Evening star., 1938-01-09
STOCKS KSADVANCE
81 TO S0R MORE
|NQU|ET TRADING
Stee|s, Motors, Coppers
and SpeciaIties Close
Near Days Peaks.
EXPORT COPPER BOOST
HELPS METAL SHARES
Assumptions at Chrysler and Ford
Plants Bolster Sentiment.
Bonds Also Improve.
BY FREDERICK GARDNER,
Associated Press financial Writer,

NEW YORK. Jan. 8.-The stock
market chalked of the initial week
Of 1898 with the first general ad-
vance in more than a month.
The list finished the starting lap
OF the new year today with industrial
favorites pushing up to more than
points.
In dealings that were not excep-
tionally lively. motors. steels, coppers
and specialties pushed forward from
the start and, despite late profit
realizing. most ended around best
levels Of the day
The Associated Press average of
so stocks was up point at 46.6 in
the two-hour proceedings. On the
week this composite showed a net
gain Of 3.6 points. It was the largest
upturn for any week since October 80.
Transfers totaled 779,0lO shares. VOL
ume for the latest six days was con-
siderably under that for the preceding
period.
Auto Workers Recalled.
Announcements that Chrysler was
recalling $4,000 employees to resume
work on new car assemblies January
IL. and that Ford was putting $4,000
more men to work January II boil
stored sentiment
At the same time General Motors
shipments for December disclosed an
exceptionally sharp drop. But this
was offset by the fact distribution
for 1887 was 81 per cent ahead Of
the year before.
Another rise in export copper aided
red metal shares. Steels were in front
despite predictions next weeks mill
operations would show q slight de-
cline Helpful to both steels and
coppers, as we'll as others. were
thoughts Of a huge rearmament pro-
gram coming up before Congress in
the near future.
Outstanding share gamers on the
day were United States Steel, at SOS:
Bethlehem, 63%: Chrysler, 55is: Gen
eral Motors. IS: Anaconda, 35ss; Ken
necott. ~; Westinghouse. 1861;
United States Rubber, 2714; Sears
Roebuck, 81: Santa Fe, 38A; New
York Central, 1885: American Tele-
phone, 1872, and Paramount, l2h.
Bonds Forge Upward.
Advances were scored all along the
line in the bond market. Best per-
formances were turned in by some of
the low-priced rails and other issues
recently under pressure.
United States Governments, while
steady, did little either way and there
was little trading. Advances ranged
up 70 1892 of q point and losses
as much
Progress in the corporate section
was accompanied by light dealings.
Transfers of all bonds totaled $685.
$50. compared with $3,s72 800 on Sat-
urday, December l8. the last short
session before the holidays.
The Associated Press averages we're
uniformly higher, except for the low
yield group. which, like Govern
ments. was steady but quiet, with the
averages holding at Fridays close.
Several issues of Lehigh Valley Coal
eooh VIC udy , AOilOIS Ill 81 lar AS
actual advances counted, one loan
bounding up as much as 9 points and
two others advancing 2 to points.
1t was announced yesterday holders
had agreed to an extension of some
notes that matured on January /.
Curb Shares Higher.
Selected oils. mining and speciality
shares scored impressive advances in
the curb market and the majority of
active shares found enough support
to end comfortably higher.
Gains of to points were regis
tered by Creole Petroleum at q, United
Light & Power preferred, "a; Alumi-
mum Co.. 84l2, and Newmont Mining,
IS. Lesser advances we're posted for
American Cyanamid "B," American
Gas & Electric, Glen Alden, Fisk Rub
Der, Hudson Bay, International Petro-
leum and Electric Bond 4 Share.
Afew laggards dotted the list Gulf
Oil ended "a lower at 39s4 and Niagara
Hudson Power lost 70 at 81. Pioneer
Gold and Humble Oil were unchanged.