Evening star., 1939-08-20
BY FRIEDRICH GARDNER,
Associated Press Financial Writer,

Associated Press Financial Writer.
NEW YORK, Aug. 19.-The stock
market today finished the week with
notable lessening of selling pres
sure, but few issues were able to re-
trieve any part of recent losses
At the close fractional recessions
predominated, with a smattering of
declines running to a point or so.
The list moved slowly until the
final minutes, when prices in many
cases stepped up from their lows and
volume expanded moderately.
The Associated Press average was
of 2 of a point at 469, and on the
week was down IA points, biggest
weekly break since the latter part of
June. 1t was the fourth consecutive
days retreat and also the fourth
week In which this composite has
ended under water. 1t was observed
that leading stocks todav had lost
the major portion Of their July up
swing.
Transfers for the two hours
totaled 289,650 shares, against
257,880 last Saturday. The six-day
volume was moderately larger than
the week before.
Traders Are Calmer.
Traders seemed to have grown
bit calmer regarding European af-
fairs, but the action of Germany in
Tightening its military protective
grip on Slovakia served to stress the
fact that overseas war tension is still
a prime market influence notwith-
standing the belief OF some that
actual hostilities will be avoided.
On the other hand, business news
continued helpful. Department store
sales last week showed another sat-
lsfactory year-to-year increase. Steel
production next week was expected
to hold around the current rate and
jump sharply after Labor Day. Au-
tomobile sales the first 10 days OF
August were well up to forecasts.
June earnings of the railroads, now
coming to hand, exemplified expand
ing traffic improvement. Oil output
curtailment Of Continent States,
with some markups of gasoline and
crude prices, propped petroleum
shares.
Stocks emerging behind minus
signs on the day included Bethlehem
Steel, Chrysler. General Motors,
American Telephone, Santa Fe,
U. S. Rubber. Anaconda, Montgom-
cry Ward, Douglas Aircraft. West
inghouse. Eastman Kodak, Du Pont,
Owens-Illinois and Loft.
Allied Chemical jumped points
on transfers of 300 shares. Others
a shade higher were U. S. Steel,
Goodrich, Sears Roebuck. Interna-
tional Harvester, Standard Oil of
N. j., Texas Corp, N. Y. Central,
Western Union and Third Ave.
Railway.
Decline on Curb.
Fractions lower in the curb were
American Cyanamid "B," Consoli-
dated Copper, Electric Bond g. Share,
Lockheed and Humble Oil. Turn
over Of $4,000 shares compared with
$4,000 week ago.
Shares registered modest improve
ment on Monday and Tuesday, when
rumors were heard in London of
plans for a "negotiated' settlement
OF the Danzig controversy and other
European problems There were
minor average declines Wednesday
and Thursday as Polish
clouds darkened and the British
Japanese row in the Far East occa-
stoned some uneasiness. A burst of
selling Friday gave the market its
worst day of the week. This was
attributed to the desire of specula-
tive forces to shelve commitments
in order to be on the safe side if
matters abroad took a turn for the
worse over the week end. Offer
ings were principally of a "profes-
sional character. however, and
brokers reported most important in
vestment holdings were still intact.