Evening star., 1940-08-25
Stock Leaders Remain
In Narrow Groove
Al Week 'sC|ose
Pace Second SIowest
In u Years; Coins
Exceed Declines
BY FREDERICK GARDNER,

BY FREDERICh GAhDNEh,
Associated Press Financial Writer.
NEW YORK, Aug. N-The stock
market today emerged from a gen.
eral recovery week with its feet on
the ground but looking bit tired.
AS on many recent Saturdays a
large assortment Of traders Stunned
Wall Street in favor of holiday
spots. The few that put in an ap-
pearance were inclined to keep COM
mitments at a minimum pending
more light on the battle of England,
the domestic business picture and
politics.
The result was the second slowest
session in % years, with gains ex-
ceeding declines by small margin
and numerous leaders never even
registering on the sluggish ticker
tape
The Associated Press average of
go stocks managed to edge up i
of a point at 423, making the weeks
net comeback 1.3 points. Only 303
individual issues were traded out of
1888 listed on the stock exchange.
There were 118 gains, 81 losses and
l04 were unchanged.
The two-hour volume amounted
to 80 $50 shares, except for July q
the smallest since August 3, 1918. 1t
compared with 106,700 a week ago.
Nazi Raids Feared.
Brokers blamed the disinclination
OF speculative forces to do much
buying mainly on the resumption OF
massed Nazi bombing raids and big
gun dueling over the English Chan
mel, which some feared might mean
that Hitler is preparing his all-out
.swipe at the British.
A handicap also was seen in in
dications the national tax program
has hit snap in Congress. Until
the excess profits provisions Of the
revenue measure are settled analysts
believed industry would go easy on
expanding commitments.
While the economic scene was not
altogether clear, comfort was derived
from forecasts next weeks steel mill
operations probably would register
further improvement. Climbing mo-
tor car production, jump in heavy
construction buoyed by defense
spending, and maintenance of the
year-to-year upswing in depart
ment store sales were encouraging
factors.
WHY'S Overland, most active stock
with a volume Of 1890 shares, was
of i at "a.
On a handful Of transactions
Douglas Aircraft and Union Car
bide got up better than a point
each. Elsewhere fractions were
tackled on United States Steel, Beth
lehem, Chrysler. United Aircraft,
Anaconda, Kennecott, International
Paper preferred and Pennsylvania.
Unchanged or Lower.
ENDING at Fridays final levels or
of a trifle we're General Motors,
Goodyear, Glenn Martin, Amer
lean Smelling. International Nickel
Santa Fe, Texas Corp, Sears, Roe
buck and Johns-Manville.
Curb sales of around 10000 shares
were among the lowest on record.
Minor declines here were shown
for Aluminium, Ltd; Electric Bond
g. Share and Republic Aviation.
Beginning with last Saturday, the
big board pushed up on average
in five consecutive sessions, stum-
hing intO its first and Only reaction
of the week on Friday. The rally
ing reversal was credited in part
to the drying up of selling in the
previous week to almost zero, and
to rising hopes the British would be
able to repel an invasion. Fridays
stumble was said to have been
caused by profit taking based on
louder war rumblings and the de-
sire of in-and-out traders to clear
decks for possibly cloudier war news
between then and Monday.