Evening star., 1939-09-17
Stock Market Dips
As Traders Scramble
To Side|ines
EorIy Losses Ranging
To 81 or More Cut by
Late Support
BY FREDERICK GARDNER,

ufhAtD4N1NS
Associated Press Financial Writer.
NEW YORK, Sept. 16.-A some
what weary-looking stock market
today stepped out OF the week on the
declining side as war-boom traders
cashed profits and scampered to
neutral territory.
While early losses for leaders ran
to as much as 4 or more points in
the brief session, buying support
came in at the last and halved ex-
treme setbacks in many cases.
War infants" bore the brunt Of
further selling, with recently buoyant
steels, aircrafts. coppers and spe-
cialties in supply. Utilities, on the
other hand managed to emerge with
modest gains and rails generally
kept reactions to small amounts.
The ticker tape fell two minutes
behind for a short interval in the
first hour, when prices touched
bottom. There was an appreciable
showdown during the remainder Of
the proceedings when the recovery
move was under way.
Average on Slightly.
The Associated Press average OF
so stocks was off S of a point at
52.3, largest drop for this barometer
since the upswing began to gain
momentum more than two weeks
ago. On the week the composite re-
tained net advance of IL points.
The preceding weeks upturn
amounted to "A points.
Transfers for the two hours totaled
1,084,374 shares, against 1855 800
last Saturday. Volume for the week
was around 1925 900 shares, COM
pared with l7,539,0O0 the week
before.
The days European happenings
were confusing to Wall Street and
speculative contingents showed an
inclination to tighten commitments
as insurance against events for the
week end.
Board rooms saw further compli-
cations in foreign affairs through
the Far Eastern peace agreement
between Russia and Japan. In addi-
ton talk of new peace attempt by
Mussolini was heard in Berlin and
this gave pause to spectators who
have been betting on long war
bringing huge business to American
industries. In addition, some felt
the prospects of a bitter battle in
Congress over the proposed repeal OF
the arms embargo would do the mar
ket no good.
Metals Depressed.
Great Britain's regulation for pay
ment of block sterling" for copper
purchases helped depress shares in
the metal group. Canadian stocks
were hit by the dominion govern
ment's assumption of control over
foreign exchange, imports and ex-
ports and securities. The pounC
sterling ended unchanged and the
Canadian dollar firmed in terms oi
United States currency.
Steels steadied after their firs'
flop, as forecasts were made tina,
next weeks mill operations might
Jump about 10 points to the best
capacity rate since the fall of 1887
Utilities were resistant throughout
evidently rejecting possibility of ex.
panding earnings for the power pro.
ducers if industry increases its re.
quirements.
! The days principal share loser.
included United States Steel, Bethle.
hem. General Motors, Chrysler. Ana
conda, American Smelling, Dougla.
Aircraft, Westinghouse, Du Pont
Allied Chemical, Texas Corp, In.
ternational Harvester and Mont.
gomery Ward.
Retreating fractions to points OF
so in the curb were Aluminium o1
America, Aluminium, Ltd; Gulf Oh
and Bliss Corp. American Gas &
Electric got up better than a point
Ahead fractions were American
Telephone, Consolidated Edison
North American. Electric Power &
Light and American Water Works