Evening star., 1938-08-19
Stock Averages
BY VICTOR EUBANK,

NEW YORK, Aug. l9.-The stock
market turned on its rallying steam in
the latter part of today's session and
leading issues, paced by the rails,
pushed up fractions to points.
The forward swing followed word
from Washington that the Association
of American Railroads would have an
important" announcement to make
before the close Wall Street immed-
lately jumped to the conclusion this
might mean a wage cut compromise.
Buyers got aboard the carrier stocks
and other groups joined the excursion.
There was let-down near the finish,
when the A. A. r. disclosed it had
merely filed petition for the extern
sion of coal rate increases.
While volume broadened on the
move. it was not sufficient to put the
ticker tape behind, and in the closing
hour momentum died down consider
ably and extreme gains were reduced
substantially. Transfers were around
100000 shares, almost double yester-
days turnover.
Brighter European Advicea.
In addition to the wishful thinking
regarding the carriers, trading spirit,
frightened perceptibly on European
advices that the Czechoslovak govern.
ment, through the intercession Of
British Viscount Runciman, hac
agreed to compromise with the sudeter
Germans and tender them important
posts in the administration. This wa,
taken to mean at least q temporary
lessening Of war dangers.
Business news, on the whole. con.
rinued as moderately buoying influ.
ence and did much to halt the light
selling which Handicapped tbs ust
Thursday.
Steels and motors, somewhat back
ward in early proceedings, Joined other
industrials in the belated climb, bu,
most backed away at the last.
Tire company issues were well ir
front most of the day. Mail orders
farm implements. coppers and a wide
assortment Of specialties were given
whirl.
Jump Of 10000 Units
A jump Of more than 10000 units
In this weeks automobile output aidet
the motors as well as the steeh. Thc
latter responded to prospects for much
larger orders from the motor makers
as production of new cars was ex.
pected to continue an upward trent
through the fall and early winte,
months. Better steel mill operation
were believed to be In the ofina 10,
the coming week.
Among supported stocks were Santa
Fe. New York Central, Southern Pa.
cif1c. Great Northern, Union Pacific
Chesapeake & Ohio. United State
Steel, Bethlehem. Chrysler, United
States Rubber, Goodyear, Montgomery
Ward, Sears Roebuck, ]. I. Case
Bcelng, Western Union, Anaconda
kennecott, Westinghouse, General
Electric. Du Pont. Johns-ManviIe
National Cash Register, Philip Morris
Allls Chalmers and Texas Corp.
SeHcIdl InOtOTS tOuched new high
Tor the year at its peak.
Backward were Armstrong Cork
National Dairy Products, j. C. Penney.
Owens-Il Illinois and American To-
bacco "B."
Carrier bonds leaned upward with
rail stocks. Commodities improved.
Wheat at Chicago was UP u to /
cent a bushel and corn advanced "a
to IL. Cotton, in late transactions,
was up IS to 20 cents a bale.
Sterling near midafternoon was up
Is of cent at s488 and the French
franc was .00l4 Of a cent higher at
273 cents.
Curb shares moved both ways. New
mont lost 2, while Aluminium Co.
gained about as much. OF around
point were Gulf Oil, Sherwin-Wil-
liams and Fruehauf Trailer. Detroit
Steel Products added and smaller
gains were shown by Lake Shore,
Electric Bond & Share and American
Cvanauid "R"