Evening star., 1937-05-23
BRISK ADVANCES
IN STEEL STOCKS
LEAD MARKET RISE
Coppers and Motors Also
Join UpsWing in Sat-
urday Session.
GOVERNMENT BONDS GO
HIGHER AS WEEK ENDS
Specialties Make Best Showing on
Curb-Volume and Prices
Work Higher.
By FREDERICK GARDNER,
Associated Press Financial Writer.


NEW YORK May pa brisk rise
in steels impaired virility to the stock
market today
Fueled by news OF we'll sustained
consumption of steel. leading issues
drove ahead and helped tow the rest
of the list forward for gains OF frac-
tions to points or so.
Coppers and motors were quick to
gather momentum after a cautious
start. Stores shares had resting
spell, owing In some measure to lower
retail sales.
Average Up Slightly.
Measured by the Associated Press
average Of so shares the market was up
O6 to 682 Transactions totaled
480, 760 shares compared with 343,-
$50 last Saturday.
Putting life into the coppers, brokers
said, was talk Of good second quarter
earnings for some sectors of the
industry
Providing emphasis on swelling con-
sumner purchasing power was the re-
port OF Secretary OF Labor Perkins that
20 manufacturing industries had hit
record high employment peaks.
Swelling buying power brokers
argued, will help pave the way for
wider motor sales.
Steel Among Leaders.
Prominent on the share market
rise were United States Steel, at
looa4; Bethlehem, s6a4; Republic
Steel. 36l7; Anaconda, 54ls; Kenne-
colt. 58l2; American Smelling. 88;
Chrysler 1l334; General Motors, STA;
Goodyear. 39is; General Electric, SIS,
and Standard Oil OF New Jersey. 67is.
Although rails improved they showed
less aggressiveness than some other
groups. Brokers pointed out the car
riers had previously sunk less than
industrials
Up fractions We're Santa Fe at 87A
Baltimore & Ohio. 323. Pennsylvania,
A, and Illinois Central, 30as. New
York Central was up lls at ~.
Utilities also lacked steam for the
advance. Oft-repeated talk of legal
and legislative structures were once
more trotted out by analysts As an ex-
PLANTATION, up fractions were Consoli-
dated Edison at $685.. American Power
(, Light. eis; American Water Works
1873 and United Corporation. 4s4.
Bond Trend Upward.
Few changes OF any consequence
were made in bond prices today, as
the smallest Saturday turnover in
months restricted swings.
Rising tendencies appeared to be
more pronounced than lowering in
fluences in the domestic corporate list
and were decidedly SO in the United
States Government division. Some
foreign issues also gained followings
The turnover for all bonds was
1896 900, face value, compared with
$4,038 900 last Saturday. 1t was the
lightest aggregate since August o.,
1895, when s3,592,O00 of bonds was
recorded
The Federal group moved higher
All but two active issues advanced
On the week the upward movement
was less uniform as about one-third
Of the list showed trifling recessions.
The rest improved 1-32 to 1892 of
a point, with the average gaining
less than of a point.
Curb Market Improves.
A light but sustained demand es-
corted prices higher in the curb
market today.
All sections OF the list participated
in the upward movement which net
ted the majority of active shares small
fractions. Specialties made the best
head way.
Turnover amounted to 161 900
shares compared with $4,000 last Sat-
urday. While this is far below the
level OF several months ago, it repre-
sents fairly good volume in the recent
trading lull.
Consolidated Aircraft gained / to
24l2, Gulf Oil ~ to Sc and United
Gas preferred az to 11012. Electric
Bond g. Share was up 20 to 17l2.
Consolidated Steel 3s to 1919 and
Hudson Bay Mining n to 3112.