Evening star., 1938-04-10
STOCKS ADVANCE
81 TO S. OR MORE
IN BUYING RUSH
Defeat of Reorganization
and Initiation Talk Boost
Market.
TICKER TAPE is BEHIND
3 MINUTES AT START
Associated Press Index Retains
Gain of 81 Points, or Largest
Since November 10.
BY FREDERICK GARDNED,
Associated Press Financial Editor.

BY FREDERICK GARDNED,
Associated Press Financial Editor
NEW YORK, April 9.-Stocks
whirled upward in today's market for
the widest recoveries witnessed in five
months, leaders climbing l to more
than 6 points.
The sharp extension of Fridays
rally followed unexpected defeat in
the House of the Government reor-
ganization bill which. to some filan-
clal quarters. brokers said indie ated
other measures disliked by Wall Street
might be shelved.
On top OF this turn of affairs, spec
ulative sentiment apparently was
given a life by further talk of infla-
tlonary influences in connection with
reports the President would recon-
mend a huge pump -priming" pro-
gram as one step toward combating
the recession.
Board Rooms Filled.
With the usually thinly populated
Saturday boardrooms filled in some
cases, and the ordinarily sparsely at
tended stock exchange buzzing with
members who generally shun the 3
hour week end proceedings. the list
surged forward at the opening and
for while the ticker tape fell min
utes behind as blocks of 1000 to
5000 shares changed hands.
Much difficulty was experienced in
ef1ecting initial transactions in nu-
merous prominent issues that recently
mad slumped to new lows since 1888.
Because of wide gaps between bids
and offers from to 80 minutes were
necessary to arrange starting deals in
several stocks. The pace slowed sub
stantially under quiet profit selling
mat chipped down top quotations. but
buyers came back with a rush in the
hnal half-hour and, with the ticker
again tagging. most favorites finished
around peaks of the day.
Average up Sharply.
The Associated Press average of 60
issues retained net advance of 21
points at 39,9. 1t was the largest up.
turn for any day since November 10
last. On the week, the average was
up 35 points. the best six-dav per-
formance since early in January.
The turnover for the two hours
amounted to l,4l4,480 shares, COM
pared with 603 $50 week ago. and
was the greatest for any Saturday
since October 23 Owing to the
earlier Slow down, the weeks total
volume was about 100000 shares un-
der the week before.
Conspicuous in the advancing
column were U. S. Steel at 46,s !:
Bethlehem, 40: Chrysler, 45a.; Cen
eral Motors, 33"s; Du Pont, 104,,;
General Electric. 35s4, Westinghouse.
77'2; Eastman Kodak. l43l.: Stand
ard Oil of N. j.. 48; Santa Fe. 29is:
LoeWs, Al; Union Carbide. 68: Ana
conda, 277s: Kennecott. BAL: Sears
Roebuck, 571.; American Can. 86, and
American Telephone, 13I.
Columbia Gas Down.
An exception on the forward tilt
was Columbia Gas which, as the sec
ond most active stock of the dav.
dropped q to 5a4 as the Securities
and Exchange Commission refused
permission for the company to pay a
dividend on the common out of sur
plus account. Approval, however, was
given, for payments on preferred and
preference shares.
Considerable short covering was
said to have aided the upsurge and
houses with foreign connections re-
ported relatively heavy purchasing on
balance from Amsterdam, London
and Paris. The Amsterdam securi-
ties market, the only important Eu-
ropean one doing business on Satur-
day, was strong before the New York
opening.