Show BUYING YIN SUPPORT RT LATE IN SESSION CHECKS STOCK DIVE LOSSES PARED BEFORE CLOSE I IBy By VICTOR EUBANK Associated Tress Press Market Maket Editor NEW Y YORK RK Au Aug 9 9 After ft a 8 downward drift during dur the te greater part par of Tuesdays Tuesday stock market session late lt buying support got gt behind behind be be- be- be hind the te list lt and ad substantially re reduced reduced reduced re- re or canceled forenoon farnon losses loe running to to more mor than ta 3 poInts point pint I Leaders Laer were at their worst wont In Inthe inte the tho te first fist hour when volume olwe while J comparatively small email sm was the te best bt of ar the day Activity dwindled from then on an and ad even with it the comeback in I the dosing closing cosing period the lagged appreciably pace pac p a C e 8 Transfers were sere wee in I the neighborhood neighbor hood hoo of af 50 shares The Te trading trig fraternity brokers ker I Isaid i isad said sad apparently suffered a. a a mild mUd 1 t J case cae of af the te shivers as a the te undeclared I Russo Japanese war wa In te the far fa east eat exhibited few signs of halting and I fears fes were expressed g that ta with wit the t i Russian Russia ally of Czechoslovakia engaged engaged en en- enI I gge in in a the te orient orent the te long lo expected ex cx- e- e 1 middle European Europa outbreak might be imminent I Vie While business bune news was wa still si an a anesthetic to t depressed sentiment I Ite the te thought was w again advanced I that tat maybe the te markets maket had ha outrun out prospects for economic expansion I over the t remainder of the te year ye and ad I were due to to tale take tae a rest and ed await awat I signs sign of a definite turn tur In 1929 j Steels Steels motors mall mail mai orders orders farm fa 1 rails oils and implements coppers rals oil ad specialties were among aang the te first fit to slide ha In I the forenoon forenoon The pleasing July sales sale report of General Generl Motors served sered as ah a a prop for this thi stock stack and ad it erased erd a mo moning ning drop drap of a point pint Chrysler off of 2 retrieved this and a bit more snore Rubber company compa shares shae supported supported sup sup- ported pored by U. U S. S Rubber preferred which was wa up about about 4 at a a. e new high for the te year managed to t post po plus signs sign Union Unon Pacific and Dl Delaware are carriers Hudson were gainers among aon the te In I arrears most mot of the the- t time time were Montgomery Montgomer Ward War Sears Seas Roebuck Roebuck International Harvester Caterpillar Tractor Allis Ams Chalmers Chamers Douglas Aircraft Consolidated Edison Edin Public Pub Pub lie lic lc Service Serie of N. N J J. J Phelps Dodge Westinghouse Du DuPont DuPont Pont Pont General Ei Electric tic Dow Dow Chemical Coi Chemi Chomi cal John Manville Johns Owens Illinois Owen Eastman Easta Kodak Koak Union Union Carbide Standard Oil Oi of N. N J. J Southern Pa Pa- Pacific cic Northern Pacific and ad Chesapeake Ces- Ces Chese- Chese peake Ohio Sterling and the thO French franc broke to new lows for far the move in terms of the thc dollar In addition adI- adI addi addi- lion tion ton the London gold price was ws lifted ltd to a new top tp since sic March of last year yer seemingly re reflecting resumption of hoarding abroad as the result resul of af further furher political ten ten- 1 sion slon Bonds dragged along ong with wih the tho te majority on the losing side Grain Crain futures recently weak did a 8 right right- about abut with wit wheat whet at Chicago up M to to of af a cent a bushel and corn corn ahead 7 g to 1 Sterling near ner mid- mid afternoon was wa off of of f a cent at 87 and French franc off 00 ors of a cent at cents nt Cotton in late transactions was wa around 10 I Ito to 20 2 cents cent a bale bae lower On the curb difficulties were en encountered encountered encountered en- en te we countered by Mi ng Lockheed Aircraft Aluminum Aluminum Alu Alu- minum of America ClUes Cities Cite Service Gull Gulf GuI Oil Oi and Latye Laie Sho Shore e Mines Ines Somewhat discouraging from from standpoint the the of technicians was the fact fat the market averages got within touching distance of af the July 25 peak pea of the midyear boom Dom Saturday and were unable unable unable un un- un- un able to follow through through Further consideration was given the mild mUd reversal in this weeks week's steel stel mill mi ap operating rate rte to per cent of af capacity The Te opinion was wa expressed ex ex- I pressed by some same that tat the called so-called aled 3 eve brak break even level for Jor the industry has ha las been raised from between 35 and 40 per cent to between 50 5 and ad I 60 6 per pr cent as the te result of stashed slashed sled prices rices and ad maintenance of wages wage It I was wa believed by b many that tat an a exceptional pickup in business would wold be necey necessary to put most mast producers in the t black If i price and ad wage conditions remain as a at present None None too cheerful were estimates in trade quarters that tat Westinghouse orders for July were about abut the same tese as a for May and June but well wei under the high of ot 1500 reached in March Mach Stimulating U. U S. S Rubber preferred preferred pr- pr pre pre- stock stack was wa the te revival of talk tal I concerning resumption of af dividends on this ti issue isue as a business for t the tire tre makers maers expands with wit the te appearance appa ap ap- pa nce of new ne 1939 automobile models model I IWa Wall Wail Wa Street nothing noting to to cheer a about about In the stock stok exchange figures on the shor short interest published for far forthe forthe the end of The a July short ac account account ac- ac count aggregate revealed a reduction tion of some 20 per cent from a month earlier |