Evening star., 1937-10-03
Selected Issues Improve,
but SteeIS and Other
Groups Recede.
CARRIER SHARES LEAD
MILD RALLY NEAR END
Oils, Coppers and Specialties Join
Upward Trend-Average of
go Stocks Higher.
What Stocks Did.
BY FREDERICK GARDNER.
Associated Press FInanciaI writar.

Associated Press Financial Writer
NEW YORK, October 2.-Rallying
gestures were made by selected stocks
in today's market but many issues, led
by steels, backed into lower territory.
Gains and losses of minor amounts
were about even until the final hour
when the rails we're given gentle
upward push and oils, coppers and
specialties found enough initiative to
climb aboard.
1t was the sloWest session since
September 4, transfers totalling 1885,
220 shares compared with 1,469. $50
last Saturday. Despite the ragged ap-
pearance Of the list at the close, the
Associated Press average of so stocks
managed to emerge with net gain
of 3 Of a point at 565 1t was up on
the week for the first time in Z
weeks.
Many traders. brokers said, joined
the do-nothing contingent as the
financial and political troubles of the
French were accentuated by slump
Of the franc to its lowest level in IL
years. The currency later recovered
trif1e on official support, but even
reassuring government statement
failed to relieve international tension
over the growing cabinet crisis.
Gold Price Raised.
Another lift in the gold price at
London, largely attributed to in
creased boarding throughout Europe,
especially in France, was hardly
cheering influence on the share list.
Gold stocks were unable to duplicate
their upturn of the preceding session.
Closing improvement in carriers was
coincident with rumors the Interstate
Commerce Commission was about to
announce approval of higher freight
rates on some commodities. Wage ne
gotiations, however, we're still dead
locked.
The export copper price was hoisted
again and some shares in this cate
CORY exhibited quiet strength.
Steels were under water throughout
as another dip in mill operations at
Pittsburgh next week was forecast.
Up 31a points each were shares of
Deere at lib and Cerro de Pasco at
541a. Advances running to a point
or SO were held by Santa Fe at 58ls,
N. Y. Central, 28l4; Southern Pacific,
3214; Southern Railway, 1924 North
ern Pacific, 2034: Great Northern,
1919; Pennsylvania, 29s4; Sears Roe
buck, 1878; Skelly Oil, Al; Standard
Oil of N. j., STA; Anaconda, 39si; i;
Kennecott, 1914; Westinghouse. 1l8,
and Public Service of N. j., 38at.
Corporate Bonds Improve.
Domestic corporate obligations
pushed cautiously forward in a slow
bond market With turnover the light
est in nearly month, many issues
marked time, while most gains and
losses were held to narrow fractions.
Federal loans moved in a small
range. Gains, which predominated,
did not exceed 2-32 of a point, while
declines were confined to 3-32 of a
point. Principal activity centered in
Treasury 27ss Of 1860, which crept
forward 1872 Of a point.
The carrier group attracted what
little interest there was among the
corporates. Coming forward for mod
est gains were Southern Pacific 412s
at 761a, up 1As, and Illinois Central
44s at SO, up a point. Rock Island,
Erie and Missouri Pacific liens i'm
proved fractions.
Curb Shares Narrow.
Curb stocks drifted narrowly in
restricted dealings and ended with
fractional gains predominating.
Slightly ahead were Arkansas Ma
tural Gas "a" at S, Gulf Oil, 451z;
Hecla Mining, IL; Hollinger, 12s4 !;
Pennroad, 3As; Pioneer Gold 3A, and
Technicolor, 257s.
Slipping a trifle were Humble Oil
at 70h, Pan American Airways, 231a;
st. Regis Paper, SIS, and United Gas,
6as. American Gas & Electric, Cord
Corp, Creole Petroleum, Newmont
Mining, Electric Bond g. Share and
Sunray Oil kept level.