Evening star., 1938-09-11
MARKET LEADERS
| FALL FRACTIONS
| TO TWO DOLLARS
War Talk in Europe Again
Blamed for DownsWing
| in Wall Street.
SATURDAY TRANSFERS
| TOTAL 416,480 SHARES
Most Traders Tighten Burdens to
Be in Safe Position Over
Week End.
What Stocks Did,
Total issues
BY FREDERICK GARNER.
Associated Press Financial Writer.

Associated Press Financial Writer.
NEW YORK, Sept. 10.-The pre-
dicted post-Labor Day buying burst
in the stock market turned out to be
q bust" and the list today ended a
generally unsatisfactory week on the
downside.
As in the gloomy sessions Of the
past few weeks, war talk in Europe
again took the principal blame for
the days slip-up, although Wall
Street as whole continued Of the
opinion an international upheaval
was unlikely, at least for the present.
At any rate, most traders came to
the boardrooms for the brief pro-
ceedings with the idea of Tightening
commitments on the theory that
something" might pop abroad over
the week end
The list loafed until near the start
OF the second and final hour, when
fair-sized volume of selling knocked
down leaders fractions to more than 2
points. Offerings dried up soon
afterward, though, and light support
near the close enabled many shares
s1aas,.,,a, under water to reduce losses sub
SteeIs, Motors Are Weak.
Steels. motors and specialties were
among the weak ones, but the ma
jority Of these about halved declines
on the concluding stretch.
The Associated Press average of
so stocks was OF 6 Of a point at 47.2,
making the net setback for the week
1.8 points.
Transfers amounted to 416,480
shares, the best Saturday since August
6, and compared with 357 $3.50 a week
ago.
Stocks emerging behind minus
signs in the 2-hour jaunt included
United States Steel, Bethlehem, Gen.
eral Motors, Chrysler, United States
Rubber, Sears Roebuck. International
Harvester, American Telephone, West
ern Union, Santa Fe, Pennsylvania,
Dome, Homestake, Mcintyre Porcu-
pine. Du Pont, Westinghouse, Aneri-
can Can. Lows. Corn Products and
Standard Oil Of N. J.
Curb prices offered little resistance
to selling pressure. OF major frac-
tions to point or more were Ameri-
can Gas & Electric. Aluminium Co.,
Lake Shore, Technicolor and Gulf
Oil. Volume of $4,000 shares was
the best for short session in more
than month and compared with
$4,000 last week.
A fairly steady tone was exhibited
on the big board" at the opening
today as tension seemed to have les
sened a bit in the wake of word
negotiations were to be resumed be-
tween the Sudeten Germans and
Czech authorities.
Apprehension Is Revived.
Apprehension apparently was re-
vived later, however, as Hitler stress
ed the invincibility of the Nazis and
German spokesmen declared nothing
short OF annexation of the Sudeten
area Of Czechoslovakia would be ac-
ceptable.
Most of the days business items
were moderately cheering, but these
were Offset to a considerable extent
by the nervousness over European
affairs.
Heavy military preparations by both
Great Britain and France emphasized
the seriousness Of the overseas situa-
ton.
Bonds did bit better than stocks,
being little more than moderately ir-
regular. Commodities were uneven.
Wheat at Chicago was unchanged to
up " cent . bushel and corn was
unchanged to down Is. Cotton dipped
80 to 55 cents a bale.
Exemplifying the European uneas-
mess was another run on gold abroad,
with the price Of the yellow metal
at London being lifted the equiva-
lent Of cents an ounce to q new
peak since March, 1885. The rush
for dollars toppled sterling q Of a
cent to $4.815h, a new 3-year bot
tom. The French franc dropped be-
low 2.70 cents for the first time since
1t was pegged in early May. Other
foreign currencies were shaky. Am
sterdam, the only foreign securities
market open today, ended on an un-
even note.
Flight Of Funds.
The flight Of funds from possible
war dangers across the Atlantic re-
suited in $38,610000 in gold being
engaged this week for shipment to
New York. Total engagements in the
past two weeks were nearly ss0,0o0,-
900.
Pointing to economic improvement
was a Jump in retail and department
store sales this week, the latter, in
some places, topping the figure for
the same period a year ago.
At the same time, displeasing
sign was seen in a drop Of $13,000,-
600 in commercial loans Of Reserve
bank members. This was on top Of
. sag Of 100000 the week before.
The recessions were contra-seasonal.
Favorable market factors, other
wise, included the steady progress Of
steel mill operations, although .
slight let-down in orders lately was
discerned in this industry; a moro
than seasonal increase in last weeks
freight loadings to a new 1888 high:
an upturn in electric power produc-
ton to years top, and continued
gains in building activity.
Attention was given two news
items today. One was the announced
minor cut in prices for some Of the
Chrysler Corp. new 1899 models.
The other was Jump in U. 8. Steel's
shipments Of finished products for
August over July. although the ag-
srsgats here was about half that of
AlaaEak last wear.