Evening star., 1938-05-08

BY the Associated Press.
NEW YORK, May 7.-Aircrafts and
specialties developed renewed strength
in ,today's stock market while the fast
sprinting utilities of the preceding ses-
sion took rest
Although there were few severely
depressed issues in evidence, many
were unable to get out in front and the
close was moderately irregular.
The days news was without par
ticularly stimulating qualities and
traders with comfortable profits de-
cided, in many cases, to cash in over
the week end and await further de-
velopments on the industrial and DO
htical fronts.
The Associated Press average of 60
issues was unchanged at 4O.8, but on
the week was up 26 points, the best
6-day advance in about a month.
Transfers totaled 556,240 shares, the
largest Saturday volume in three
weeks. The volume for the week was
around 1000, 900 shares above the pre-
ceding period.
Wage-Hour Fears Revive.
Brokers thought the days specula-
tive sentiment was dimmed to some
extent by the resurrection by petition
Of the wage-hour bill which had been
shelved by the House Rules Commit
tee. 1t was the concensus, though,
that no important selling was touched
on by the comeback Of this measure
for a full vote later in the House.
The aviation group, frequently in
the recovery spotlight lately, loafed
through Fridays sharp upturn only to
receive fresh support today when
hopes OF much heavier airplane pur-
chases from abroad were revived.
Those who have been following the
utilities, while maintaining a friendly
attitude toward this department
seemingly were inclined to restrain
buying ardor pending more definite
moves for truce between the power
companies and the administration.
Steel Shares Retreat.
Steels Jagged throughout as a drop
OF about point in mill operations
was forecast for the Pittsburgh and
Youngstown districts next week. Rails
gave ground, Notwithstanding the IA
vorable outlook for Government aid
and more-than-s seasonal increase in
last weeks freight loadings Motors
also lacked vitality in view of the
cloudy sales picture for the automobile
makers.
Despite the negligible showing made
by rail stocks, carrier bonds continued
to push forward. These were believed
buoyed by the growing idea that, if
and when the lending powers of the
Reconstruction Finance Corp. are
broadened by Congress, holders of
senior rail securities would benefit
A wage cut compromise with the
unions was also thought possible.
Prominent share gamers in the two
hour stretch included Douglas Air
craft at 471s; Boeing. 27as: Curtiss-
Wright a." 20A; United Aircraft,
275s; American Can, SO: Allied Chem
ical. 148; Woolworth, 43; Goodyear,
1875, and Loews, 42s.
Power Issues Down,
On the downside were Consolidated
Edison at ISIS; North American, 20;
Electric Power g. Light, 10A; Pacific
Gas, 27A; Chrysler. 44ss; General
Motors. 80; United States Steel, 44la,
and International Harvester, SO.
The Associated Press commodity in
dex, after eight consecutive declines,
tilted forward. Wheat at Chicago was
up y to IL cents bushel and corn
added 4 to u. Cotton was down IS
to 20 cents bale.
While general business conditions
were hardly inspiring, market senti-
ment registered more improvement
during the week than for some time.
The main bolstering feature on the
side Of recovery, authorities said, was
the break in the new financing dam
with the United States Steel Corp. an
nouncing a s100,0Oo,0oO debenture Of
fering for June and other companies
preparing to follow suit with lesser
new capital programs. Bonds reflected
this change OF heart with a push to
new highs for the Apri-May rebound.