Evening star., 1938-07-26
STOCKS co down
FRACTIONS TO g
Profit Selling Hits List at
Start-Extreme Losses
Later Reduced.
Stock Averages
BY VICTOR EUBANK,

NEW YORK, July 26.-The stock
market ran into profit-taking trouble
today and suffered losses running to
around 2 points.
Activity was most pronounced in
the selling wave that swept down
recent leaders shortly after the OPEN
ing. Volume dried up appreciably' on
the subsequent comeback, in which
extreme declines were halved in many
instances. Late offerings put final
prices near their lows, although a
handful of advancing Specialties.
helped soften the general relapse.
The main unsettling influence OF
the session. brokers said was the
question mark attached to the meeting
OF United States Steel directors after
the close, at which action was to be
taken on the preferred dividend and
second-quarter earnings results made
public.
Opposite Opinions.
While most in Wall Street felt the
major steel corporation would vote the
regular sl75 payment on the senior
stock, opposite opinions were to be
heard, with some advancing the
thought the disbursement might be
cut to ST in view of slackening business
in the June period.
The selling pace quickened some
what near the finish and transfers
approximated l,250000 shares
On top of the steel meeting trading
forces apparently we're In a mood to
cash in part OF the handsome profits
that had accrued in the lengthy June.
July rally on the idea a more than
minor correction" was overdue ana
that better purchasing levels might
be reached before the forward march
Is resumed.
Business news, on the whole. was
still cheerful and many commission
house customers seemingly were loath
to part with holdings pending more
definite market developments.
Give Ground Easily.
Steels, motors, rubbers. coppers. rails
and an assortment of miscellaneous
issues gave ground easily at the start.
Under pressure were U. S. Steel,
Bethlehem. General Motors, Chrysler,
U. S. Rubber, Anaconda, Phelps Dodge,
Great Northern, Pennsylvania, Chesa-
peake g. Ohio. Westinghouse, General
Electric, Johns Manville, Union Car
bide, U. S. Gypsum. Texas Corp,
Montgomery Ward, j. I. Case, Interna.
tional Harvester and North American.
American Telephone. long dormant,
came to life with gain of about
points at the best. and the strength
OF this issue helped bolster the rest Of
the list. The stock slipped eventually.
Philip Morris had market all of
its own, jumping nearlys 5 on a fair
turnover. Others favored were Briggs
Manufacturing commercial solvents,
Continental Baking a." Bendix, Boe-
ing and Oliver Farm
Little Better Than Even.
United States Steel preferred little
better than even the greater part Of
the day.
While there were resistant spots on
the curb, losers of as much as point
or so predominated Down were Nj
agara Hudson Power, Pittsburgh Plate
Glass, Niles -Bement. Gulf Oil and
Lake Shore Mines Aluminium of Amer
ica moved ahead
Bonds were mixed, and the majority
of commodities pointed lower. Wheat
at Chicago was off Is to Il of a
cent bushel and corn q of to up
y. Cotton, in late transactions, backed
away about so cents bale. Sterling
near midafternoon was up "a of
cent at s4.925s and the French franc
was .oo14 of cent improved at 276ss
cents,