Evening star., 1938-09-04
MARKET CLOSES
WITH LEADERS UP
MORE THAN POINT
Selected SpeCiaIties Are
Responsible for Most
of Gains.
ACTIVITY RUNS AHEAD
OF PREVIOUS SATURDAY
Brighter Domestic Picture Gets
More Attention Than Threat
Of European War.
WHAT STOCKS DID
BY FREDERICK GARDNER,
Associated Press Financial Writer.

Associated Press Financial Writer.
NEW YORK. Sept. 3.-This weeks
War-conscious market ended today on
a more cheerful note, with leading
stocks pushing up fractions to more
than a point.
Selected specialties, rubbers, mail
orders, coppers and farm implements
accounted for most Of the improve
ment which followed yesterdays re-
recovery. Steels, motors. rails and
utilities, while finishing with modest
advances on the whole, were none toe
buoyant y
Activity was a shade ahead of the
previous Saturday. although numerous
traders deserted Wall Street for an
early start on the Labor Day holiday
The stock exchange and other LEADING
markets will be closed until next Tues
day
Those who made their appearance
in board rooms displayed less appre-
hension over Europe's troubles ano
paid more attention to brighter domes-
tic business prospects. The result wa,
that the buying side was the more
popular from the start.
Stock Average Up.
The Associated Press average of et
issues was up S of a point at 40
although some profit taking near the
close Clipped down top marks ir
many instances. In the face of earlier
slumping sessions the composite wa.
only of L Of point on the week.
transfers for the two hours amounted
TO 357.390 shares. compared with
3o0,70O week ago. Volume slackenec
notably after the sharp break on Mon.
day
Prominent in the days news yer,
estimates that next weeks steel anc
automotive production, notwithstand.
ing the holiday, probably would ster
up another notch.
Talk Of sterling devaluation. com.
oined with continued uneasiness owe,
the political situation abroad. pushed
the British pound down to the loves,
level in three years in terms of the
dollar and continental currencies were
relatively weak. Sterling ended of
l cent at $48414 and the French franc
was down .ool2 of a cent at AIS,
cents. At the same time demand TO,
gold in London brought another boos,
IN the price of the yellow metal at thi.
metropolis to new peak since 1885.
Bonds Show Strength.
Bonds exhibited strength in spots
but many loans were unable to max,
progress. Commodities were irregular.
ly lower. Wheat at Chicago was ur
4 OF a cent bushel to down as much
Corn lost Is to u and cotton yielded
so to IS cents a bale.
Among the days principal stocl
gamers were U, S. Rubber, Sears Roe.
buck, j. I. Case, American Telephone
Anaconda, Kennecott, Air Reduction
Chrysler, Electric Auto-Lite, Brise
Manufacturing. Phelps Dodge, D,
Pont, Union Carbide. Johns -Manville
Owens Illinois. Coca-Cola, Santa Fe
Union Pacific and Texas Corp.
General Motors Jagged a fraction
and unchanged to slightly lower wer,
Western Union, J. c. Penny, Good
year and Southern Pacific.
Curb shares edged forward frac,
tionally with oils the best performers
Ending in front were Gulf Oil, Humble
Sunray, Imperial, Aluminium Co., New
Jersey Zinc, and Technicolor. A shad,
lower were Cities Service, American
Gas & Electric and United Gas. Turn
over of $4,000 shares was the bes
Saturday in three weeks and compared
with $4,000 week ago.
At the beginning of the week tn,
market had its worst days slump sine,
March 20. Renewed war tension over
seas as result of the German -Czecf
controversy was given as the mali
excuse for the tumble, but som,
analysts pointed to the seeming dis
couragement of traders over the failur,
OF the list to penetrate the mid-yeal
highs, after getting within reachin.
distance several times in recent weeks
as an important selling factor.
Comeback on Tuesday.
There was comeback on Tuesda,
when the British and French cabinets
in emergency meetings, were reporte,
to have agreed on sending sterl
warning to Hitler against provokin,
hostilities that might touch of a world
wide conflict.
Further slight improvement was re
corded Wednesday as most in Wal
Street expressed the opinion German,
would hesitate some time before ex
ploding the Czechoslovak dynamite.
The speculative fraternity was in
clined to adjourn to neutral territor,
Thursday as some skepticism was not
ed regarding the breadth of the pre-
dicted fall economic upswing. Tn
still cloudy foreign picture also re
strained buyers.
The market advanced at slow speet
Friday and posted its best days gail
OF the week as Hitler, while refusing
to accept the proposed Sudeten-Ger
man compromise, signified that tn,
doors would be left open for further
negotiations.
The financial sector had the bene.
fit of another increase in steel outpu
and automobile production. Retail
spending was not so brisk, but wa!
above the week before.
Wage Cut Stalemate.
Rail bonds and stocks were depressed
substantially for time when thu
carrier wage cut mediation resulted
in a stalemate and the problem wa!
thrown into the hands of the Pres.
ident while general strike was callee
for by the railway unions. On top o.
this an unexpected default of Nicke
Plate bond interest, due September
was chilling influence. Ofsettine
these handicaps, though, and bring.
ing in some later support, was a more
than seasonal upturn in last week.
freight loadings to high level fol
the year and signs of a continuance
Of traffic expansion.
Helpful was the eighth consecutive
weeks advance in the Associated Pres!
index Of industrial. activity, although