Evening star., 1938-08-14
STOCKS RETREAT
SIX DAYS IN ROW
FEARFUL OF WAR
Pressure Less on Leaders,
Losses Limited to But
Minor Fractions.
DROP YESTERDAY HELD
UNWARRANTED SLIP-UP
Little News Appears to Justify
Added Decline-Gold Rush
Abroad Continues.
WHAT STOCKS DID.
Rv FREDERICK GARDNER

BY FREDERICK GARDNER
tCopyrisht. 1885. BY the Associated l>ressJ
NEW YORK. Aug. l3-The stock
Market kept its scoreboard free of
hits this week and today, for the sixth
consecutive session, ended on the los
ing side.
While pressure lessened appreciably
against leading issues. and declines.
on the whole, were confined to minor
fractions, intermittent rallying at
tempts met with only feeble response.
With the exception OF continued ap-
prehension over possible warlike devel-
opment in Europe. the market encount-
cred little news of a depressing ma
ture and brokers thought the further
quiet retreat was more Of a technical
slip-up than otherwise, constituting an
added correction" of the sharp mid
summer baby boom"
The ticker tape idled throughout
the greater part of the proceedings.
with transfers totalling 1896, 200 shares
against 829,060 a week ago. The turn
over for the days, though. was
around 100000 shares ahead Of the
preceding week.
A. p. Average Falls
The Associated Press Average Of so
stocks yielded 2 of a point at ~, a
low since July IL. The weeks drop
of 35 points was the largest since the
period of March 26.
Bringing in some support for re-
Gently tagging steels, motors and rails
were forecasts Of improved steel mill
operations next week, steady rise of
motor car production after shut-doWns
in preparation for new 1899 models.
and the belief rail earnings. with gen.
eral economic betterment gaining mo-
mentum. would maintain the improv-
ed trend that got under way early in
June.
Restraining sellers also was the re-
port OF Secretary of Commerce Roper
to the President stressing business
gains in July and a contra-seasonal
industrial advance during that month.
In addition the Associated Press in
dex of industrial activity pushed up
for the fifth consecutive week to
around the high mark for the year.
On the other hand, the rush for gold
abroad exemplified the nervousness
over a possible German -Czechoslovak
fiare-up and the price of the yellow
metal in London was lifted to a record
peak. Engagements of 100000 of
gold at London for shipment to the
United States was announced, the
largest from any country for any day
since June 10. 1887. Leading foreign
currencies, though, exhibited rela-
lively steady tone in terms of the
dollar. but during the week sterling
and the French franc dipped to new
lows for the move.
Giving up fractions to around
point on the day were shares of U. S.
Steel, Bethlehem. Sears Roebuck. In
ternational Harvester, Caterpillar
Tractor. American Telephone, West
ern Union, Anaconda, Kennecott,
Westinghouse, Du Pont. Johns-Man-
vile, Texas Corp. and Air Reduction
Finishing with small advances were
General Motors, Chrysler, U. S. Rub
ber, Youngstown Sheet e. Tube,
Phelps Dodge, N. Y. Central. Delaware
g. Hudson and Standard Oil Of New
Jersey.
Curb Is Ragged.
The curb market had a ragged ap-
pearance in idle and narrow dealings.
Lake Shore gained p at 52as, Eagle
Picher was IS ahead at ga and Sun
ray Oil added Is at 22.. Ending lower
were Humble Oil at 66l2, down IA;
Aluminium Co., ~ lower at 104L4, and
Cities Service, off a at 812. Turnover
Of At, 5000 shares was the smallest since
June l8 and compared with $1,000 a
week ago.
Weakness of commodities through
out the week, analysts thought. had
much to do with the inability Of
stocks to resume the upswing. Wheat
at Chicago toppled to a new 5-year
bottom and other staples were equally
shaky, with cotton futures especially
in supply.
Today wheat lost 4 to "a of cent
bushel and corn was up ss to as.
Cotton backed away Is to 20 cents a
bale.
Bonds were narrowly lower gen.
orally, although Czechoslovak dollar
loans, rejecting fears OF new Euro
pean upset, broke 3 and 4 points.
Notwithstanding Frightening Of the
domestic business scene, markets dur
ing the week were motivated to con-
siderable extent by the cloudy foreign
picture.
Heavy Russo-Japanese fighting IN
the Far East chilled speculative opti-
mism in early sessions as it was de-
duced that this controversy could
easily spread to other nations.
The subsequent Tokio-Moscow truce
failed to bring in buyers, and revival
OF war tension in Europe, while be-
lieved exaggerated by most Wall
Streeters, caused many traders to
tighten commitments.
Tightening of frontier restrictions
and reports of the stepping up Of
military movements on the continent
in the latter part Of the week con-
tributed more cautionary signals for
the financial district.
IS Active Stocks.
NEW YORK. Aug. 13 GP,.-Sales closing
price and net change Of the 10 most active
stocks today.
Gen. Motors l53OO 443s - "a
U. 8. Steel 300 5fss-1s
Chrysler X 400 RSL. - J..