Evening star., 1938-02-06
BY FREDERICK GARDNER.
Associated Press financial Writer.

NEW YORK, Feb. 5.-After a mid
week break to new lows since 1895,
the stock market today ended the six
session proceedings with sizeable net
advances in virtually all departments
except utilities.
In the Saturday performance lead
ing steels. coppers, chemicals, elec-
trical equipment and specialties ex-
tended Fridays rally by one to more
than 3 points and. despite some profit
realizing at the close. were not far
away from theday's tops.
Contributing to the further upturn
on the two-hour jaunt. brokers said,
was considerable short covering by
speculative contingents that were dis
inclined to be out on a limb over the
week end.
There also was a revival of the
armaments theme as the Government
dispatched a note to Toxic inquiring
whether Japan intended to boost bat
tleship construction and intimating
the United States was prepared to in
crease sharply its recently announced
naval building program
New Complications Seen.
War talk in addition. became
something more than a murmur as new
European complications were seen in
the latest German military and polit-
ical upheaval, involving the ascend
ency of Hitler to supreme control and
pointing to possible major worldwide
developments in the near future.
Slowness Of dealings continued as q
ny in the more cheerful trading oint-
ment. transfers amounting to AS, $50
shares compared with 434,l7O last
Saturday. The weeks volume was
the smallest for any similar period
since early September.
The Associated Press average of so
stocks advanced 8 Of a point to 43
on top OF Fridays recovery Of 8. For
the week the composite was up 8,
although the utilities we're of 3.
Among the days conspicuous gain
ers were United States Steel at 52aa,
Bethlehem. 533s: Chrysler. 53sa; Ana
conda. 30i2; Kennecott. $3.50; West
lnghouse, 93i2; Du Pont. ll2; Johns
Manville, 74's; American Telephone.
1874; Douglas Aircraft. 1914: J. /.
Case. 8S: Sears Roebuck. 58aa: Allied
Chemical, 1863; Eastman Kodak. l54,
and Santa Fe, 34i4.
Gold Mines Decline.
Most of the recently strong gold
mines shifted to lower levels. These
included Alaska Juneau at l2A.
Homestake, 6l"s and Mcintyre. 1917.
American Telephone started the
short day with another dip of more
than a point but soon received sum-
cient strong support to cancel this
loss and during the final hour was
we'll on the upside.
The market was again exceptionally
thin" as was shown at one time by a
bid Of 73 and an offer of 80 in
Johns -Manville. The issue appeared
after these figures were printed with
jump of %. points from its pre-
vious sale.
The market made headway Monday
and Tuesday. started to slip Wednes-
day and suffered sharp break Thurs
day which was touched of by heavy
selling of American Telephone, blamed
principally on offerings from estate
holdings. Liquidation from this source
was believed to have been virtually
completed Friday.
Main Stimulant.
The main stimulant for financial
spirits during the week apparently
was the action of the little business
mems conference at Washington in
coinciding with previous proposals OF
large industrialists for methods to
halt the recession.
On the cloudy side of the market
picture was a contra-seasonal drop In
the preceding weeks freight loadings,
little or no gain in retail sales, a
moderate downward slant in steel mill
operations, a sag in electric power
consumption and the twelfth con-
secutive weekly decline in the bank
clearings total.
Major commodities were up for the
week, but for the day wheat at Chi
cago was of 4 to 9s cent bushel,
and corn yielded "a to y. Cotton
gained 10 to rs cents bale.