Evening star., 1939-04-16
By FREDERICK GARDNER,
Associated Press Financial Writer.


NEW YORK, April 15.-Wash-
ington tossed surprise peace pro-
posal in the lap of growing Eu-
rope today and financial markets
responded with one of the best raj.
lies since the post Munich advance.
Stocks shot up to around 4 points
and bonds exhibited strength in
virtually all departments following
announcement President Roosevelt
had dispatched pleas to Hitler and
Mussolini for cessation of war
threats and invasions for at least
10 years.
Rumors the President had mes
saged the dictators helped give the
share list quiet lift at the open
ing. Confirmation came with the
text of the notes midway of the
brief session and trading came
virtually to standstill while board
room customers crowded around the
news tickers to digest the words
of the Chief Executive.
Demand Increases.
That the new move of the ad-
ministration was generally viewed
as construction was reflected In q
subsequent pickup in buying demand
and further advance in quota
tions. There was no great rush
to the purchasing ranks, however,
as Wall Street inclined to await
the reactions of the totalitarian
chieftains. Most, though, felt that
peace conference was in the max
ing and that the offer of the Presi-
dent to act as an Intermediary pro-
vided highly optimistic potentiah-
ties.
Some profit-taking appeared Just
before the close and prices slipped
a shade under the best. The AS
sociated Press average of go stocks,
however, retained a net advance of
IA points at AT. It was the best
upturn since October S. On the
week, the composite was ahead 81
points, the largest recovery since
the week ended October /.
Despite exceptionally slow inter-
vals, transfers totaled $50 200 shares,
compared with 1.64O,570 last Satur-
day, when trading was the heaviest
for a short session since March 6,
and the average suffered a loss of
1.8 points.
Prominent in Upturn.
Prominent on the upswing were
U. S. Steel, Bethlehem. Chrysler,
General Motors, Westinghouse. Du
Pont, General Electric, U. S. Rubber,
Douglas Aircraft. Sears Roebuck,
International Harvester, American
Telephone, Santa Fe, N. Y. Central,
Texas Corp, Consolidated Edison,
Anaconda and American Smelling.
Higher by major fractions to
nearly 2 points in the curb were
Electric Bond e. Share, American
Gas & Electric, American Cyanamid
B" and Niagara Hudson Power.
Lockheed lost an early gain to fin
ish even. Turnover of IS. 900 shares,
compared with 265 900 week ago.
Few Bright Spots Seen.
News from the business world was
none too inspiring, but few bright
spots were to be seen. Helpful were
signs of improvement in automobile
sales during the first 10 days Of
ApAl.
Cheering also was the first quar-
ter figures of American Telephone
showing $2l2 a share, against SPOT
in the same period a year ago in
addition to sharp expansion in
telephone stations.
The Federal Reserve Board also
reported jump in department store
sales in the first week of April. Shut
downs in the bituminous coal field,
due to deadlock in negotiations of
new labor contracts, were a clouding
factor.
Stocks put on a brisk climb Mon
day which was attributed partly to
the belief of many the list had been
oversold in the preceding week.
Gold continued to flow to America
in huge quantities as frightened
capital sought refuge from a pos
sible war outbreak. Nervousness
over foreign affairs returned Tues
day and there was a slight dip. The
advance was resumed Wednesday
and Thursday, with a moderate set
hack annearinc Eridov