Evening star., 1938-11-13
SteeIs Assume
Leadership on
Stock Market
Climb to New Peaks,
With Coins Ranging
To More Than 81
BY FREDERICK GARDNER,
Associated Press Financial Writer.

hSSOClatCO 1ICSS ElAduCloA "4leCts
|, NEW YORK, Nov. 12.-It was al
most entirely a steel stock market
today with leading issues In this
group mounting to new peaks for
better than a year at gains run
ming to more than 2 points.
While the list generally finished
the week on tho upside, many re-
cent leaders acted a bit tired and
most were able to tack on only mod
est fractions. A number Of minor
losses also were in evidence at the
close.
Traders returned from their holi-
day, still cheered by the elections
and business. and quickly got be-
hind the steels as signs became
more pronounced of climbing pro-
duction in this field. Earlier esti-
mates were said to have been re-
vised upward for final-quarter mill
operations, the belief now being
that the output rate would step
up to IS per cent of capacity, or
further, In the first part of De-
cember.
Motors Also Improve.
Motors were some distance be-
hind steels, but did relatively well
as output in this field apparently
was expanding satisfactorily and
yesterdays New York Automobile
Show opening was said to have at
tracted the largest crowds since
1929.
Selected farm implements were in
demand. as were aircrafts and an
assortment of specialties, but rails.
utilities, mail orders and rubbers
shifted over a narrow route.
The Associated Press average of
so stocks was up 3 of a point at
SAT-. equaling the years high. On
the week the composite held gain
of % points. Transfers amounted
to 1,005 $50 shares The weeks VOL
ume of around 100000 shares COM
pared with some 100000 the week
before and, considering two holiday
closings, was one of the best In sew
eral months.
Posting new tops since October,
1887, were United States Steel,
Bethlehem. Republic, youngstown,
National Steel. American Rolling
Mill, General Motors. United Air
Lines, Sharp & Dohme and Mon
santo Chemical.
On the upside were Douglas Air
craft, American Telephone. Kenne-
colt. Westinghouse. Johns -Manville,
Santa Fe, New York Central, Chrys-
Ter, j. I. Case and International
Harvester.
Curb Prices Irregular.
Ahead fractions in ragged curb
market were Cities Service, Impe-
rial Oil, American Gas g. Electric
and Lockheed. Jones e. Laughlin
bounced AS. Retreating a shade
were Electric Bond e. Share, Niagara
Hudson and Gulf OIL Turn over
of 10000 shares compared with
Ill 1000 a week ago.
During the week the stock market
was up on three out of the four
days in which the Exchange oper-
ated. The list had its best day
wednesday when a wave OF opti-
mism over the results of Tuesdays
elections brought a buying rush in
virtually all sections.
In addition to the Frightening of
the political horizon-from the view
point of the financial sector-market
analysts noted with hopefulness
rising tendencies in most lines of
industry, particularly in the steel
and automotive divisions.
Rails paid scant attention to
more than seasonal decline in last
weeks freight loadings due mainly
to drop in coal shipments because
of abnormally warm weather. 1t
was pointed out that the year-to-
year decrease in the loadings total
was the smallest percentagewise for
1888 to date.