Evening star., 1938-07-10
BY FREDERICK GARDNER,

NEW YORK, July 8.-The stock
market craft encountered some rough
seas this week, but its nose was
pointed toward better weather at the
conclusion OF todays brief session.
The list started the two-hour pro-
ceedings indecisively. encountering
some further selling as the result Of
yesterdays relapse, the sharpest since
the baby boom" got under way on
June 2O
Buying forces soon got behind the
aircrafts and later selected steels,
motors. rubbers, coppers. rails and
specialties were taken in hand. Re-
coveries at the finish ran to around a
point with a few particular favorites
up 2 to 3.
The Associated Press average of 60
issues was up 2 Of a point at 476 but
on the week it showed net loss Of 8,
the first setback following two sue
cessive weekly climbs. Transfers to-
tailed 592 800 shares, the smallest turn
over since June 49,
There was nothing much inspiring
IA tAAC udy . AiC"o III CANC Vi tiAC
market and the meager improvement,
on the whole. was attributed mainly
to the inclination Of quick-turn traders
to try for at least a moderate rally on
the idea Fridays washout may have
furnished the correction" which Wall
steeet had been looking for coincident
with the smartest r,ln-up witnessed in
several years.
Aviation Act Studied.
The aviation group seemingly de-
rived benefit from the belief the new
Federal Civil Aeronautics Act would
act as stabili7er for the air transport
companies and possibly bring out
orders for more planes as passenger
traf1ic expa nds 1t was not overlooked.
Also that the aircraft makers may re-
port the best earnings in their history
this year.
Steels did fairly well as forecasts
were made OF an upturn in mill op-
erations next week in the wake Of the
let-down for the Independence Day
holiday. At the same time confusion
persisted over the new basing point
price system, and the United States
Steel Corp. June shipments figures,
coming just after the close, while
revealing a modest increase over May,
amounted to only 478,507 tons. COM
pared with l.268,550 in June a year
ago.
Rails were aided by broadening
freight shipments and hopes the new
passenger coach fare boost for East
ern lines. effective July IS, would step
up revenues sufficiently to steady a
number Of shaky roads.
Prominent gamers on the day we're
Douglas Aircraft at 507a; Glenn l..
Martin. ass; Boeing. 30: Curtiss-
Wright a. 22l4; Wright Aeronauti-
cal. "a: United Air Lines. 10as Beth
lehem Steel. 59l4; General Motors. 80;
International Harvester. 643s: Ken
necott, 40; American Smelling. 49sk:
DUPONT. 1lsl4; Santa Fe, 37s.: South
ern Railway, 10: Chesapeake & Ohio
81; Richfield Oil, 8, and Union Car
bide. 80l4.
Curb Leaders Improve.
Oils and specialties were up on the
curb. Advances were recorded here BY
Aluminium of America, Creole Petro-
leum, Pantepec, Humble Oil, Inter-
national Petroleum. Electric Bond &
Share, N. j. Zinc and American Cyan
amid "B." Curb transactions were
$4,000 shares.
During the week. shortened by the
Fourth Of July recess, the big board"
had three days on the downside and
two on the advance. Notable. from
the standpoint of analysts, was the
fact that volume usually started to
dwindle when prices gave way
The list had its biggest day Thurs
day in the matter OF turnover. An
nouncement the Interstate Commerce
Commission had granted the plea of
the Eastern carriers for a L2-cent-per-
mile fare hoist brought such heavy
buying in rail shares during the first
hour of this session that for So min
utes following the opening the ticker
tape Jagged as much as minutes be-
hind floor dealings. Urgent profit
taking then made its appearance and
prices gave way and the closing was
slightly lower. The Thursday volume.
largely accounted for on the early
rising trend. amounted to ATS, ,420
shares, the largest since October 20,
last.
Bolstering the market in the week
were signs Of widening retail and
wholesale spending, a pickup in en-
ployment in some centers and gen.
orally cheering comments on the
business outlook by leading Washing
ton authorities.
That Wall Street is still looking at
the bright side of the picture was in
dicated by the sale Of stock exchange
seat for $4,000, a jump of 81 per
cent in three weeks. It represented q
high for the year against a 20-year
low Of $4,000 registered on June Is.