Evening star., 1938-09-12
Stock Averages
By VICTOR EUBANK,
Compiled by the Associated Press

NEW YORK, Sept. 12.-Ending one
OF the most crucial days in European
history since the World War. the
stock market today had shown ability
to take the crisis in stride and prices,
after early irregularity, showed a num-
Der OF gains running to to points.
Steels and motors began the late
morning improvement which carried
through the day and was around the
days best levels at the close.
The session was conspicuous for the
timid pace Of dealings, as traders
awaited the fateful speech of Chan
cellor Adolf Hitler on the Central
European situation. The ticker taps
came to a virtual standstill when the
German leader began his address at
Nurnberg which might cast the die
Tor peace or war In Europe. How
ever. coming as it did nearly ut the
nnlsh OF business, the news was too
late to materially affect prices Trans
fers approximated 5000 shares.
FROM the start the American mar
ket took its pattern from marts in
London Paris. Amsterdam and Ber-
lin, where trading was restricted and
the price movement indecisive with
some buoyancy at the end.
Commodities Are Uncertain,
Commodities, like stocks, appeared
uncertain rather than depressed, al
though grains gave little ground al
Chicago. Wheat ended IA to y cent
oushel lower and corn down IN to 5.
cent. Cotton. ahead most of the dav.
turned ragged toward the final gong.
In the bond market domestic loans
were mixed. except for United States
Governments, still being adjusted to
the recent financing program with
lower bids. Central European issues
were at virtual standstill.
In the share list. gamers of tn a
or so included United States Steel
Bethlehem, General Motors. pu pont
Westinghouse. Montgomery Ward.
United States Rubber. Eastman
Jonns-Manville. General Electric
santa Fe. American Smelling and
Air Reduction.
Gains in the utility list were nnost,,
small, and among the rails the trend
was somewhat irregular Activi,y =,
0otn groups was limited.
Mixed trends were evident IN the
curb market. on major fractions to
over point were Newmont Mining.
Niies-Bement-Pond and Atlas P]y.
Wooo' while National Steel Car broke
nearly 7 on an odd lot sale. Alumni.
mum Co. added around 2 and otbe,
gamers, included American cyanamjd
- American Gas IL Electric and
Mead Johnson. '0
Steel Operations Up.
emphasizing the better brand of
business at home which has heen
largely ignored recently in the shadow
OF Warlike developments abroad was
tne report Of the American Iron A.
oteei Institute showing mill opera.
Clons this week scheduled to be the
oest since last November. The insti-
tute estimated turnout at asa ner
cent OF capacity, up 81 points. a rise
tnat more than offset the dip caused
IN the previous week by the Labor
Day shutdown in many plants.
Inc estlmate OF r. L. Polk g. Co.
that new passenger auto registrations
IN August We're of 1874 per cent from
July and IS $40 per cent from August.
last year, was discounted by most OBJ
servers as rejecting mainly the earlier
switch to new models this year. and
old nothing to restrain the interest
OF buyers in automotive shares.
Observers noted that the mild buy-
ing which turned the stock market
was not especially directed toward
the so-called war babies" Steels
were in some demand, but apparently
mostly on the strength OF improving
current business. Such other arra-
ment issues as coppers and aircrafts
enjoyed no marked inquiry for the
most part. few chemicals advanced
on small demand.