Evening star., 1938-06-15
Stock Averages
By VICTOR EUBANK.

ASsoclateo Fress financial Writer,
NEW YORK, June 15.-A passing
furry over imitation prospects left the
stock market shade higher today.
but failed to jar it out of its recent
lethargy
Exceptional demand for gold in
London, presumably for boarding as
hedge against possible currency de-
valuation, brought small morning
buying wave in raw material shares,
such as mines, oils. rubbers and agri-
cultural issues.
BY midday it was all over. and
Wall Street lapsed back into its wait
ing attitude, waiting for final devel-
opments in Congress as it pushed to-
ward adjournment, for clues as to
when the business recession, recently
fattening out, may turn upward.
A bad slump in rail issues in the
bond market. as hopes of authorize
tion for liberalized r. F. C. lending
faded, tended to discourage share
trades, but had little effect on equity
quotations. BY midafternoon the
stock list was off fractions from the
midday tops. but holding well. The
days turnover was expected to ap-
prcximate 100000 shares.
Steels and Motors Fail.
Early gains of substantial fractions
in steels and motors were lost, but such
issues as Goodyear, United States
Rubber, Sears. International Harvester,
Standard of New Jersey, Texas Corp.
American Smelling, Du Pont. Nc
Intyre, Dome, Eastman, Penney, Johns
Manville and several others held
around a point above yesterdays final
levels. United States Smelling got
up nearly 3. Homestake, however,
finally fell off point. Rail shares
were neglected and but slightly
changed, failing to join slump in
rail bonds.
The London imitation ideas were
shown in active buying of gold there
for boarding, sending the dollar, on
the basis Of the London gold price. to
slight discount In later foreign
exchange dealings the dollar recovered
somewhat, and Wall Street began to
pay more attention to the several Of
fetal discouragements of devaluation
talk lately.
Apart from the imitation. there
were other factors tending to improve
sentiment toward shares of raw ma
terial producers. Oil statistics showed
that big stocks of gasoline were being
pulled down somewhat. declining
1920 barrels last week. After sew
eral days of dullness, copper buying
abroad picked up considerably. The
Worth street wholesale textile markets
reported little more inquiry.
Farm Outlook Better.
Furthermore, since the recent re-
bound in the wheat market, despite
the record breaking crop estimate, the
farm purchasing power situation has
not been viewed as pessimistically.
The recovery in livestock prices and
well-maintained quotations for dairy
products have been noted.
Wall Street dopesters watched close
ly the Governments "pump-primine"
plans, expecting that vigorous efforts
will be made in pouring funds into
consumption channels as soon as Con-
gress puts its final stamp of approval
on the program
The most depressing aspect of the
outlook, as many saw it, was the rail-
road situation, but with large crops to
be moved. and pickup in building
construction lately some saw possible
beginnings of better traffic volumes.
But Col. Leonard P. Ayres, we'll known
Cleveland economist, said in his Busi-
ness Bulletin he saw little probability
OF a return of railroad prosperity this
year Analysts holding that the
through the wringer" policy was the
only way to put weak roads on their
feet once more were inclined to the
view that failure of Congress to liberal
ize r. F. C. lending might hasten such
q movement