Evening star., 1938-09-18
MARKET PLUNCES
UNDERNEW WAVE
Of SHARE SELLING
Spectators Are Loath to
Carry Stocks Over
During Crisis.
MANY ISSUES TOPPLE
LOWS OF MIDWEEK
Liquidation Makes Saturday
Busiest Since August 6,
Wiping Out Gains.
BY FREDERICK GARDNER,

BY FREDERICK GARDNER,
NEW YORK, Sept. 1.-THE war
threats that brought heavy bursts of
selling into security markets this week
continued to oppress stocks today and
most shares ended fractions to around
3 points lower.
Spectators. 1t appeared, were loath
to carry stocks over the week end
While there remained so much doubt
over the outcome of the efforts to ef-
feet peaceful settlement of the Ger
man minority issue in Czechoslovakia
Shortly after the opening another
heavy wave Of offerings rolled into the
market. putting many shares back to
the mid week lows. The selling light
ened in the second hour of the brief
session and the market rallied lit
tie. The drop about finished the job
Of eliminating gains run up in Thurs
days broad rally. inspired by hope
the Chamberlain Hitler talk would
preserve peace.
Fresh Doubt Arises.
Fresh doubt seemed to have grip
ped money quarters about the chances
OF avoiding war in the long run. Con-
tributing to skepticism were reports
the Czechs would fight rather than
give up any territory.
Transactions totaled TAB, 100 shares,
the busiest Saturday since August 6,
and raised the weeks turnover to =
579, ,480, compared with 2,995,4l0 the
preceding week.
Some OF the heaviest selling since
the autumn collapse a year ago con-
tributed to the weeks activity and left
many shares 2 to points down for the
week.
Under the repeated war alarms.
in the mid-week bloodshed In Sudeten
towns Of CzeehoslQyakia.. the stock
market broke out on the downside OF
the narrow range it had fiuctuated in
for several weeks after the mid-year
upswing leveled OF in July.
The possibility of war rising out of
the German minority issue in Czecho-
lldo lCCCANC0 dttSilCloA IA lllS
market place since late July.
Wheat Again Moves Up.
At the weekend markets repeated
evidence that speculation was influ-
enced mainly by war considerations.
Wheat, rated front-line war COM
modify since it usually is among the
first to feel boarding demand in hos
tilities, again moved up while stocks
and bonds went down.
The cereal closed q to rs higher
at Chicago. Corn was up y to one
cent a buShel.
Cotton, shadowed by worry war
might retard foreign textile making
and complicate the job of disposing
Of this country's big surplus in export
markets, dropped 40 to S. cents q
bale
Down to around for the day
in the share list were U. S. Steel,
Bethlehem, Westinghouse, General
Electric, General Motors, Chrysler.
American Telephone, Western Union,
Great Northern preferred. Briggs,
Santa Fe, Johns Manville, Consolidat-
ed Edison. International Nickel and
U. S. Rubber preferred.
Market Is Touchy.
Having lost about half the June and
early July gains, the market was rated
by analysts as in a touchy spot where
it could respond readily with a rally
or further decline to important de-
velopments abroad.
While not so heavy as earlier in the
week. the shift OF funds into dollars
and gold to obtain cash and safety in
event of war emergency continued to
weigh on foreign currencies.
The British pound slipped y of a
cent at s4.795s at the week end. The
French franc held at 2.69h cents.
Additional engagements of $6,6O0,-
900 in gold in London for shipment
to the United States was announced,
augmenting big metal movement in
what Secretary of Treasury Morgen-
thau described Thursday as the great
est flight to the dollar in history.
Prices on Curb.
At Vic CAOSc VI IAlS CWO-llOuI SESSION.
on the curb, prices were fractions
to more than a point lower in Lake
Shore Mines. New Jersey Zinc, Gulf
Oil. Aluminium of America, American
Cyanamid B and Technicolor. Sales
were 10000 shares against $4,000
week ago.
The Associated Press composite
price of go stocks for the day was
down IL at AS and for the week
was of ~.
Most Of the weeks trade news in
dicated business recovery was making
headway, probably more slowly than
in July and August. But there was
much discussion of interference with
the trend from the prolonged strain
OF war anxiety. Still playing an out
standing role in the revival was build
ing, the latest figures showing marked
gains over 1887. The motor industry,
on the otner hand, was slower in
getting into production Of 1899 cars
than Wall Street had expected. A
strike in the Briggs Body Plant in
Detroit hampered motor assemblies.