Evening star., 1938-08-29
Stock Averages
BY VICTOR EUBANK.

NEW YORK. Aug 29-The stock
market today suffered an attack of
the war shlvers. among other things,
and leading issues broke to more
than 5 points in one of the worst tun1-
bles since the beginning of the midyear
upsWlng. Belated buying support
enabled some snares to close moder-
ately up from the lows.
The list dived to around its bot
tom levels in the forenoon as advices
from Europe stressed the growing
tension over the German Czech con-
troversy, with troop movements on
virtually all borders exemplifying the
chances of an explosion that might
draw in Great Britain and other world
powers.
At the same time brokers advanced
the guess that, despite the cloudier
news from overseas. the market NAV
have been waiting for some excuse 70
establish the correction" which manv
thought was overdue as a result of the
lengthy upward ride which got under
way last June
Business News Favorable.
tlnued to present favorable aspects
there were few exceptions-but
trading contingents were a trife dis
couraeed. apparently. because of the
futile efforts of the market to pene-
trate the years average high after
getting within touching distance of this
mark a number of times
In the morning upset the ticker
tape fell behind for brief interval.
Cone-ba attempts brought another
showdown. Transfers approximated
100000 shares.
Jump IN this weeks steel mill
operations of IL points to "A per cent
Of capacity, new peak since last No.
vember and the third consecutive
weekly upturn. provided a crunb Of
comfOrt for recovery Contingents. but
steel stocks failed to respond 10 any
great extent.
That all is not sunshine on the
industrial horizon was indicated by
the action OF American Rolling Mill
directors IN emitting the dividend q
the cOmpany's new convertible pras
ferred shares on which payments have
been made since October. 1887 Ths
company attributed the omission to
losses before preferred dividends dur
ing the first six months and the con-
tlnulng losses a. present, together with
present business conditions The pre-
ferred issue dropped more than IL
points after the announcement.
Foreign Currencies Drop.
Softness of the principal European
securities markets testified to the un-
easiness in that quarter. Foreign
currencies backed away in terms OF
the dollar and the London gold price
was hoisted another peg to around a
record peak
Prominent losers included Chrysler.
General Motors. U. s. Steel. Bethle-
hem. Yellow Truck, U. S. Rubber,
Montgomery Ward. Sears-Roebuck,
International Harvester Douglas Air
craft, Air Reduction. American Can,
Johns -Manvllle. Philip Morris. Du
Pont, Allied Chemical, OWens-Illinois.
Coca Cola. Loews. Westinghouse,
Western Union. Consolidated Edison.
Anaconda, kenneCott. Santa Fe, Great
Northern, Union Pacific and Standard
Oil of N. j.
Commodities and bonds followed
stocks. Rail loans were particularly
weak Wheat at Chicago yielded s. to
1ls cents bushel. and corn was of
= to "A. In late transactions cotton
was down about 25 to 35 cents bale.
Near midafternoon sterling and the
French franc were a trifle easier, the
former at S487 and the latter at
2.73 3-16 cents
Curb shares kept in step with the
big board" Down l to or more
were Aluminium Co. American Cyana-
mid B" American Gas & Electric,
Humble Oil. es-Bement-Pond Car
tier Corp. and Nehi Corp. Aluminium,
Ltd, lost 8.