Evening star., 1937-11-21
Comeback Staged Despite
Spotty Trade, Labor Fears
and Tax Doubts.
MANY HIT NEW LOWS
AT START OF SESSION
Upward Reversal Laid to Belief
That Drop Was Overdue and
Short Covering.
What Stocks Did.
BY FREDERICK GARDNER,
Associated Press FlnanclaI Writer


Associated Press Financial Writer
NEW YORK, Nov. 20.-Stocks did a
fast about-face in today's market and
leaders retrieved one to more than
three points of their sharp losses OF
Friday.
The comeback was in the face Of
still cloudy business trends, continu-
ing labor difficulties and doubts re-
garding the ability of Congress to re-
wise much-dlsputed tax laws at the
present special session.
Brokers attributed the upward re-
versal partly to quick-turn buying by
those who believed yesterdays relapse
called for at least a moderate rally.
Considerable short covering was also
reported by traders who wished to
tighten up on positions over the week
end. The shorts" In the majority of
cases were penalized by the extreme
"thinness" Of the market.
Many active issues fell to new low
territory for more than two years at
the opening. but bids began to come in
at higher levels and the list generally
held to the upgrade from then on. The
ticker tape was late on the initial SELL
off.
50 Stocks Average Higher.
The Associated Press average Of
20 stocks was up IL points at
44.3. There was a setback of 81
points the previous day Transfers
amounted to l,232,lO0 shares, against
5O9 500 last Saturday 1t was the larg-
est two-hour volume since October %.
Attempts Of union officials to break
the Unauthorized "sit-down" strike at
General Motors was heartening
Goodyear's 'sit-downers" evacuated
Akron plants and the company an
nounced 1t would resume work Monday
for those who want to work" Both
motor and rubber shares leaned for
ward
Steels went ahead despite estimates
OF another substantial recession in mill
operations next week.
The Presidents order for an investi-
CATION of the higher cost of living in
dicated to some in Wall Street a fur
ther attack might be made on CORPORA
ton profits.
Bonds Rally BriskIy.
The bond markets downswing was
interrupted in the final hour of trad
ing by brisk rally that erased many
earlier losses and pushed some issues
up a point or SO.
United States Government loans
We're generally lower with declines
ranging up to 1892 Of point and prin-
cipal activity in the longer term Treas
ury issues. Heaviest dealings were in
Treasury 2a4s Of 1854. which lost 5-32
OF point.
The corporate group finished uneven
with many price changes of q point or
more In both directions. The Associ-
ated Press average for 20 rails dipped
z OF a point to 7l.6, while 10 indus
trials and 10 utilities fell 3 OF a point
to 97.4 and 92.5. respectively.
International Hydro Electric IS gained
point to 64i. and Baltimore & Ohio
4l2s lifted fraction to 3634. Other
gamers included st. Paul SIS at 9ss,
Nickel Plate 4l.s at 6O5s, Southern
Pacif1c 4'2s at 50. Western Union SIS at
69hz and Great Northern Is at 1901.
Curb Shares Turn Up.
A last-minute wave OF buying came
to the support Of slumping curb
market and the majority of stocks
closed steady to little higher.
Earlier losses were Cancelled and in
some cases gains of point or so were
recorded. Creole Petroleum faced
about and climbed IL to 22la. New
mont Mining gained a point to Sc.
United Light & Power preferred ad-
vanced rs to ~.
Fractional gamers included Alumi-
mum Co. at 76la. American Super
power. X; Arkansas Natural Gas "A :"
3Hs; Cord Corp. 2ls; Electric Bond g.
Share, 1928; Gulf Oil, 81; st. Regis
Paper, 37s. and United Gas at SIS.