Nervous unloading on the New York Stock Exchange in the final minutes of trading left the list near the years lows today. Tickers lagged as U.S. Steel common stock touched 53%, off 2%, to lead the sharp decline in the final hour of trading.
Elsewhere losses ranged above two points on active stocks and four points on inactives. Trading improved temporarily when a more orderly market developed near the close and many stocks recovered slightly from their lows until the final wave of selling in the last few minutes of the session. The immediate cause of the selling was traced to reports of German troop movements on the Polish border.
Several high grade issues reached new lows and rail equipments were hard hit. Steels followed U.S. Steel sharply downward and motors were weaker. Rubbers, non-ferrous and utilities lost and oils were barely steady.
Wall Street hears that Freeport Sulphurs export business has been hard hit and that motion picture box-office receipts are running behind last year. Electric Autolite will show better than average earnings this year, it was reported.
Building materials firms will do a business this quarter spot? 20 per cent. ahead of the corresponding period of 1938, but below expectations.
Traders continued to be cautious, believing that the speech of the French Premier, M. Edouard Daladier, left the foreign situation unchanged.
Favourable market factors today included 1. Carloadings are at the highest level since December 17 2 Heavy engineering and construction awards which are 39 per cent above figures for ihe corresponding week, Z? Bank clearings continue to gain.
4 Aircrafts are receiving additiona} heavy orders Among the unfavourable factors were these:
1, Governmental aid to business and tax revision may be limited.
2. The foreign situation.
3. The European crisis has dampened automobile sentiment.
4. The number of persons disemployed since January 1 25 {9 fines, January 1 reached 813,000
Text read from the printed page and cleaned; old type leaves the occasional error.