Evening star., 1938-09-01
Stock Averages
BY VICTOR EUBANK,

Associated Press FINANCIAL Writer.
NEW YORK. Sept. stocks
skidded bit today, then resumed an
idle wait around the lower levels of
the narrow course the market held
throughout August.
A moderate forenoon selling wave
nicked prices Of the trading favorites
fractions TO points or so. Rails took
more punishment than usual following
the failure of mediation efforts in
the wage-cut struggle Carrier bonds
also fell, leading the investment mar
ket lower
On the whole, though, the Septem-
Der start in the market place looked
to observers much like the August
scenes. Speculation all around seemed
to be marking time until both the
Central European political and the
home business situations present
clearer outlook for the market fol-
lower.
Transactions set about the same
slow pace as in the previous session,
approximating 100000 shares. Deal
ings we're heaviest on the early selling
furry.
Among the rails losses mounted 10
near points in Santa Fe, Chesapeake
& Ohio, New York Central, Delaware
d Hudson and Northern Pacific.
Other Prominent Losers.
Other prominent losers were Gen.
eral Motors, Chrysler, United States
Rubber, Westinghouse Electric. Du
Pont, Celanese, Remington Rand,
Philip Morris, Sears Roebuck. Ameri-
can Smelling, ]. l. Case and Western
Union.
Prices also headed lower on the
Curb, bringing losses of fractions to 2
in Aluminium of America, American
Cyanamid b" Lake Shore Mines.
Detroit Steel Products, National Oil
Poducts, Thew Shovel and New Jersey
Zinc.
Major commodities were becalmed in
the late summer trading lull. Wheat
futures dipped a to 7s cent a busheI
at Chicago, Corn was off q to II.
cents. Cotton near the close was un-
changed to S cents bale higher.
AT midafternoon the British pound
IN foreign exchange trading was of
IS of a cent at s485l2. The French
franc was 272 5-l6 cents, down
90 Lis of a cent.
Ihe selling was attributed in part to
desire in the trading ranks to tighten
holdings for the long week end recess
over Labor Day.
The stock market has been fllct,,at.
ing IN restricted range since the
mldyear upswing leveled off in july
and analysts saw nothing to warrant
decisive swing as accounts were
opened for the new month.
Spectators, brokers pointed out.
found additional reason for sticking
close to shore in the continued sus-
pense over the Central European situa-
tion and signs the business recovery
movement in the United States had
lost some headway recently.
Hitler Speech Awaited.
The scheduled speech of Nazi Leader
Hitler at Nuremburg next Tuesday was
awaited as the next important cue to
the prospect of a pacific settlement
OF the Sudeten German question in
Czechoslovakia.
wall Street hardly was surprised bv
the placing of the rail wage cut dis
pute in President Roosevelts lap for
appointment Of a fact-fnding proun
before final showdown between the
carriers and the unions. However.
some observers termed the collapse Of
the mediation efforts as "disappoint-
ing and the liquidation in the rail
shares seemed to confirm that view
Meanwhile, estimates in the finan-
clal district put rail carloadings last
week at between $4,000 and 625 OoO
cars. That would make the total the
highest this year and we'll above the
previous weeks showing of less than
100000 cars.
Attempts to judge domestic busi-
ness prospects after Labor Dav. when
autumnal stimulus to increased activ-
lty was expected to come into plav
IN some industries, were complicated
by possibilities the war gestures abroad
might impose drag on revival trends
here.
Leading motor and motor eo,lip-
ment shares encountered consider
able profit-taking as the weeks rallv
stalled despite high hopes placed in
the automobile industry when it gets
into stride on production of 1899