Evening star., 1938-10-16
By FREDERICK GARDNER,

Associated Press flnanclal WrlueT
NEW YORK, Oct 15.-Utilities, air.
crafts and coppers ran away with the
stock market today and, despite slug
gishness of rails and other recent
leaders, enabled the list to finish the
week on rallying note.
Gains ran to 3 points or so in the
speediest Saturday session since July
2. Numerous favorites hit new highs
for the past year in the upswing and
the ticker tape was minutes behind
when buying was briskest.
Buoying recovery sentiment after
yesterdays slight drop were optimistic
estimates of industrial activity in
connection with a predicted huge ma
tional defense program which would
involve airplane makers. copper pro-
ducers and power companies.
Profit taking bit into many pivotal
stocks in the tail end of the proceed
ings and steels, motors, rubbers, mail
orders, farm implements and oils
ended with minor changes either way.
Average Up Slightly.
AAC &AoooSAotSo ASsso nFSAoSC Va w
issues was up 3 of point at 529, and,
Notwithstanding three small setbacks
on Monday, Tuesday and Friday, was
UP g of a point on the week. The
utility composite made the best show
ing with net advance of 2.5 points
during the 5-day period. Transfers of
1.468.810 shares compared with l,1l3,-
130 last Saturday.
Outstanding gamers for. the day in
cluded Consolidated Edison, Electric
Power & Light, Columbia Gas, Amer
lean Water Works. Douglas Aircraft,
United Aircraft. Sperry, Boeing, Glenn
Martin, Anaconda, Cerro de Pasco,
Phelps Dodge, Du Pont and Westing-
house
A heavy turnover in low-priced
stocks accounted for much OF the
volume
The days commodity trends were
mixed. Wheat at Chicago was un-
changed to up % of cent a bushel.
Corn was Is up to as much down and
cotton lost to 20 cents bale. For
eign currencies shifted only a shade
in either direction.
Curb Utilities Gain.
Demand for utilities also high
lighted the curb. Ending fractions to
2 or more higher were Electric Bond
IL Share, American Gas & Electric
Niagara Hudson Power and Cities
Service. Electric Bond g. Share pre-
ferred ran up 4. Volume of $4,000
shares was the best for any Saturday
since September, 1887. and compared
with $4,000 week ago.
The weeks news gist was all in fa-
vor of financial markets but, after an
almost perpendicular rise in stocks for
II days, speculative forces began to
think of technical correction" and
much cashing-in resulted. Despite
this, the market was up, on the whole,
for the fourth consecutive week.
Stimulating the long-lagging utili-
ties were signs OF a get-together move
between the power concerns and the
Government, with Electric Bond &
Share and Associated Gas announc-
ing they would file integration plans
with the S. E. c. under the Holding
Company Act.
Wage Controversy Watched.
The wage controversy kept the rails
in the background, although last week S
freight traffic stepped up contra sea-
sonally to peak for the year. Mo-
tors seemed bit tagged out as labor
fears continued in this field At the
same time the outlook for new car
sales was bright.
Steels had to contend with a fresh
wave of price cutting by independents
in the face of an expected upturn in
mill operations next week. Retail
spending improved as did electric pow
er consumption. Oils were under pres
sure as crude prices were again
clipped.