Evening star., 1938-06-05
BY FREDERICK GARDNER


Associated Press Financial Writer
NEW YORK. June 4.-Buying of
industrials touched of quiet but sub
stantial rally in today's stock market
and enabled the list to end the Ave
day jaunt we'll up on the week.
Advances ran to more than 2 points
at the best, although q little profit
selling just before the close chopped
down best marks.
While dealings were relatively small
throughout. the turnover of 3o6,e30
shares was the largest for any short
session since May Z.
The Associated Press average of so
issues was up Z of point at 3s.4 On
the week this composite showed q net
gain OF full point, the first after
three consecutive weekly setbacks.
Exemplifying the doldrums into
which the market recently has fallen,
volume for the week was only about
10000 shares, the most diminutiye
aggregate since the week ended Feb
ruary Is. 1885, The Monday holiday,
though, helped shorten the total Fri
days activity, amounting to 284,8 $50
shares, was the smallest for any full
day since August 20, 1884.
Dollar Cut Talked.
Several factors entered into the two
hour comeback. brokers said. Among
these was a mild revival of inf1ation-
airy psychology engendered by Senate
passage OF the administrations pump
printing bill giving the President free
spending powers, expected to result In
a quick flow of funds to districts where
relief needs are pressing
In addition, gossip continued to be
heard in Wall Street of a possible
further devaluation Of the dollar,
although this talk was secuted by most
banking quarters, which pointed to
the narrow movements of foreign cur
rencies as tending to nail these rln1ors.
Short covering was believed to have
had much to do with the upturn,
trading forces apparently being I'M
pressed by the failure of the recent
decline to dislodge large blocks of
stocks, the implication here being that
shares are in strong hands and held
for higher prices.
Commodities Help.
Climbing tendencies of major COM
modities was also seen as a factor In
propping sentiment. Wheat at Chi
cago, aided by storm reports partly,
was up 112 to 21s cents a bushel
Corn was ss lower to ahead "a. Cot
ton gained IS to Is cents a bale.
Saturday share favorites included
U. S. Steel at 4la4. Bethlehem, 43R;
Chrysler, Ala; General Motors, 1884;
Anaconda. 2312; American Smelling,
3334; U. S. Rubber, 26la; Sears Roe
buck, 527s; International Harvester,
5l&; Douglas Aircraft, 44Ha; Stand
ard Oil of New Jersey, 46A; Westing-
house, 737s; General Electric, 33Ea;
Du Pont, 95ia; Allied Chemical, LAG.
and Eastman Kodak, 149.
Utilities and rails were up moder-
ately, but these were far from buoyant
Few market props could be found in
the weekly news gist. Business pros
poets were still exceptionally cloudy,
although some observers thought the
recession may now be dragging bot
tom or would reach the low point by
next month at least.
Signs of rapprochement between
Government and the utilities was off,
set to certain extent by deletion of
the amendment from the lending
spending measure which would have
prohibited Federal loans to municipal
tiles for the construction of power
plants in competition with existing
private facilities. At the same time
word came from the President that
he would not approve such loans un-
less a fair" offer for corporation
properties had been made and refused
Some hopes were seen for COM
promise on the wage-hour bill and
the likelihood Congress would adjourn
by the next week end at least.