Evening star., 1938-02-20

LEAD STOCK RISE
IN SLOW TRADING
Peaks Set Around Close.
Most Advances Range
to Point or So.
TICKER TAPE REGISTERS
ONLY 295, $50 SHARES
Many Traders Start Holiday Early
and European Developments
Make for Caution.
BY FREDERICK GARDNER,
Associated Press Financial Editor.


Associated Press Financial Editor.
NEW YORK, Feb. ls.-Oib and
coppers led toddling climb in
today's stock market and enabled the
list to end the third consecutive
week with net advance.
While gains for the brief session
ran to . point or so among favorites,
a few specialties were up 2 to 3.
Best prices were registered in the
flnal few minutes of dealings.
The ticker tape was inclined to
creep throughout with transfers of
2s5,950 shares being the smallest
volume for any day since October 2,
last. But even with the restricted
turnover the Associated Press aver
age Of go stocks was up 4 of a point
at 44.6. For the six-day period the
composite was ahead 8 of q point.
Anticipate Recess.
There was little spot news in the
Saturday proceedings to inspire either
buyers or SELLERS to extend positions
to any great extent. Many traders
got an early start on the holiday with
the intention of skipping Mondays
session. Tuesday the exchange will
recess for the observance Of Washing
tons birthday.
An inclination to step easily was
also evidenced because of the grow
ing complexity of European affairs
which may be climaxed in the sched-
uled speech of Chancellor Hitler
tomorrow.
Among the days best gamers were
Standard Oil of New Jersey at 81;
Texas Corp, a.; Anaconda, 80;
kennecott. 80; Cerro de Pasco, 40;
Union Carbide, 763ss; Johns -Manville,
77A; Phillip Morris, 9334; Chrysler,
So; General Motors, 353s; Westing-
house, s6; Santa Fe. 36h; Du Pont,
lle and eeaboard Oil, 231..
Imitation Talk Fades.
Imitation Was the principal mar
ket theme earlier in the week ana,
according to the majority Of brokers,
accounted for the underlying strength
Of the list Is . whole.
However. this idea was subjected
to a chilling draught on Friday when
the President. at his press confer
ence, restated his position on bal
anced price levels and virtually re-
nounced imitation and dollar devalua-
ton as means to this ooject..e.
Stocks fell briskly on the first read
ing of these remarks. but partially
regained balance later as it became
known Wall Street opinion differed as
to just exactly what the Chief Execu-
tive meant. Some analysts appeared
still confused as the week drew to a
close. while others thought the White
House comments indicated a construc-
tive administrative program to break
the recession was in the making. The
dollar. weak recently in terms of Euro
pean currencies, steadied.
Cool to Gold Plan.
"Desterilization" Of q small part of
the Treasury's sequestered gold and
virtual suspension of the gold i'm
pounding policy, while seen as a ges-
ture toward widening credit. left
markets rather cool and stocks dipped
on the announcement.
Action Of United States Steel and
other important companies in this
field in reaffirming second quarter
prices was a bolstering influence in
that it advanced the possibility of
pent-up steel buying being loosened
because of the likelihood there would
be no further price cuts. At the same
time big Steel stock skidded when
the corporation announced it would
seek authorization to increase its COM
mon shares by 2,500,000.
Hopes for business revival were seen
in orders of the President to the F.
F. c. to resume lending to railroads
and other industries Helpful, too,
was the approval of the House WAYS
and Means Committee of proposed
revision OF the capital gains and un-
distributed profits tax laws.