Evening star., 1939-11-19
Stocks Improve
Fractions in
Dull Market
IndustriuIs Favored,
Earnings Gain and
Dividends Help
By FREDERICK GARDNER,

Dy ~LAA~DAFA~S
Associated Press Financial Writer.
NEW YORK. Nov. 18.-The stock
market today stepped out of an
apathetic week on the recovery side.
With attendance exceptionally
sparse in board rooms, bidding even
for favorites was light throughout
and improvement at the close OF the
brief proceedings ran mainly to
fractions.
Such buying as occurred was
centered on industrials and was at
tributed principally to the optimistic
flow of earnings and dividends and
prospects for further gains in in
dividual business lines.
Many traders, however. continued
to stand aside because of opinions
expressed here and there that the
economic upswing might come a
cropper in the next quarter when
inventories attain larger dimensions
than at present.
The European war again was
minor influence marketwise, with
disappointment evidenced by a few
observers that purchasing from
abroad had not reached the proper
tions forecast earlier.
Uncertain at Start.
The list started out with indefinite
trends, but firmed up somewhat in
the final hour. The ticker tape fire.
quently was silent and transfers
amounted to 276 $50 shares. smallest
for any session since October a.
The volume compared with 1923 $40
two weeks ago The exchange was
closed on the preceding Saturday
for Armistice Day
The Associated Press average of 60
issues managed to emerge with a
gain of i of point at 52.l, retriev-
ing the L loss OF yesterday For the
week this composite was up 6 of a
point, its first net advance after
three consecutive weeks declines.
Of the 572 issues changing hands to-
day. 236 were up, 1853 down and l73
unchanged
Steels were helped by indications
mill operators next week would be
at or near the recent record peak.
In addition consumption of iron and
steel scrap in October was placed
at nearly 1000 600 gross tons, COM
pared with around 1890 900 in the
same 1898 month.
Motors had the benefit. of re-
newed hopes TIE 43-day-old Chrysler
labor stalemate would be broken
over the week end. Rails did little
either way, although October traffic
revenues were believed to have
touched the highest mark for this
month in a number of years.
Aircrafts Go Higher.
Most aircrafts ended shade
higher, but they were far from
buoyant notwithstanding announce
ments of new foreign and domestic
orders for planes and engines. The
question of financing expansion
needs for the aviation industry was
still considered barrier here.
Modest gains were retained by
shares of Chrysler, General Motors
U. S. Steel, Bethlehem. Sears Roe
buck. Montgomery Ward. United
| Aircraft, Sperry, North American
Aviation, American & Foreign Power
preferreds, General Electric, Allied
Chemical, Container Corp, Bruns-
Observation-Disclosures, Southern Pa
cific and Great Northern.
OF shade were American Tele-
phone. Santa Fe. Western Union,
International Harvester and Bayuk
Cigar.
Higher by as much as a point in
the curb were Electric Bond g.
Share, Lockheed and Niagara Hud-
son Power. Lake Shore and Carrier
Corp. slipped a bit lower. Turnover
of $4,000 shares compared with
303, 900 two weeks ago.