Evening star., 1938-09-09
Stock Averages
Compiled by the Associated pr.s,)
BY VICTOR EUBANK,


NEW YORK, Sept. 9-European
war news took the principal blame
today for another sinking spell in the
stock market.
4raoers scampered to neutral ter
rltory early in the session as the
German-Czech controversy appar-
emily became more complicated
The list drifted downward in the
mornings proceedings, and a fair
sized selling wave knocked down piy-
otal motors. steels and industrial spe-
claltles near midday for losses run
ning to or more points
There was subsequent mild come.
back, but volume dwindled substan.
TALLY on the recovery and, in tn.
closing hour, the ticker tape idled tn.
greater part of the time. Transfers
approxlmated 100000 shares
Business developments continued
more hopeful than otherwise, although
skeptlcs were to be found in Wall
Street who felt that too much stree,
might have been placed on possibili.
tles OF an exceptional fall upturn.
european unsettlement, 1t was also
thought. might upset the domestic
economic advance, as we'll as give the
stock market the shivers.
Commitments Are SheIved.
With the week end approaching and
overseas affairs cloudier than ever,
speculative forces, on the whole, in
cllned TO shelve commitments.
A cable to Stock Exchange firm
from its foreign correspondent about
hneo up the overseas situation from
the standpoint Of Wall Street. 1t said;
consider present position in Europe
as poker game with table stakes.
including full house versus a busted
hush. Believe matters clarified within
lour days Meanwhile, stock markets
must remain victims of irresponsible
rumors"
Rails We're as laggard as other
groups, notwithstanding preliminary
estimates of last weeks freight loadinps
indicated q more than seasonal in.
crease Of about $4,000 cars to a new
1888 peak. The official total. DELAYED
because OF the Labor Day holiday,
was to be released later in the day.
Passenger airline stocks. such as
United and Transcontinental & West
ern, were resistent on expanding trafic
reports. Montgomery Ward attracted
moderate support. as the company for
August and seven months disclosed
net sales gain over the comparable
1887 period.
Bonds Are Weak.
Bonds were rather weak, with sec.
ondary ISSUES under the most pressure.
Grain futures rallied briskly on the
revival Of war talk. Wheat at Chi
cago was up / q to Ia. cents a bushel
and corn advanced 1l4 to IL. Cotton
in late transactions was down around
IS cents a bale. Other commodities
were shaky
Further uneasiness abroad resulted
in drop in sterling to new low for
the move in terms of the dollar. The
near midafternoon and the French
franc WAS down 90 l6 of a cent at
2.70 7ll6 cents. Foreign securities
markets exhibited fresh nervousness.
Gold demand, however. fiattened out
and the price Of the metal in London
was reduced trifie.
Principal share losers were United
States Steel. Bethlehem, General Mo-
tors, Chrysler. Electric Auto-Lite. Borg
Warner, Goodyear, United States Rub
Der. Sears Roebuck, International Har-
vester. Douglas Aircraft, WESTINGHOUSE,
Du Pont, Johns-Manville, j. c. PEN
ney,, Loew's, Anaconda, Kennecott,
American Smelling, Western Union,
Santa Fe, Great Northern. Philip
Morris, Texas Corp, and Standard Oil
Of New Jersey.
: Continental Baking cut the price of
bread cent a loaf and the stock
yielded more than a point at the
worst.
Losses Of l to or 30 points were
sprinkled through the curb section,
including American Gas & Electric,
Humble OIL. New Jersey Zinc. Lake
Shore, Aluminium Co.. and Newmont
Mining.