Evening star., 1939-04-02
Stock Leaders Close
With Gains Ranging
To 81 or More
Heavy Selling and
RoIlies Alternate
In Confusing Day
what Stocks Did.
sst Fytd
Declines ----2 247 8Q2
Unclaimed -----1 1S4 IS
Total issue. - sss ee7
BY FREDERICK GARDNER,
Asaociate ted Preaa Einancial Writer

BY FREDERICK GARDNER,
Associated Press Financial Writer.
NEW YORK, April lin the
speediest and jumpiest Saturday
session for more than a year, the
stock market today overrode heavy
selling to close with recoveries of !
to more than points.
With Europe still the greatest
question mark on the financial hori-
zon. brokers attributed the come
back largely to the reinstatement
Of trading positions on the theory
the sharp relapses Of the preceding
two days may have been overdone
and that technical" recovery was
due, no matter what transpired
overseas.
Dealings, going at a racing gait
during most of the brief proceed
ings, slowed down near the finish as
board rooms tuned in on the Hitler
speech which had been expected to
answer the defy of Prime Minister
Chamberlain and give the signal for
peace or war on the continent. The
broadcast was cut of just as the
Fuehrer started to speak at WILL
helmshaven and the market closed
before the text of the address was
received
Prices Soar at Start.
Prices pushed up rapidly at the
start with the ticker tape late dur
ing almost the entire first hour. It
was a churning performance, how
ever, with rallies and declines sue
ceeding each other with confusing
frequency. Bidding was stepped up
Just before the sound of the gong
and flnal quotations were around
the best Of the day A number of
issues, though, ended behind minus
signs.
The turnover OF 1858 .430 shares
was the largest for a two-hour day
since October %, 1887. 1t COM
pared with 439270 week ago. The
Associated Press average Of 80
stocks was up 0.6 of point at 458,
but on the week this composite
showed a net loss of 3.3 points.
Prominent on the upward reversal
were U. S. Steel, Bethlehem, General
Motors, Chrysler, Douglas Aircraft,
Sperry, U. s. Rubber. Montgomery
Ward. Sears Roebuck, American
Telephone, Consolidated Edison. An
aconda, American Smelling, Du Pont,
Johns Evansville, Philip Morris.
Santa Fe. N. Y. Central, Great
Northern and General Electric.
Allied Chemical dropped points
at 160 and Dow Chemical was of
5as at 1885,. Lesser declines were
recorded for Eastman Kodak, U. s.
Gypsum, J. I. Case, Westinghouse
and American Can.
Advance on Curb.
In the curb market advances run
ming to over point were made by
American Gas g. Electric, Electric
Bond g. Share. Lockheed, Gulf and
Niagara Hudson. Of as much were
American Syanamid b" and Grum-
man. Turnover OF 243,000 was the
best for any short session since last
October Is and compared with 70 900
a week ago.
Helping the market were reports
received by financial houses with
foreign connections that the Anglo
French entente may have succeeded
In cooling down the axis ardor of
Mussolini by convincing him italy
stood to gain more by going along
with the democracies than by main
tanning an intransigeant attitude.
On the week the market suffered
one Of its worst setbacks of the year.
The somewhat more pessimistic feel
ing about foreign affairs put shares
down Monday and Tuesday but the
real break came Friday when fright
ened traders dumped stocks over
board after British Chieftain Cham
berlain announced his country and
France would fight to preserve Polish
independence.