Evening star., 1938-07-17
THIRD EFFORT TO BREAK
THROUGH PEAKS FAILS
Steels, Motors, Specialties and
Coppers Are Favorites-Some
New Highs Recorded.
WHAT STOCKS DID.
BY FREDERICK GARDNER,


NEW YORK, July l6.-For the third
time in the past two weeks the stock
market today assaulted the portals of
the June-July recovery peaks and
failed to break through.
While the list pushed up fractions
TO more than point at the start Of
the brief SeSsion-steels, motors, cop
pers and specialties were favored
profit selling just before the close
cut down extreme gains substantially.
At the top, however, a number Of new
years highs were posted.
Despite belated pressure from trad
ers who wished to cash in over the
week end. the Associated Press aver
age of so issues emerged with a net
gain Of a of point at 48.2. or q Of
point under the top mark for 1888
posted July 2. On the week the COM
posite was up 6 of point
The activity was slightly ahead Of
last aturday-transfers totaled 627,-
270 shares. against 592 ,300-but there
was only one day during the week
when the aggregate passed 2,000,000
shares. and that was coincident with
the late relapse on Wednesday when
2,618,950 shares changed hands.
Trade News Favorable.
Today's news, in the main, was on
the side of recovery forces, although a
few sour notes in the way of second
quarter earnings statements were
sounded
Principal buying inspiration was
found in forecasts that next weeks
steel mill operations in virtually all
centers would jump several points to
around the best level of the year.
The brighter outlook for the auto
mobile makers aided the motors, with
output this week stepping up briskly
and manufacturers taking roster
view of future months for this industry.
Expanded demand for copper abroad
helped lift the export price for this
metal and bolstered shares OF red
metal mines.
Food and packing company stocks
were livelier than usual, as business
prospects were reported frightened in
these categories.
A fly in the optimistic ointment was
provided by the overnight second
quarter statement of Johns Manville,
disclosing net of only 10 cents a
share, against $l95 in the corre-
spending 1887 period There was no
trade in this stock until the close,
when 100 shares changed hands at 90,
the same as yesterdays final price.
Plane Stock Jumps.
Wright Aeronautical, a 10-share
trading unit. ran up more than 4
points at one time in response to an
nouncement of large order for air.
plane engines in connection with the
Lockheed cotract to build 200 military
planes for the British. This issue
backed down at the last and finished
at 971a, up 2l2.
United States Steel, up more than
a point in the first hour, retained but
Il of this at 58A. Bethlehem, ahead
around at the best, ended up 11s
at 59l2. About halving earlier ad-
vances were General Motors at 401s
and Chrysler at 671s.
Holding fairly we'll at the finish
were Anaconda, Kennecott, Interna-
tional Nickel, Montgomery Ward,
Texas Corp, Du Pont, Eastman Kodak
Douglas Aircraft. National Cash Re?
gister. Armor, Wilson & Co.., Swift
and Continental Baking "a" American
Telephone Jagged.
Curb Gains Registered.
On the curb gains up to around 2
points were registered for Montgomery
Ward "a" National Steel Car, Pep
perell, Aluminium Of America, Creole
Petroleum and Chicago Flexible Shaft.
Transactions totaled $4,000 shares.
While the Wall Street temper i'm
proved noticeably this week, some an
alysts, in view of the fact the market
failed to pierce the recent highs, were
inclined to advise the resumption of
neutrality pending a clearer indica-
ton that the upswing of the last
month was not flash in the pan.
Selling from London during the last
several days was much more pro-
nounced than buying.
Rumors that one of the steel COM
panies would inaugurate a wage cut
buoyed the market on two occasions
this week, but this gossip was later
scotched by both union and steel
sources. That readjustment of steel
pay rates may later be attempted. if
business fails to expand, was admitted
by those close to company manage
ments. But that the move was i'm
minent was denied on virtually all
fronts.
Rail stocks were unable to get any
where in particular, although last
weeks freight loadings we're down
less than seasonally and heavy grain
shipments were expected to lift oper-
ating incomes of Western and South
western ROADS aDnreciah1y