Evening star., 1938-09-25
BY FREDERICK GARDNER,

hSSOClhtcO ETSSS FluANCldl WTltcF.
NEW YORK, Sept. PA sharp
decline In the stock market, followed
by quick rally, repeated in miniature
today the weeks bewildering swings in
Wall Street sentiment between hope
and fear for European peace.
The pendulum in the nervous money
district swung back toward hope on
the reports Chancellor Hitler in nego-
tiations on the Sudeten problem had
sounded conciliatory note and given
the Czechs until October 1 to decide.
Frightened by overnight accounts
OF the massing of war forces, including
the Czech order for mobilization, the
market took heart after an early sink
ing spell at the prospect OF another
breathing spell in the long suspense
over the Czechoslovak situation.
Most of the starting losses, amount
ing to 2 or points n many shares.
were recovered in the two hours of
brisk trading. In wheat and other
markets the flux of war emotions also
Kept spectators shifting uncertainty
oot"ecH Ouylng ana Selnng.
Travels Wide Orbit.
In the "on again. of again" ap-
praisal OF war prospects the market
travelled wide orbit and completed
the week about where it began The
wave OF selling at the opening today
dropped leading shares back to the
lowest levels Of the recent declines,
AT that point they met stout support.
aided by the news of Premier Musso-
hni's version of the six-day interval
for the decisive word in the Czech
Nazi dispute.
United States Steel broke 2A points
to 81 on an opening block of 1000
shares. 1t finished at sac. up .L for
the day. The market generally fol-
lowed the same erratic course.
Whether stimulated mainly by Eu.
ropean war prepatations or industrial
revival in the United states, corner
stocks took the lead on the rally
Traditionally they are favorites for
war speculation because of the i'm.
portance of the metal in fiehtina
equipment. Recent improvement in
the industry's position. it was reported
IN financial circles, has moved pro-
ducers to step up production, with
Anaconda re-employing l,40O men
this month in reopening of mines
closed last spring.
Kennec0tt Improves.
Kennecott, a leading domestic cop
per producer, ended IL higher at
401a and American Smelling. Ana
conda, Phelps Dodge and Cerro De
Pasco were fractionally to more than
point up for the day.
Also closing with gains running to
more than point we're Union Car
bide, Westinghouse, Goodyear, Santa
Fe. Public Service of New Jersey,
Boeing Aircraft and United States
Rubber Down little at the finish
were General Motors, Bethlehem,
Sears Roebuck, New York Central and
Chrysler.
The Associated Press composite of
so stocks was off 2 of a point at 45.2
compared with 473 at the top of
the weeks three-day rally. The
hitch in the Hitler Chamberlain talks,
with the stiffening of opposition to
dismemberment of Czechoslovakia,
drove traders back to the selling side
in course Of the week and brought a
relapse in foreign currencies and
bonds
Curb Also Gains.
Curb sales also showed some rally
ing power at the week end: Elec-
trio Bond g. Share, Lake Shore and
Aluminium Co. posted gains of frac-
tions to a point. Losers of a point
or more included Gulf OIL, Humble
Oil, M. Zinc, Newmont and Techni-
color. Turnover Of $1,000 shares, COM
pared with 10000 a week ago.
Demands for dollars and gold for
shipment of capital to the United
States increased at the week end, as
was evident in another sharp fall in
the British pound and other cur
rencies in terms of the American
money. The pound today hit $4.78,
of 13s cents. The French franc lost
90 9-19 of a cent at 1858 cents.
A scramble to buy wheat at Liver
pool on the overnight war news echoed
in the Chicago grain pit as wheat fu-
lures scared for an extreme gain Of
nearly cents bushel at the start.
But the advance was cut to net gains
OF to cent bushel after traders
studied the later European news. Corn
closed l to ~ higher. Cotton was Is
cents bale lower to 10 cents higher.
Share transactions totaled 797, $40,
the busiest Saturday session since Au-
gust 6.