Evening star. [volume] (Washington, D.C.) 1854-1972, 1938-08-07
STOCKS PUSH UP,
MANY ADVANCING
TO NEW 50 HIGHS
Gains of as Much as So Are
Scored, With $4,000
Shares Traded.
LATE PROFIT TAKING
CUTS SOME OF PEAKS
Motors, Steels, Rubbers, Rails and
Specialties in Forefront Of
Days Upswing.
By FREDERICK GARDNER,

BY FREDERICK GARDNER,
Associated Press Financial Editor
NEW YORK, Aug 6-Stocks rode
the recovery van in today's market,
many reaching anew high territory for
the year or longer, with gains running
to 2 points or so at the best.
The list encountered more insistent
profit taking in the closing hour of the
brief session and peak prices for the
majority of leaders were reduced.
It was the liveliest Saturday since
July 2, with transfers totaling $4,000
shares, compared with 358.940 in the
preceding two-hour proceedings The
weeks turnover was the smallest in
more than a month.
The Associated Press average of so
issues was up S Of point at sos and
on the week was ahead IA points.
High Business Hopes.
Motors, steels, rubbers, rails and a
wide assortment of specialties were In
the forefront of the days push.
Brokers attributed the extensions
of Fridays rally mainly to the con-
tinuance of high business hopes and
the impotence of traders and in
vestors to put idle funds to work
Although the Far Eastern Russo
japanese major war threat was far
from cheering. most market observers
held to the belief a general outbreak
in this quarter would be avoided.
Resumption OF gold boarding abroad
aroused apprehension in some finan-
cial circles and the price of the yellow
metal at London was lifted to the
highest level since March a year ago.
Sterling and the French franc gave
ground in terms of the dollar.
Bonds, particularly rails, followed
stocks on the forward trek, but COM
modities lacked rising vigor. Wheat
at Chicago came back Is to q Of a
cent bushel after Fridays slump.
Corn. though, dipped q to IA. Cot
ton was down 5 cents bale to up
20 cents.
New Tops for 1888.
During the short proceedings new
tops for 1888 were registered for Cen
eral Motors. Briggs Manufacturing,
Greyhound Corp. Goodyear, Goodrich,
United States Rubber. Celanese, Libby
Owens Ford. Du Point. American Can,
Phelps Dodge, Delaware e. Hudson and
Texas Corp, among others.
Star performers included Chrysler,
Yellow Truck, Kennecott. Santa Fe,
Pennsylvania. New York Central,
Westinghouse, Air Reduction, General
Electric, Johns Manville and Eastman
Kodak.
Backward were Douglas Aircraft,
Union Carbide. j. I. Case. Oliver Farm,
Western Union, Homestake Mining,
Dome and Philip Morris.
Favored on the Curb for gains Of as
much as 2 were Newmont Mining,
Aluminium of America, Electric Bond
& Share, Lockheed Aircraft and
Technicolor. Transactions totaled
$1,000 shares and compared with 49, 900
week ago.
Motors in Upswing.
Motors were prominent on the up
swing throughout the week, rejecting
optimistic predictions for production
and sales during coming months.
Surveys from Detroit estimated field
stocks of passenger cars in July had
been reduced by about 30 per cent
to the lowest point for this month
since 1888. Retail passenger car sales
for July were believed to have equaled
or exceeded those of June.
The brisk upturn in this weeks
steel output was buoying influence
for stocks in this category. Talk of a
downward readjustment in wages for
this industry also would not die. At
midweek it was reported-and denied
that one small steel maker had reached
an agreement with workers for a
pay reduction. Pittsburgh
mill operations were expected to dip
slightly next week, but in other centers
it was thought activity would hold up
well,
Freight Loadings Rise.
Carrier shares started to work up
climbing steam Friday after an I'M
expected more than seasonal INCREASE
n freight loadings for last week. On
,op of this the wage cut controversy
If the carriers was turned over to Fed
,ral mediation with a renewal of
hopes a compromise would soon be
Effected which would be profitable to
he roads.
Rubber company stocks were aided
~ sharp Jump in tire requirements.
Several textile issues were enlivened
~ estimates that July rayon deliveries
we're about double those of June and
we're the largest on record for this
General weakness of commodities
Turing the week was the one dis
'ourging straw in the wind. Wheat
utures dropped to new five-year lows
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