Evening star., 1939-09-10
Steel Stocks Pushed
Higher in Closing
Buying Wave
Profit Toking Slows
Advance in Other
Market Groups
WHAT yTOCKS,DID
BY FREDERICK GARDNER,
Associated Prass Financial Writer.

=
NEW YORK, Sept. 0.-Financial
markets today concluded the fastest
War-boom week in their history
with stock prices still pointing up
ward but with profit selling tending
to stem the forward push.
The stock market got of to fly
ing start in the brief session, with
blocks Of as much as 5000 shares
changing hands at gains running to
more than 2 points. The ticker tape
fell behind for a while, then traders
began to cash In and there was
slow down.
A lastminute burst of buying in
steel and shipbuilding issues offset
selling elsewhere and the recording
machinery again was in arrears as
the closing gong sounded.
Final prices were below the best
In many cases, but, on the other
hand, late favorites ended around
top levels. There also was an as
sortment Of losers.
The Associated Press average OF
so stocks retained a net advance
of 2nf point at 5l.l. On the week
this composite was up a. points,
largest gain for this period since
June, 1888. The days turnover OF
l,555 800 shares compared with
l,79l $50 last Saturday. The weeks
volume of more than 100000
shares contrasted with about $780,
900 the week before and was the
best since October, 1887.
The urge of some speculative
forces to shorten commitments In
some OF the recently buoyant climb
ers conceded with the fact that the
week end was at hand and few
ventured to make guess on what
would happen In Europe before
Monday.
Commodities Erratic.
Erratic tendencies Of commodities,
number of which backed water,
in addition TO further thoughts Hit
Ter might attempt quick peace If
and when he conquers Poland. acted
as restraint to purchasing, brokers
said. At the same time, expecta-
tons of a special session of Con-
gress soon to amend the neutrality
law to permit "cash-and- carry"
business with belligerents again
proved price prop.
Ahead fractions to more than a
point in the curb were American
Cyanamid b" Gulf Oil, Creole Pc
troleum and American Gas e. Elec-
trio. Brewster Aero and Electric
Bond & Share lost a notch or so.
Turnover of 272,O0O shares, best
since October Is last year, compared
with 100000 week ago.
Marine construction company and
Warehousing issues put on a fast
sprint as indications of heavy ship
building demand were seen in the
announcement Bethlehem Steel has
been awarded contract by the
Maritime Commission for 10 cargo
vessels costing l9,40O,00O. Among
the liveliest stocks of the day were
Bethlehem common at 88a4, up 34.
international Mercantile Marine
14a. up 3l4; New York Dock, g..
up as; Electric Boat. 1928, up "a;
New York Shipbuilding, l5A, up
IA, and Bush Terminal, 5as, up 2ls.
Hold Part of Gains.
Holding part of early improvement
were United States Steel, General
Motors, United Aircraft, American
Smelling, Texas Corp, Western
Union, Sears Roebuck, New York
Central and United States Rubber.
Dipping moderately were Chrysler,
WoolWorth, Douglas Aircraft, United
States Gypsum, Westinghouse, Ana
conda and Fajardo Sugar.
Steels were aided by forecasts next
weeks mill operations would enjoy
sharp acceleration.
United States Government securi-
ties slipped again, but secondary
rails and other corporate bonds re-
manned popular. Foreign dollar
loans improved
The Presidents warning that
surplus of foodstutfs in the eoun-
try precluded any drastic boost in
prices continued to depress grains.
Wheat at Chicago fell ga to ga
cents bushel and corn was off
lis to 3l2. Cotton lost 81 so to $19O
bale.
Stocks opened Tuesday, after the
Labor Day holiday, with a roaring
buying rush for issues that might
benefit from the outbreak of Euro
pean hosilities. The days aggregate
OF nearly 100000 shares was the
biggest since October, 1887, and the
net gain of the 60-stock average of
3.5 points in the five-hour proceed
ings was the largest since March
15, 1888. There was a slight let
down next day and activity tapered
from then on to the finish of the
week. Commodities scared with
shares hut cereals hepan tn hack.