Evening star. [volume] (Washington, D.C.) 1854-1972, 1940-09-08

ABsocfAted Press Flnanclh Wrltel
NEW YORK, Sept. THE stock
market today finished another re-
covery week acting a bit tired.
While profit selling Of the pre-
vious session dried up appreciably,
buying was timid and highly selec-
tive throughout and Anal prices
were we'll mixed.
Offerings never were urgent, but
those who might have stepped up
commitments substantially on the
basis Of Frightening domestic busi-
ness picture, apparently did little
in view of the coming week end
and the continuously indecisive
Anglo German air battles. Cloudi-
ness of the national tax program
and CONSUMPTION measures, brokers
said, also contributed 70 specula-
tive hesitancy.
The list edged forward at the
opening, shifted from one foot to
the other and inclined to waver at
the last. A few tire company stocks
were in front from the start. but
gains or losses Of as much as a point
were rare in any department. Nu-
merous issues were unchanged and
y wide assortment failed to sell.
Average on Slightly.
The Associated Press average Of
80 stocks ended OF OIL of q point,
but on the week held q net advance
of 1.3 points at 44s, its third sue
cessive weekly upturn. Today's
closing figure represented a climb
back from the years low Of 81 estab-
lished last June 10. The 1910 top
of So was posted January 3.
Along with the days indefinite
price movements, dealings slackened
to 224,0l0 shares. against 363,890
last Saturday. The weeks volume.
though, despite the Labor Day re-
cess, ran up to around 3,507 900
shares, compared with $50 900 In
the preceding six-day stretch.
Rubber stocks were said to have
been benefited by talk of large in
quiries for new 194l automobiles
which are expected to keep motor
factories humming In coming
months. Motor shares at the same
time seemingly ignored the pleasing
outlook.
Bolstering influences were seen in
forecasts of . sharp rebound in
steel mill operations next week from
the holiday letdown and the Federal
Reserve Board survey showing
brisk upturn in last weeks depart
ment store sales.
An exception to favorable COM
pany earnings statements was that
Of Montgomery Ward. which re-
vealed slight drop in first-year net
under the same period last year in
the face Of higher sales due to in
creased provisions for Federal and
State taxes. The stock was OF u
at 42A.
Join in Retreat.
On the offside were Bethlehem
Steel. Chrysler. General Motors,
Glenn Martin. Sperry, Westing-
house, Eastman Kodak, Anaconda,
International Nickel and N. Y.
Central.
Emerging with modest advances
were U. 8. Steel. Goodyear, U. 5.
Rubber, Dow Chemical, American
Telephone, Western Union, Santa
Fe, Sears Roebuck and Chesapeake
g. Ohio.
In q ragged curb small gains were
recorded for Aluminium Of America,
American Gas and Standard Oil Of
Ohio. Lower were Gulf Oil, Brewster
Aero and American Cyanamid "B."
Turnover was around Al 900 shares
versus 10000 . week ago.
Stock traders came back from
their Labor Day rest feeling better
about the war. taxes and business.
Quotations generally pointed upward
Tuesday, while rush of buyers
Wednesday gave leaders their best
lift since July 30. The upswing per-
sisted Thursday with volume ex-
ceeding 1,247,000 shares. . peak
since June IL. Profits were cashed
Friday. At that time the Associated
Press 60-stock composite had been
unchanged or higher for 10 consecu-
tive sessions and fears began to
crop UP that . correctional re-
action might be in the dining.