Lacking much rallying steam were
General Motors. Chrysler, Libby
Owens, u S. Rubber, Sears Roebuck,
American Telephone. Western Union,
Westinghouse. U. S. Steel, Johns
Manville. Union Carbide, Philip Nor
ris, American Smelling. Kennecott.
Union Pacific and Standard Oil of
New Jersey.
Contesting the trend were Bethle-
hem Steel. Santa Fe. Loew's, Dome
Mines, Mcintyre Porcupine, Pathe,
Radio and Twentieth Century-Fox.
| Curb shares were generally in ar
rears. Aluminium Co. dipped more
than 3 and losers of around a point
included Chicago Flexible Shaft, Nehi
| Corp, Montgomery Ward "A" and
Gulf Oil. Small gains were posted
for Lake Shore and Wright Har-
greaves.