Evening star., 1938-09-19
Stock Averages
BY VICTOR EUBANK.

Associated PresS financial Writer.
NEW YORK, Sept. 10. - Prices
moved ahead sharply in the stock
market today as Wall Street took the
Franco-British agreement with Ger
many on the Czech crisis as sign
immediate hostilities in Europe we're
unlikely.
Steels, metal issues, motors. chemi-
Gals. farm equipments and a wide va.
riety Of miscellaneous shares were in
the van Of the push.
Turnover, rejecting the still uncer-
tain tenor of European advices despite
a brighter outlook, was restricted.
Transactions were about 100000
Shares
Grains in Chicago moved down
readily as traders who had bought
last week on war fears lightened their
holdings Wheat ended 13s to cents
bushel lower and corn was down
p to IA cents. Cotton advanced.
Share Prices Strong.
Share prices were strong from the
opening, but most did not hold all
gains to the finish. Coppers were one
OF the most active groups as domestic
prices Of the red metal and lead and
zinc were advanced during the morn
ing.
Ahead l to around 3 or more points
were Bethlehem Steel, United States
Steel. General Motors, Chrysler. West
lnghouse. Auto Lite, General Electric
Union Carbide, Johns Manville. United
States Rubber. Goodrich, GOODYEAR.
International Harvester, CaterpilIar
Case. American Smelling Interna-
tlonal Nickel Anaconda Cerro De
Pasco. Kennecott. Western Union.
American Telephone, Santa Fe and
Southern Pacific.
Dupont, up as much as 5 points IN
the morning. lost much of the gain IL,
the close. Philip Morris was more
than points higher near the final
gong. United States Gypsum and
Crane Co. added about 3 each.
Curb Shares Forward.
Curb shares showed forward over
broad front. Aluminium Ltd. bounced
ABOUT and gamers Of a point or
more included Reed Roller Bit. Tech
nicolor. American Cyanamid "B."
Carrier Corp, Lake Shore and scoviI
Manufacturing.
The favor shown steel issues found
one explanation in the report of the
Steel Institute showing operations
this week scheduled at 473 per cent
OF capacity. against 453 week ago.
The gain was better than usual for
this time of year.
Some trade quarters saw help for
steels in the rapid progress toward
turning out new 1888 automobile
models reported from the Midwest 1t
was also noted a labor shutdown
which had closed the Plymouth plant
at Detroit last week had bene settled
over the week end. The plant was
already in production of new models.
Southern Pacific Is Favorite.
Southern Pacific was a favorite in
the rail group as traders studied its
August report showing an increase
in net operating income for the month
of more than sl,000,0Oo over the 1897
period, although its gross for the
period was about 81 900, 900 lower.
The hope the financial district was
pinning on the auto industry as king
pin in the fall recovery was illustrated
in the fact that of the 20 most actively
traded stocks until midafternoon
seven were either auto builders, ac-
cessory makers or tire manufacturers.
General Motors ranked second in ac-
tivity.
Electrical equipment stocks were
helped along by study of the Fed
eral Power Commission made public
over the week end indicating the i'm
portant chemical and metallurgical
industries might show a growth of one
third in their electric power require
ments in the next five years. The
commission also estimated domestic
copper consumption might approach
100000 tons annually in a period
OF perhaps five years" The 1929 peak
OF copper use was about 10000 tons.