Evening star., 1938-07-07
Stock Averages
By VICTOR EURANK.

NEW YORK, July Profit selling
in industrials tipped over the stock
market today after heavy forenoon
buying of rails and utilities had
touched off one of the sharpest up
swings of the recent recovery.
Purchasing orders from all parts of
the country and abroad piled up over
night in brokerage Offices and, for So
minutes after the opening, the ticker
tape was as much as Z minutes be-
hind. Blocks of 1000 to 10000 shares
changed hands on the resumption of
the upturn with gains ranging from
to'more than 3 points. The new stock
exchange flash" system was again
put into use for a while to bring in
stantaneous quotations of leaders to
boardrooms.
There: was a subsequent substantial
slow dofn as offerings began to trickle
into the strong industrials of the past
two weeks. At the start of the final
hour volume again expanded briskly
on the downside and initial advances
were reduced or converted into de-
cllnes of fractions to a point or more
IN numerous cases. The ticker once
more Jagged minutes for a brief in
terVal. Activity then slackened and
extreme setbacks were cut in many in
stances at the close. Aircrafts were
given a belated run-up Transfers
were around 2,7OooOo shares.
I. c. c. Decision Helps.
RunVjnU tho rorriare ~.
was the approval of the Interstate
Commerce Commission of the petition
OF Eastern roads for an increase OF J.,
cent per mile in passenger fares.
Most rail stocks were ahead at the
nnish, but down from the best
In addition to the railway ruling
sustaining influences were seen in
optimistic comments of Washington
authorities and further signs business
and industry may be getting ready to
register some real improvement.
While commission house sentiment
was still on the side of ultimately
higher stock prices, many traders ap-
parently were dubious of the almost
uninterrupted upsurge of shares, and
there was an inclination generally to
tighten bullish cargos pending the
long g-looked-for correction" which
veterans felt was necessary to put the
list in healthier condition.
Railway bonds maintained their
lead in the loans department. but
even these lost some of their rising
momentum. Commodities also turned
irregular. Amoyican securities were
strong in foreign markets and the dol
lar moved up in terms of the principal
european currencies, rejecting partly
talk of monetary sterilization when
the Anglo-American trade treaty is
signed and the possible migration of
FUNDS to Wall Street.
Join in Recovery.
Favored stocks the greater part &
the time were N. Y. Central. Pennsvl-
Vanla. Baltimore & Ohio, Pullman,
Consolidated Edison, North American.
Electric Power g. Light, Stone & Web
ster, Allied Chemical, Eastman Kodak,
Dow Chemical, Greyhound Corp, Can
ada Dry and American Telephone.
Douglas Aircraft and Boeing stepped
up polnC or so each.
In trouble were U. S. Steel, Beth
lehem. Youngstown. Chrysler, U. S.
Rubber, Sears Roebuck. Montgomery
Ward. international Harvester, Gen.
eral Electric, Johns-Manville, U. S.
Gypsum, Anaconda, American Smelt-
ing and Standard Oil of New Jersey.
The curb market was a bit ragged.
Resistent were Gulf Oil, American Gas
& Electric, Lake Shore Mines, Penn
road, Sherwin-Williams and Pantepec
Oil.