Evening star., 1938-07-31
By FREDERICK GARDNER,
Associated Press Financial Writer.

midyear upsWing. The months turn
over in both stocks and bonds was
the largest since last October.
Still Heartened.
Trading forces apparently were still
heartened by the generally favorable
business news, but some commission
house customers inclined to stand
aside for the moment pending more
convincing signs the market has had
all the correction" it needed and is
ready to resume its forward trek.
That the spell Of the coming dog
days has already begun to descend
upon the financial district was indi-
Gated by the fact boardrooms we're but
sparsely occupied. with most ticker
tape watches already off for the week
end.
AS in the last several days, low
priced stocks were far and away the
liveliest performers and this, in itself
tended to revive cautiousness among
veterans who have gone through past
periods Of so-called "undercover" dis
tribution.
Tighten Commitments.
Tie market was at its best in the
first hour of the brief proceedings
The lack of vigor on the upward re-
versal tempted speculative contingents
to tighten commitments at the last.
Steels had the benefit of forecasts
next weeks mill operations would
record another upturn Motors exhib-
tied strength for while on expecta-
tions. following August suspensions for
retooling in preparation for new 1899
models. there would be an automotive
sales revival.
Gamers of the day included U. S.
NSteel. Bethlehem, General Motors,
Chrysler, Anaconda. Kennecott, U. S.
Rubber. Sears. Roebuck. International
Harvester, Bendix, Richfield Oil,
American Telephone. Du Pont Coca
Cola, Childs Co., Southern Pacific.
Commercial Solvents and Standard
Oil of New Jersey.
Bonds were quiet and narrow, but
for the week railway loans were we'll
out in front.
Curbs Are Ragged.
The curb market was rather ragged,
after early firmness. Moderate gains
were posted for United Light. Pitney
Bowes, Pantepec, International Petro-
leum and Fisk. On the offside were
Aluminium of America. Consolidated
Gas of Baltimore. Gulf Oil, Humble
Oil. American Cyanamid "B" and
Hollinger. Sales for the two hours
approximated $4,000 shares, against
$4,000 last Saturday.
Industrial staples on the week
moved higher, but grains were irregu-
lar throughout. Wheat at Chicago
closed today off a. to q of a cent
bushel and corn dipped 4 to q. Cot
ton advanced Is to IS cents bale.
The "big board" put foot forward
Monday by registering new highs for
the last 10 months, although the aver
age gain was small. There was Slip
up Tuesday and on Wednesday the
list suffered its sharpeSt break since
last March. The relapse was not blam-
able on any one particular news devel-
opment, analysts generally attributing
1t to selling on the belief prices had
gone too far ahead of even the most
optimistic business forecasts and we're
due for a sizable technical setback.
After fairly good rally Thursday. on
dwindling volume, there was further
minor retreat Friday.
SteeIs HANDICAPPED.
Steels were handicapped during the
greater part of the week by doubts
over the settlement of the price-wage
question. Bethlehem Steel directors
voted regular dividends on the COM
pany's preferreds and reported net for
the second quarter of around $50, ,000,-
which, while being in line with most
predictions, made a sour comparison
with the total of more than SIC, 900 900
earned in the same 1887 period. In
addition President Grace said steel
prices would either have to 60 up or
wages down If the industry was to
make profits.
Rails shufled over restricted area
as last weeks freight loadings re-
vealed a contra seasonal decline. The
wage-reduction question here also was
still unsettled. Although the utilities
marked time bit uneasily as a move
got under way to inaugurate a little
T. v. A." for New York State, more
than seasonal expansion in electric
power consumption for the Nation
was a bolstering influence.
Coppers had their of moments, not
withstanding the domestic price of the
metal was boosted to 1ob cents a
pound, a peak since early January.
The export copper rate held between
1925 and 10.45 cents, and 1t was
thought the main reason for an
other increase in this weeks domes-
tic quotation was to bring it more into
line with the European dglre.