Evening star., 1938-10-02
BY FREDERICK GARDNER,
Associated Press Financial Writer.

further hopes of broadening peace n
Europe, the stock market finished the
week today with the best Saturday per-
formance in three months.
The list got off to a rather quiet
start, met and overrode profit taking,
then continued the ascend with in
creasing momentum. Just before the
close a burst of buying in virtually all
departments put the ticker tape in
arrears minutes.
Gains ran to or more points and,
while recessions from the best were in
evidence at the final gong, most pivotal
issues emerged around top levels for
the session. A number of new highs
for the year were posted.
The Associated Press average of 60
stocks pushed up 0.9 of a point to 49l,
where it was only IL points under the
peak for 1898 to date. On the week
The composite was up 39 points, which
was the best showing for any similar
period since the June rally got under
way. Transfers for the two hours
totaled 946. .490 against 797.370 a week
ago. 1t was the liveliest Saturday
since July 2.
Foreign News Cheerful.
News of the day from abroad. con-
strued as spiking war dangers gen.
orally. included the unopposed be-
ginning Of the German occupation of
the Czech Sudetenland, the acceptance
by Czechoslovakia of Poland's terri
torial demands, indications that
Chamberlain and Mussolini might get
together to stop the Spanish civil war
and France and Germany negotiate an
accord similar to the one effected be.
tween Great Britain and Germany.
Helpful also were opinions by trade
observers that . smart domestic busi-
ness pickup was likely now that the
european threat Of a orld-wide ex-
plos.on had practically evaporated.
Steels, motors, rubbers, farm imple.
ments. mail orders. aircrafts, utili-
ties. rails. coppers and a wide assort-
ment OF specialties were prominent in
the days advance.
Among these were United States
Steel. Bethlehem, General Motors
Chrysler, United States Rubber, Good
rich, j. I. Case. Oliver Farm, Allis-
Chalmers. Sears Roebuck. MONTGOMERY
Ward, Boeing. Sperry, Douglas Air
craft. Western Union, Public Service
OF New Jersey, Santa Fe, New York
Central. Great Northern, Union Pa
CHIC, Anaconda, Kennecott, Westing-
house, Air Reduction, Coca-Cola.
United States Gypsum and Texas Corp.
Take Lead in Climb.
Du Pont, Johns -Manville and Philip
Morris were conspicuous movers into
new higher territory.
Gamers of fractions to a point or
more among generally higher curb
shares were Electric Bond & Share,
Aluminium Co., Cities Service, Lake
Shore Mines, New Jersey Zinc, Amer
ican Cyanamid "B" and Technicolor.
Turnover of 10000 shares was the
best for any short session since July
2 and compared with $1,000 last week.
Nickel Plate stocks and bonds, weak
Friday on word of October l inter-
est default in a bond issue, got back
part Of their losses.
International Telephone was a fast
mover on the climb, again respond
ing to expectations the conflict in
Spain would end soon. The company
has large holdings in that country.
Coppers, after a slow getaway, de-
veloped following as Anaconda an
nounced reopening of one of its largest
Butte, Mont mines Monday. This
would be the third mine reopening
for this producer since September /.
Higher Steel Rate Due.
Forecasts Of an upturn in steel
mill operations next week, as well
as expanding automobile output,
helped keep stocks in these groups
in the ascending column.
Most foreign markets were closed,
but the London gold price was reduced
q shade and sterling and the French
franc fell back in terms of the dollar
The pound ended off 1A cents at
$4.82 and the franc was .011s of a
cent lower at 269ss cents.
Stocks suffered the worst break Of
the week on Monday as fears were
intensified that Hitler's armies would
crash into Czechoslovakia and touch
of a European conflict. There was
q new setback on Tuesday as un-
easiness over foreign clouds continued.
After q weak opening Wednesday,
the market had q spectacular up
swing when 1t was learned the four
power Munich conference had been
called to settle the Nazi-Czech dis
pute. Leaders spurted l to points
on this news. The upturn was resumed
Thursday on indications the big
-Four" had dFeached an amicable agree
ment. Actual confirmation Of the ac-
cord came after the close and stocks