Evening star., 1937-10-17
Gains of ST to So or More
Contrast With Many
Losses at Close.
CHRYSlER TAKES LEAD
IN FEVERlSH RALLY
Selling Wave of Last Hour Cuts
Extreme Advances or Replaces
Them With Declines.
WHAT STOCKS DID.
BY FREDERICK GARDNER,

BY FREDERICK GARDNER,
Associated Press FINANCIAL Writer.
NEW YORK, October l6-Selected
stocks swept into a recovery move In
today's market, but many leaders
found the going a bit too rough for
comfort.
While gains Of to 2 or more points
We're widely distributed at the close
Of the brief session. there was a
large assortment OF losers, with new
two-year lows plentiful.
The proceedings were feverish
throughout, with the ticker tape fire.
quently in arrears. The list dipped
at the start, then shot upward under
leadership of Chrysler. which jumped
more than 3 at the best. A selling
wave in the final half hour knocked
down extreme advances in most in
stances and landed numerous issues
behind minus signs.
Transfers Total 1.320,43O.
Transfers amounted to 1920, ,430
shares, the largest Saturday aggregate
since September rs. 1t compared
with 488, $50 shares u week ago The
Associated Press average of 50 stocks
was up . OF a point at 489
Bargain hunting buying. brokers
said, contributed to the early up.
swing. In addition. there was a faint
revival Of hopes in Wall Street that
the lengthy slump i'll share prices
might cause Federal authorities to
ease margin requirements and en-
courage the special session Of Con-
greSs next month to at least amend
the much-criticized capital gains and
undStributed profits tax laws.
Steel shares fell back when a fur
ther downturn in the mill operating
rate at Pittsburgh was forecast for
next week. They pushed up though,
in the last few minutes. Coppers
exhibited strength, along with miscel-
laneous issues.
Chrysler closed up as, at 1874.
Others ahead as much as 2 or SO were
United States Steel, at 6812; Bethle-
hem, 57!s; Anaconda, 32L4; Kenne-
colt, 38la; Du Pont, 12834; Allied
Chemical. 1874; Southern Pacific,
231a; New York Central, 81; Coca
Cola, ll6; International Paper 8,
Power preferred, 43l2; Johns-Manville,
87h4; Cerro De Pasco, 5la4 Sears
Roebuck, 66; Goodyear. 217s; Con-
tinental Oil, 3lSs, and Deere. 86lz.
On the offside for as much were
American Can, at 8S: Santa Fe, 43is
North American. lila; Douglas Air
craft. 37i2; Standard Oil OF New Jer-
sey, 50l2; Texas Corp, 42: Brooklyn
Manhattan Transit, llis; Eoew's S.
63is: National Steel, 65, and Inter-
national Nickel, ASS.
U. s. Bonds Improve.
Federal loans were the bright spot OF
an otherwise dropping bond market
AS domestic corporates fell back frac-
tions to around 3 points on sizable
turnover, the Governments stif1ened
all along the line.
Gains ranged up to 1892 Of a point
in fairly brisk deals, while the few
scattered declines were held to around
5l32 Of point.
Other sections OF the bond market
were carried lower OH substantial
turnover as half-hearted rallies earlier
in the session were smothered under q
wave OF liquidation.
Losses ranged from fractions to
around points with the carrier group
taking the heaviest hammering. As
rail earning reports indicating reduced
profits came to light, lower and me-
dium-priced issues crumbled.
The Associated Press averages for
20 rail bonds dropped 3 of a point to
1872. the lowest level since June /,
1895.
Utility and industrial liens Jared
little better than the rails.
Curb Market Uneven.
Profit selling in the final hour gave
the curb market an uneven appear
ance, but with both gains and losses
restricted to narrow swings.
1t was the most active Saturday
since September Is, total of 1885,
600 shares changing hands, compared
with 10000 last week. Rallies and
setbacks followed closely the pattern
of the big board.
In supply was Aluminium Co. OF
America, which dropped points at
99la, United Light q Power preferred
was of 25k at 1919. Other losers OF
fractions to around point included
American Cyanamid "B," 25h; Fair
child Aviation. az Fisk, 8; Hudson
Bay, 2l; Technicolor; 20ls, and Sun
ray Oh, 2A.