Evening star., 1937-12-12
A|RCRAFTS RALLY
ON STOCK MARKET,
OTHERS IRREGULAR
Few SteeIs, Oils, Specia|ties
and Rails Gain, but Losses
Predominant.
ATLANTIC LINE PLANS
BOOST PLANE SHARES
Forecast of Higher Mill Rate and
Scrap Demand Lift Lead.
ing Steels.
BY FREDERICK GARDNER,
Associated Press Financial Writer.

NEW YORK, Dec 11-Aircrafts pro-
vided the little buying excitement that
appeared in today's brief stock market
while numerous leaders dawdled
A few Steels, rails, oils and special
ties did moderately we'll, but minor
losses topped gains by small margin
at the close.
1t was the slowest session since Octo-
Der 2, transfers totaling 1888
shares compared with 566,970 shares
last Saturday. The turnover for the
past six days was the lowest since the
week ended September 4. The Asso-
ciated Press average of so stocks for
the two-hour stretch was unchanged
at 46.l. On the week, however, it was
down 6 of a point.
Overnight news inspiring gains up to
2 points in Boeing 2s7s, Douglas 3el12
United 23s4, Consolidated 1898, and
Glenn Martin 1718, included the cali
for. bids on new feet OF huge trans
Atlantic passenger planes involving
several million dollars.
MAJOR SteelS Aided.
Major steels were heartened by the
days forecast of slight upturn in
mill operations at Youngstown and
indications production activities were
about holding their own in other Sec
tors. In addition a better demand for
scrap metal was helpful. U. S. Steel,
Bethlehem and Inland Steel tilted
higher.
Rails, while not getting very far in
front, received some support when the
Interstate Commerce Commission an
nounced this morning it would expe-
dite rate hearings so that a final rul-
ing on increased freight charges NAV
come a month or SO earlier than had
been expected.
Allegheny and Chesapeake Corp. is
sues jumped as much a. 2 each on
the provisional approval given by the
I. G. c. to the proposed merger of
Nickel Plate and Erie with the Chesa-
peake e. Ohio. Allegheny controls the
Chesapeake Corp. while the latter
holds working control of c. so.
Rail Bonds Advance.
A brisk advance in loans of the for
mer Van Sweringen rail system was
the principal development in a quiet
and narrow bond market. Responding
to the Interstate Commerce Commits
slons approval of acquisition bv
Chesapeake & Ohio Railway of direct
control of the Nickel Plate and Erie
systems, loans of Allegheny Corp.
moved up sharply. The SIS of 1897
closed at 81, up 212. Erie refunding
IS moved up IA to 51h. Other rails
showed mixed swings.
The Associated Press averages of
rail, industrial and utility groups were
unchanged. Transactions totaled S3.-
1913, 100 against $4,884.500 last Satur-
day. 1t was the smallest volume since
October 8.
U. S. Governments closed 4-32 high
er to 3-32 lower.
Curb Shares Uneven.
The curb market moved SLOWLY
through a series of uneven price
swings. Positions were lightened in
the oil and metal groups, which had
been a center of some buying interest
earlier in the week. Fractionally lower
were Gulf at 81, International Pc
troleum at 2834, Hecla at 9a and
Consolidated Copper Mines at AZ.
Shares closing little higher included
American Light & Traction at IA,
American Gas & Electric at 291a, New
Jersey Zinc at 81 and Fisk Rubber at