Evening star., 1938-08-26
Stock Averages
BY VICTOR EUBANK.
Associated Press Financial Writer.


NEW YORK, Aug. 26.-Light prof~
taking halted an early forward tilt
IN today's stock market and initial
advances running to a point or so
were reduced or Cancelled.
Selling of the recently strong mo-
tors, Steels and rubbers tended to
dim the ardor Of buying forces and
many traders, while still encouraged
by business prospects over the re-
mainder of the year. decided that dis
! cretlon might be the better part OF
Valor and adjOured to the safety zones.
The fact that offerings again dried
up in declining intervals was helpful
influence in the days proceedings and
a little speculative nibbling in the final
hour enabled most of the forenoon
suffers to close above the worst levels
Of the day. Transfers were in the
neighborhoodl of 850.OOO shares.
Few Weak Spots.
There were few especially weak
spots at any time and an assortment
Of modest gains was in evidence at
the last. Resistant throughout were
selected motor equipments, rails, utili-
ties and amuSements.
A bit depressing to the bullish side
was the futile morning attempt OF the
list to penetrate the midsummer recov-
cry peak on average At that. hand
ful OF favOriteS established new 1888
tops before encountering obstacles.
SnO1p thnnnl,t ho
was entitled to a rest in view of the
generally steady progress registered
during the week. Others were of the
opinion SideWiSe movement might
be on the program pending mores
definite assurances prices had not dis
counted the probable fall economic
comeback.
In the early new high" group were
such issues as Chrysler. Libbey-Owens,
Electric Auto-Lite, Waukesha Motors. .
Macy, National Biscuit. Pathe and
American Tobacco b" Some of these
eventually gave ground, but several
were up at the sound of the final
gong
Without climbing vigor the greater
part of the day were General Mo-
tors, yellow Truck. United States
Steel. Bethlehem. United States Rub
Der. GOODYEAR, Goodrich, Montgomery
Ward Sears Roebuck, Woolworth,
American Telephone. Anaconda.
American Smelling, Kennecott, Amer
lean Can. Westinghouse. Du Pont
Union Carbide. National Cash Regis
ter. Philip Morris, Standard Oil of
New Jersey, and Texas Corp.
Contest Downward Trend.
Contesting downward trends uere
consolidated Edison, American Water
Works, Chesapeake e. Ohio. Pennsvl-
Vanla. Loew'S, Paramount. Twentieth
Century-FoX. United States Gypsum,
United Air Lines Sperry, Allied Chem
ical and j. C. Penney.
Cotton futures took an upward hmm
on rumorS an announcement would
De made regarding a Federal cotton
loan after the close This stanIe I'm
around 81 bale for time. waa
ahead around so to rs cents a bad
IN late transactions.
The gold price was raised in Ion.
don as boarding of the yellow metal
was resumed and foreign securities
markets shifted over divergent routes.
London proving firm and Paris weak,
Sterling and the French franc were
shade off in terms of the dollar
near midafternoon. the former at
s4o'os and the latter at 2.73l2 cents.
curb shares were mostly lower.
Down fractions to a point or more
were Aluminium Co, Safety Car Heat
ing and Gulf Oil: Allied Products.
however, bounced 5 and Great North
ern Paper added L