Evening star., 1937-12-05
Farm implement, Building
Shares and Chemicals
Lead Advance.
MANY LOSERS REMAIN:
STEELS DROP BEHIND
Further Cut in Mill Production
Expected-Rail Holders Look
for I. C. C. Decision.
WHAT STOCKS DID.
BY FREDERICK GARDNER.

associated ffeSS flnancla writer,
NEW YORK, Dec. 4-Strength of
industrial specialties kept the stock
market on the upgrade today despite
the usual weekend selling and a va
riety of switching operations
Dealings were slow throughout and
for the Vice. the transfer aggregate
was the smallest for any similar period
since early September.
Favored farm implements, building
materials, chemicals and other mis-
cellaneous issues got up around to 6
points at the best, but most ended un-
der top marks for the day and there
was a SiZable assortment of losers at
the close.
The Associated Press average of so
stocks registered its third successive
gain. 1t was up 2 of point at 467.
AT the same time the turnover was
the most meager in three weeks,
amounting to 566,970 shares, COM
pared with 1,14l .230 last Saturday.
Farm Bill Watched.
The machinery group apparently re-
f1ected revived hopes Congress will put
through the much-debated farn bill
to expand rural purchasing power.
Construction material shares con-
tinued under the stimulus of the ad-
mlnistration's housing program
Although SteelS were among the best
net performers of the week. they
tagged behind the rest of the list to-
day on indications next weeks pro-
duction rate would register another
decline.
While rails, on the whole. did little
either way, holders of these shares. as
during the week, were inclined to cling
to commitments on the belief freight
rate increases will be granted.
Utilities lacked vitality, although most
remained around levels of the last sew
eral days. Tending to offset the re-
cent drop in power output was the
thought the friendlier attitude by
Washington may develop into more
material benefits.
Business News Scarce.
Spot news. on the whole, was with
out particularly motivating qualities
this week, but speculative forces gen.
orally turned to the buying side on
the theory the lengthy slide in stocks
may have discounted business recess
sion and that trade comeback in
the early part of the year was more
than likely.
The ability of United States Steel
and Bethlehem to show net gain of
about 3 points each in the latest
six-day period seemingly reflected the
forward-looking disposition of the
financial sector, based on the idea out
put may be dragging bottom and that,
with inventories rapidly being de-
pleted, increased buying orders are
more than a possibility in the early
part of 1888 at least.
Bonds Gain Further.
The bond market clinched the
weeks moderate gains, and in a few
groups further small advances were
scored
Secondary rails and junior ratings
of the utility and industrial divisions
accounted for many of the gains
Their support was mostly inspired by
another slow climb by the stock
market.
Shares of J. T. Case today pushed
up 5A points to 9524. Others aheae
as much as or so at the finish were
Westinghouse at 1O9h4, Du ,Pont
118A; United States Smelling. 67A
Monsanto Chemical, 801a; Johns
Manville, "a; Owens Illinois. 691a;
Lone Star Cement, 4l1a, and Philip
Morris, 80.
u. S. Governments were mixed, with
widest moves in the Treasures Gain!
ranged up to 6/32ds, while losees hao
maximum swing of 8/32dS. Cuban
loans again gave buoyant touch
to the foreign list.
The Associated Press rail average
was up a of point. Industrial and
utility averages rose 2 of point
each. Transactions totaled $4.844, 500
against $5,240,4 400 last Saturday.
Curb Shares Uneven.
The curb market was subject to
cross currents, and closing prices
were mixed within a fractional range
A little higher were American Gas
& Electric at 1914, Hecla Mining al
lO7s, Molybdenum at SIS and St
Regis Paper at 37s.
Humble, off point at 81, led q
downward drift in the oils. Gull
closed at 1914, of q. Aluminium Co
yielded l, while American Cyanamic
"B," Fisk Rubber and Niagara Hudson
Power met support after fractional
losses