Evening star., 1937-12-19
Gains Ranging to 2 or More
Points Recorded, With
SteeIs in Lead.
0VERS0LD CONDITION
OF MARKET APPARENT
Short Covering and Moderate
Amount of Investment Buying
Help Higher Movement.
BY FREDERICK GARDNER,
Associated Press Financial Writer.

Associated Press Financial Writer.
NEW YORK, Dec. l8.-While stocks
generally failed to make headway this
week the market put on a rallying
finish in today's brief session.
Despite profit and year-end tax SELL
ing, buying in steels attracted support
for other leaders and gains running
to 2 or more points were recorded in
the two-hour proceedings.
The upturn on the concluding lap
reflected partly an oversold condition
of the list which inspired some short
covering and moderate amount of
investment buying.
Although the Associated Press aver
age Of so stocks was down 3 net for
the past six days, it held an advance
today of 6 Of point at 458. Trans
fers amounted to 50o,550 shares, COM
pared with 389,970 last Saturday. The
total for the week was 5,170, 1854 shares,
the smallest weekly volume since early
In September.
Steels Assume Lead.
Steels came out on top in the face
of preliminary estimates of another
sharp drop in mill operations next
week, due principally to Christmas
shutdowns.> Aiding this group, how
ever, were thoughts of possible ex-
pansion in armaments as a result Of
the current Japanese situation in
volving bombing Of the Panay. For
the same reason aircrafts, oils and
other lines attracted buying attention.
Helping to buoy Wall Street senti-
ment also was the action Of Congress
in sidetracking the wages and hour
bill measure which was especially dis
liked in the financial sector.
Adding to the late step-up in re-
coyery sentiment were Washington
advices that Treasury officials, on the
strength of reports from outside
sources, predicted a turn for the bet
ter IN business and industry either by
the end Of this month or next.
Among the days prominent gamers
were shares Of United States Steel at
5SA; Bethlehem, Sta; Inland Steel,
72; Douglas Aircraft, 37%; Boeing,
29as; Westinghouse, 108A; du Pont,
1l73a; Allied Chemical, 1882; Stand
ard Oil of New Jersey, ASS; Union
Carbide, 1875; United States Gypsum,
10: American Telephone, 147A, and
International Harvester, 81.
Dome Mines touched another new
1898 top, but other gold issues relaxed
after good start.
As during the past several days, mo-
tors, utilities and rails failed to get
out very far in front.
U. S. Bonds Again Higher.
Further gains in United States Gov
ernment issues encouraged quiet de-
mand in other sections of the bond
market.
The Associated Press averages of 20
rails were unchanged at 1872; indus
trials up q at 969; utilities down L
at 91.2. The average for 10 low-yield
bonds was up 4 at 1863.
Transactions totaled $3,872,80 par
value, lowest Saturday total since Oc-
tober 9, compared with last Saturdays
total Of $3,989,1
Some traders expressed the opinion
that institutional buying Of Govern
ment bonds by banks to replace de-
clining commercial loans was a factor
in the recent advance in the Federal
list.
The rise today ranged from 1/32d to
9/32ds, with the Treasures showing
the greatest increase.
Curb Shares Mixed.
There was a scramble of losses and
gains in the curb market, with oils
and utility specialties providing most
Of the improvement. Aluminium Co.
of America closed at 1924, up 1A;
American Cyanamid "B," 22Ks, up ";
Gulf Oil, 387s, up q; Humble, 6s1s.
up 1ss; Cord Corp, IA, up "a; New
Jersey Zinc, 6os4. up y. Utility lead
ers moved up narrowly. Down frac-
tions were International Petroleum,
Creole, E. w. Bliss and American Gas
~ 1hCCAN.