Evening star. [volume] (Washington, D.C.) 1854-1972, 1946-09-01
Market Liquidation
Held in Part Due 10
Dark Outlook Abroad
By Victor Eubonk

Associated Press Financial Writer
NEW YORK, Aug. 31.-The Stock
Market stepped out of another bad
week and depressing month with
few signs of recovery in evidence and
the overall average hitting a new
low for almost a year.
The list was able to negotiate only
one feeble and irregular comeback
during the final five days of August
and that was Thursday when volume
tapered to just about half that of
the preceding Wednesdays selloff.
Brokers, who have to supply rea-
sons, or excuses, for market moves,
were unable to put a finger on any
outstanding piece of news which
could be blamed for the latest re-
lapse.
Foreign News a Factor.
They inclined to attribute liquida-
ton partly to tenseness of interna-
tional affairs, price-wage problems
which might eventually threaten ex-
tension of reconversion, the rise of
manufacturers inventories to rec
cred, and the fatigued appearance
of the market during the past month
or so. Some suggested that listed
stocks were sold by those who wished
to purchase new securities offerings.
1t was recalled that the averages
had been on the downgrade since
May, when they scored a succession
nf h nt
Trends averaged lower in June and
July and notably so far for the lat
est month.
For the week just concluded the
Associated Press 60-stock composite
registered net decline of 4 points
at II, low since September 90,
l945. This was the widest tumble for
any like period since that ended May
10, 1910, when the recession was 81
points. For August the drop
amounted to SIS points, largest
monthly fall since last February,
Activity expanded on the week to
6875.l10 shares compared with A.
sos, $50 the week before and $780,
729 in the same 1945 stretch.
sales Total 2O,SU7 ,OS2.
August sales totaled 20,9O7 082
shares, against 2O,595 100 in July and
2l,714,249 in August last year.
The market tried for rally Mon
day but selling in the final hour cut
down most pivotals although turn
over was the smallest of the week
at 100000 shares.
Blue Monday" was succeeded by
"black Tuesday" as commitments
were dumped in virtually all depart
ments and the high-speed ticker
tape, for a brief interval. was as
much as three minutes behind floor
transactions. The averages touched
low since late october last year
with the fall the sharpest since
Feb. 25, 1916. While extreme cas-
ualties were reduced at the close
losses of l to 7 points. Volume
stepped up to 100000 shares,
largest since May %.
The market saw another average
low Wednesday but declines were
restricted The ticker tape again
was late and the days aggregate
of 100000 shares was the best of
the week. A number of issues re-
vived at the finish, with gains being
retained by U. S. Steel, Douglas Air
craft, Goodyear, Santa Fe, Mont
gomery Ward and other leaders.
Timid bidding appeared Thurs
day on the idea the list had been
oversold but the average managed
to post an advance of but i OF
point Commitments were light
ened Friday, brokers said, for pro-
lection over the lengthy week end
Principal exchanges will recess Mon
day for Labor Day. Thin" stocks
broke 3 to 4 points although the
pace was relatively slow and many
losses were cut at the close.