Evening star., 1938-08-23
Stock Averages
BY VICTOR EUBANK.
Associated Press Financis1write,

: ACoo WElLeI.
NEW YORK. Aug. 23.-Heavy buy.
ing in automotive issues switched the
stock market back on the recovery
speedway today and leaders swung
upward fractions to more than 3
points, many penetrating new high
territory for the year and longer.
Revival of demand for the motors
followed optimistic forecasts of ex-
ceptlonal expansion in production
and sales of new 1899 models after
Labor Day, with manufacturers re-
ported planning to spend several hun
dred million dollars for raw materials.
Tire company motor equipment.
steel, glass and wide assortment of
speciaitles were in the forefront of
the comeback which brought a much
larger volume than in the preceding
SLOW session although the race was
never fast enough to put the ticker
tape behind.
Rails traded along with the rest Of
the list, as did the utilities but the
majority restricted advances to mod
crate amounts.
Brisk Bidding Starts.
The list got off to dragging start.
Failure OF offerings to come out to any
noticeable extent, and more cheering
reports from the motor centers, soon
inspired brisk bidding for recent IA
vorites.
Top marks for 1888 were achieved
by such stocks as General Motors,
Chrysler. Electric Auto-Lite. Borg
Warner, Lee Rubber, Bendix. Du Pont,
Celanese, Libby Owens, Kelsey Wheel
A and Certain-teed.
Although profit taking was in evi.
dence here and there on the last lap,
closing quotations were not far from
the peaks of the day Transfers were
around 100000 shares.
Some reluctance to climb aboard
was shown in the forenoon as develop-
ments in Europe, including a threat
OF General strike in France, result
ing from Premier Daladier's attempt
to abolish the 40-hour week in in
dustry, dimmed speculative ardor.
Foreign Markets Irregular.
Foreign securities markets were ir-
regular. Sterling and the French
franc were narrow in terms of the
dollar. Near mid-afternoon the
former was off Il of cent at
s4.sS Lis and the latter up 90 5-l6
of cent at 2.73 Ills cents.
Commodities generally lacked the
ability to ride with stocks on the re-
covery push, although most we're
slightly improved. Wheat at Chicago
was unchanged to up 80 of a cent a
bushel and corn ls off to "a higher.
Cotton. in late transactions. was up
about 80 cents bale. Bonds pointed
upward.
Prominent stocks on the move were
United States Steel Bethlehem, YELL
low Trucks, Briggs Manufacturing,
United States Rubber, Goodyear,
Montgomery Ward. Sears-Roebuck,
Westinghouse, Du Pont, Air Reduc-
ton, American Can, Union Carbide.
Johns-Manville, Philip Morris. United
States Gypsum, American Radiator.
Industrial Rayon, Allis Chalmers,
Loew's, Flintkote. Anaconda, Ameri-
can Smelling. American Telephone,
western Union and Union Pacific.
Radio Corp. Active.
Radio Corp. was one of the most .
active performers of the day with a
gain of major fraction.
Celanese came to life on decision
IN the company's favor in patent in
frlngement suit handed down by the
United States Circuit Court of Appeals.
Many wide swings were shown in the
curb market. Montgomery Ward "a"
gained more than 4, while Duke Power
dipped over 8. Gamers of a point or
more included Casco Products, Alumi-
mum, Ltd, and Raymond Concrete
Pile. Chicago Flexible Shaft dipped
around and Mead johnson nearly as
much.