Evening star., 1938-09-10
Stock Averages
Compiled by the Associated Press
BY VICTOR EUBANK.


NEW YORK, Sept. lo.-Traders
again used the European war threat
as an excuse to sell stocks in today's
market and leading issues fell back
fractions to around 2 points.
The list loafed in comparatively
narrow territory until the start of
the final hour, when offerings broad
ened in virtually all departments and
quotations hit low marks for the day.
little support was in evidence near
the close, but it did no more than
stem the downward tide Transfers
approximated 40O, 900 shares.
Continued cloudiness OF the foreign
scene tended to offset to considerable
extent constructive business trends
at home and most speculative con-
tingents stepped over into neutral
territory pending possible hostile out
breaks abroad over the week end.
Sentiment Is Chilled.
While war tension seemed to have
lessened bit during the early market
proceedings. as negotiations between
the Sudeten Germans and Czechs
were to be resumed, sentiment was
latr chilled when attention was drawn
to the sterner attitude of Hitler and
reports the Nazi chieftain would de-
mand the annexation of the Sudeten
area in Czechoslovakia
Apprehension was further height
ened by the rapidly expanding military
ro+ -
and France.
Amsterdam. the only important
European market open today, steadled
at the start, but finished with
mixed tone. The gold rush overseas
resulted in boost of the London
price of the yellow metal the EQUIV
alent of about 7 cents an ounce to
new peak since March, 1885. Sterling
tumbled to new bottom for the last
three years and Continental currencies
dipped in terms of the dollar.
Cotton exhibited fresh weakness.
but grain futures, after a hesitant
getaway, tilted forward on the re-
newal of war forebodings. Bonds were
spotty.
SteeI and Motors Slide.
Steel. motor and speciality stocks
were in the van of the slide. Utilities
and rails generally held declines to
fractions.
Conspicuous on the losing side were
United States Steel, Bethlehem,
Youngstown, General Motors, Chrys-
ler, United States Rubber, Sears
Roebuck, General Electric. Union
Carbide. Homestake, Dome, Corn Prod
ucts and Johns Manville.
On point or more in q lover
curb market were Sherwin Williams.
Seloy Shoe. Technicolor, Babcock a.
Wilcox, Aluminium Co. and Thew
Shovel. Midvale dipped nearly S on
an odd lot transaction.
A minor cut in list prices OF some
1889 model Chrysler Corp. cars was
without much stimulating effect for
the automobile shares. Other manu-
facturers were expected to follow
suit. AT the same time President
knudsen of General Motors said he
was convinced I'VE are on the yay
back"
Carriers were bolstered to some ex-
tent by Frightening freight traffic
hgures, and no great Importance was
attached to the action of the major
railroads in officially fixing October
l as the date on which the IS per
cent wage slash would go into effect.
The move was coincident with a strike
vote now being taken by the unions.
Most believed presidential interyen-
ton would prevent a walk-out.
A showdown in steel orders recently
was noted by Iron Age" but 1t was
pointed out steel makers retained
hopes things would be moderately bet
ter in the next month or two.