Evening star., 1937-09-12
BY FREDERICK GARDNER
Associated Press Financial Writer.

fastest Saturday session in six months,
leading stock market issues today re-
bounded 1 to or more points.
Short covering, brokers said, ac-
counted for most of the recovery. al
though bargain hunters" added their
mite to the buying power and COM
mission houses with foreign connec-
tions reported purchases on balance
from abroad.
The badly beaten stocks of Tuesday
and Friday were among the principal
| gamers. Steels, motors, rubber, farm
implements, rails and coppers pushed
up at such a brisk pace the ticker
tape frequently was behind floor trans
actions.
Industrials and carriers provided the
main stimulus for the list. Utilities,
though, lacked recuperative vigor and
several weak members of this group
knocked the utility average down to
new low for more than year.
The Associated Press average of
so issues regained 8 of point of the
"a points lost yesterday. 1t closed
at 58.6. Transfers totalled 1,404,120
shares compared with 229,980 a week
ago. 1t was the largest aggregate
since March 6, last.
of 846 stocks traded 371 were up.
325 down and $50 unchanged.
Regarded as "OversoId."
Aiding the reversal was the belief
OF many the market had been "over-
sold" and was due for at least a tenn
porary comeback. Then, too, there
was the thought the Federal Reserve
Open Market Committee, meeting over
the week end, might take some action
that would stem the outgoing tide.
There was little hope in the financial
sector, though, that any reduction in
margin requirements would be made.
The Presidents remarks at his press
conference concerning the "jittery"
condition of the world over the Medi-
terranean and Far Eastern situations
apparently came too late to have much
market effect. 1t was noted, though,
the Chief Executive said he was op-
posed to naturalization of the rail-
roads except as last resort. This led
some to believe the administration
might approve the petition for higher
freight rates now before the Inter-
state Commerce Commission.
Prominent shares on the upside we're
U. S. Steel at 9514, Bethlehem 821h.
Chrysler 97A, General Motors so.
Westinghouse 130, Western Union 43.
Allied Chemical 205, Santa Fe 81. N.
Y. Central 285s, Southern Railway
3ohs, Union Pacific 110h, Southern
Pacific 1874, Pennsylvania 32as, Sears
Roebuck 80A, Montgomery Ward
524, j. I. Case 1902, International
Harvester SO, Kennecott 555s, Inter-
national Nickel 81, North American
225s, Douglas Aircraft 4112, Du Pont
l44%, U. S. Rubber 427s and Barns
dali 1912.
Detroit Edison pulled down the
power shares with a fall of 5 points
TO 100. Others to slide were Chesa-
peake Corp, at Sd, Coca-Cola 1876.
Cutler-Hammer 681a, Dow Chemical
103, General Mills SO, International
Business Machines 1877, Marshall
Field 1873 and Public Service of N. J.
37A.
Bonds Ease Further.
A spiritless bond market fell back
fractions to around points ending
week of successive rapid declines.
Many new lows were recorded in the
most active short session since April
"a.
Railroad liens and convertible is
sues again led the decline. The As
soclated Press averages for 90 rail-
road bonds showed drop of 6 of a
point to 865, the lowest since Decem-
Der 80, 1885.
Industrial obligations followed a
shaky course and losses of fractions
to around point we're fairly numer-
Gus. Ten industrial issues declined q
of point to 1018, the lowest since
December "a, 1885.
The utility division, which during
the past week had managed to get off
with the lightest losses, suffered a
setback, as shown by 2 of a point
drop IN the averages to 96.6.
Federal loans tended to sag. Losses.
which were in the majority, were con-
fined to around 3-32 of point.
Traders speculated on the possibility
OF action touching the credit situa-
ton by the Open Market Committee
OF the Federal Reserve System sched-
uled to meet over the week end to
discuss credit policy.
Curb List Improves.
The curb market partially reversed
the downward trend today and at
the close a few leading issues were
up fractions to little over a point
Transfers were the heaviest for a
Saturday since March and swings
to the downside were generally held
TO fractions
Aluminium Co. pushed up points
to l25 and American Cyanamid "B"
gained IA to 1912. Creole Petroleum
closed at 80, up a point, and Techni-
color climbed as to 265a.
Volume totaled 366, 5000 shares, COM
pared with last Saturdays trans
fers of $4,000 shares.