Show LOCKS PLUMMET FOR I DAY AY IN FACE OF OF EUROPE TENSION 1 BUSINESS NEWS NEWS' J JF FAILS AilS F TO CHEER By MOTOR Associated Fres Financial Editor 29 UP The 2 Th NEW r YORK Aug 2 Te stock market today suffered an attack at attack at- at tk maket a tack of the war shivers among tc wr other things things te and ad leading issues fues broke roka 1 to more t-more more than tan 5 points point in lit litone inno ono one no of the te worst wort tumbles since ince the te beginning of the year midyear Belated buying bung support suppo enabled some ome shares she to t close cose moderately up tap from the lows lows The Te list lit dived dive to t around aud Its It bottom hot bot bt torn tom tm levels In I the forenoon forn as a ad ad- ices vices from Europe stressed the Europ te growing tension over orey the Ocr Ger Ger man Czech controversy troop movements on virtually all a borders border exemplifying the te cn chances of an explosion that tat might draw drw In I Great Gret Britain and other othe world word pow era At the same lae time te brokers ad a. a the guess that despite the te cloudier news new from overseas over the market may have been waiting for some excuse to t establish the te cor cr cor which many may thought was w overdue as u a result of or the te lengthy upward ride rde which got under wa last ast lt June June wa Business news new on the te whole con to present favorable aspects there were a few exceptions but exception but but trading rading contingents were wr a a. trifle discouraged apparently because of ot the futile fute efforts of the the market to penetrate penette the years year's yeas aver average e high liter after ater getting within touching dL- dL Lance ance of this mrk mark a number nube of ot otte times runes te In the morning upset the ticker tickertape tickertape tape fell feU behind for a brief In In In- tena Come back attempts brought another slow Transfers approximated 10 shares shae A jump jup In this thi weeks week's week steel stee mill mi operations of ot 12 1 points to 44 per percent percent percent cent of capacity a new peak pea since since l last t November and the third thid consecutive consecutive con con- cn- cn weekly upturn provided a crumb of or comfort for tor recovery contingents contingents con con- but steel seel stocks failed to respond to any great extent That all a is not sunshine on the Industrial horizon was wa indicated by bythe bythe bY the action acton of ot American Rolling Mill MU tI directors directs In omitting the te dividend on the company's new convertible preferred shares ses on which payen payments have been ben made since October 1937 1931 The Te company attributed the omission omis omi zion sion to losses Ios before preferred dividends during the te first frt six s months mont and ad the continuing losses lose at prescot present present pres pres- cot ent ent together with wit present business bune conditions The Te preferred Issue dropped more than tan 11 ii 1 points point aft after the announcement Softness of the principal European European Euro Euro- securities markets market testified telie to the uneasiness In that quarter Forel Foreign currencies backed bace away away In terms tens of the dollar dolar and ad the London London Ln Lon Lon- don gold price pric was hoisted another an a- a other p peg g to around aroud a record peak pek Prominent losers loer Included Chrysler Chrys Chryse Cl- Cl ler fer General Generl Motors Motor U U. S. S S Steel Bethlehem Yellow Truck Tuc U. U S. S S Rub Rub- Rubber Rubber ber 1 Montgomery Ward Vard Yard Sears Sea Roe Re buck buc International Harvester Douglas Aircraft Air Reduction American Can Cn Johns Joh Philip Morris Morrs Du Pont Allied Aled Chemical Owens Illinois Oens-DUnois Oens Coca Coca-Co e Cc-e la Ia 1 Westinghouse Western Union Consolidated Edison Edison Anaconda Santa Sata Fe Great Northern Northern North North- ern em ern Union Pacific Palo and Standard Oil 01 of N. N J. J Commodities and ad bonds bond followed stocks stok Rail Rl loans were particularly weak Wheat at Chicago yielded 8 5 to 1 8 11 8 1 cents cent a bushel bushe and ad corn cornwa was wa off oft to 1 In I late transactions transactions tons cotton was wu down about 2 25 to 3 35 cents a bale bae Near Nea md mid after noon non sterling and the te French franc were vere a trifle tife eler easier the former forer at cents cent 16 16 1 and the te latter later at 3 16 |