Evening star., 1938-12-25
Rai|sContinue
Steady Rise at
Week'sC|ose
Leaders Add Point
OrMore Of Recent
Substantial Gains
BY FREDERICK GARDNER,

Associated Press Financial Writer.
NEW YORK, Dec. 24.-Rail stocks
continued to provide the principal
rallying steam for the market today
as leaders in this group added a
point or so to their recent gains.
With the market recessing Mon
day for the Christmas holiday, how
ever. considerable profit taking was
in evidence throughout the brief ses-
sion. Tax selling also was still a
factor and many issues were able to
advance only fractionally. Mod
crate losses were plentiful at the
finish.
The recovery move which got
under way Thursday enabled the
Associated Press average of 60 stocks
to emerge from the week with a
net gain of S OF point. On the
day this composite was up 3 Of a
point at 519. While the industrial
and utility averages were up only
i of a point each in the two-hour
proceedings, that for the rails
jumped Z.
Volume Expands.
Volume expanded on the up
swing, transfers totaling 621,110
shares, against 452.87O week ago.
1t was the largest Saturday turn
over since November 26.
Among the days favorites South
ern Railway, Illinois Central and
Baldwin Locomotive posted new
highs for the year. Strength was
displayed by Santa Fe. New York
Central. Pennsylvania, Southern Pa
cif1c, Great Northern, Pressed Steel
Car, Chesapeake & Ohio, Northern
Pacific and Pullman
Modest improvement was retained
by United States Steel, General Mo-
tors, Chrysler, United States Rub
ber, Westinghouse, Kennecott and
Western Union.
Behind were Allied Chemical,
Johns -Manville, United States Gyp-
sum, General Electric. Union Car
bide. Glenn Martin, Sears Roebuck,
American Telephone and Anacodna,
Advance on Curb.
A shade higher in the Curb were
Electric Bond & Share, Cities Serv-
ice, Humble Oil, Niles Bement Pond
and New Jersey Zinc. Lockheed
and Lake Shore we're marked down
fractionally. Turnover of 146,O0O
shares was the largest short session
since November IL and compared
with $4,000 a week ago.
Spurring the carriers was further
optimism over the report of the
Presidents Railway Rehabilitation
Committee. Although it was realized
all of the committees suggestions
might not get through Congress,
Wall street seemed confident legis-
lative relief would be granted in one
form or another.
Hopes for a pickup In steel mill
operations after the turn of the year
and forecasts motor car production
in the first quarter would exceed
that of the same 1888 period by near
ly SO per cent, tended to buoy mar
ket sentiment during the pre-Christ-
mas proceedings.
Federal Aid Expected.
Aside from the growing belief
Congress will extend substantial aid
to the long-depressed railroads,
stocks in this group attracted atten-
tion during the week, as freight load
ings in the previous week dropped
less than seasonally and November
earnings statements coming to hand
furnished additional proof of traffic
betterment.
Aircrafts, strongest of the market
lately, fell sharply in midweek.
Cashing of profits here was attributed
to the appearance of doubts re-
garding extensive armament spend
ing. Utilities inclined to mark time
despite a jump in this weeks electric
power output to record peak. Farm
were under pressure for
a while as price-cutting started
among the agricultural machinery
makers.