Evening star., 1938-09-06
Stock Averages
BY VICTOR EUBANK.


NEW YORK, Sept. 6-Almost everv-
BODY in Wall Street said that after
Labor Day, the stock market probably
would start new recovery push. II
didn't, though. Instead it went to
sleep and rolled over on the LOSING
side for fractions to a point or more.
While timid buying in the final hour
OF todayS session reduced or Cancelled
receSsions here and there many recent
leaders ended well behind minus signs,
while modest gains were conspicuous
by their scarcity.
Analysts. at the same time. discerned
family cheerful sign in the fact that
dealings were extremely light from the
start. Transfers for the five hours
approximated only 100000 shares.
Traders came back from their holi-
DAY trif1e more hopeful the European
war puzzle would be worked out peace
ABLY. but the majorty apparently did
not have sufficient confidence in thi,
idea to extend commitments TO any
length on the long side.
Buyers Are Restrained.
While tension seemed to have less
ened following action of the Czecns
IN granting further concessions TO the
ouoeten Germans, and Hitler failed a
sound off against Czechoslovakia in hi.
frst speech at the Nuremberg Con.
greS, II was realized that the "polit-
icai address of the Nazi chieftain
was due next Tuesday Possibility
TINS might upset the applicant was
said to have done much to restrain
buyers. Some also wanted to see a
clearer view of the fall and winter
business picture before venturing out
too far in speculative waters.
The list tried to edge forward short
ly after the opening. with United
States Steel pointing the way This
bellwether lost heart eventually when
other pivotal tsocks failed to follow.
Chrysler gave ground easily along
with a number of specialties.
Steels were not especially disturbed
by decline of Al points in this weeks
mill operating rate. The curtailment
was attributed to the incidence of the
Monday holiday and compared with a
drop of l25 points in the same week
last year, in which the same holiday
occurred
Gold Price Boosted.
Continued uneasiness of Europeans
over threatening hostilities was ex-
emplified by another boost of the Lon
don gold price to a 3-year peak on top
OF yesterdays sharp advance. Sterling,
at the same time. broke to new low
since 1925. Near midafternoon the
pound was off Is cents to 1925.
and the French franc off oil, of a
cent at 2.7012 cents.
A slump in wheat futures at, Chi
cago to the lowest levels in five years
was chilling influence for stocks.
This cereal closed off Is to q. cents a
bushel. Corn was down "a to ss.
Cotton, in late transactions, was of
as much as IS cents a bale
Prominent losers the greater part OF
the day were shares of Bethlehem,
Chrysler. United States Rubber, Mont
gomery Ward. j. l. Case. Interna tional
Harvester, Oliver Farm, Boeing, Doug
las Aircraft, Kennecott. American
Smelling. American Can. Westing-
house. General Electric, Union Car
bide. Eastman Kodak and Loew's.
Rails and utilities mostly were only
minor fractions in arrears.
The curb market showed divergent
trends. Ahead fractions to more than
point were Newmont Mining United
Gas. Lake Shore and Montgomery
Ward "A" Aluminium Co. and ,Alumi-
mum, Ltd. lost around 3. Of a point
or so were Technicolor and Todd Ship
yards.