Evening star., 1938-02-27
STOCKS RETAIN
MOST Of ADVANCE
AT WEEKS CLOSE
Final Prices Generally Off
Slightly From Those of
Friday Session.
|. T. &T. UP BRISKLY
AS EARNINGS IMPROVE
Hopes That European Develop.
ments May Bring Spanish Peace
Also Spur Buying.
WHAT STOCKS DID.
BY FREDERICK GARDNER,
Associated Press Financial Writer,

AsADAAsASN
Associated Press Financial Writer.
NEW YORK, Feb. 26.-Stocks found
the going a bit rough in today's brief
session, but leaders finished with
sizable net gains for the week.
Typical Saturday. sluggShness grip
ped the list from the start, and
closing prices for the two-hour pro-
ceedings mostly were a shade under
those OF Friday.
News apparently was uninspiring
marketwise, and most commission
house customers displayed a fondness
for neutral territory in view of pos
sible happenings at home and abroad
over the week end. Lightness OF VOL
ume, however, was encouraging to
recovery proponents who noted that
In recent sessions the principal ac-
tivity has been on the upside
The Associated Press average Of so
issues was of 2 of point at 461,
but, for the week, registered a net
gain of is points. 1t was the fourth
consecutive weeks advance Today's
transfers totaled 303,230 shares,
against 295,950 a week ago 1t was
the best weeks volume, though, since
early January.
1. T. T. T. Up Briskly.
International Telephone was by far
the liveliest performer of the day,
getting up q point at 8l2. in further
response to cheerier earnings pros
poets and the belief the new European
lineup may result in settlement OF
the war in Spain. where the company
has important interests
Armour Of Illinois dropped to a new
low for the year on the passing of
dividends on both the common and
preferred. The junior issue lost 50
at 54, and the preferred was down IA
points At IS, also . new bottom.
Goodrich tipped down is at 17A
following publication of an earnings
statement revealing . Siyable 1887
loss. compared with 4 profit of better
than 1000 900 the year before.
Steels were listless, but slightly i'm
proved Is little change was predicted
in next weeks mill operations. Rails
were inclined to mark time pending
the freight rate decision.
Motor Leaders Down.
Down fractions to point or so were
General Motors at 355s, Chrysler 55is,
American Telephone 1879. Westing-
house 981t, Santa Fe 38as, Anaconda.
1875, Montgomery Ward 36as, J. 1.
Case 80, Du Pont 1885. United States
Rubber 34A and Douglas Air
craft 41as.
The main sustaining force for the
market in the week was the lessening
of tension in European affairs aided
by the British peace gesture to Italy.
Stocks had their best day on Wednes-
day following advices from London
concerning the turn toward con-
ciliation.
In addition to the fading of imme-
diate war fears, investment buying was
understood to have appeared in Sc
lected stocks on the theory the busi-
ness recession had about reached the
worst and was due for at least mod
crate reversal soon. Imitation" psy-
chology was also in evidence. but to an
indeterminable extent.
Stimulation was found in the ability
of the markets to override batch of
bad news" The list even managed
to edge higher on Friday despite some
disappointment over omission of the
Chrysler dividend and announcement
of cut in General Motors white COL
lar" salaries affecting some 10000 en-
ployes.