Evening star., 1939-02-26
BY FREDERICK GARDNER,

Associated Press Financial Writer.
NEW YORK, Feb. 25.-Heavy
overnight buying orders in the stock
market, apparently inspired by an
other Government-busine peace
gesture by Secretary of Commerce
Hopkins in his Des Moines speech,
brought an upward sprint in todays
early prices of l to more than 2
points.
Profit-taking quickly stemmed the
rising tide, however. and, despite
late support for steels and motors,
closing quotations were we'll under
their best for the day.
In the opening purchasing burst
blocks of 1000 to 5000 shares
changed hands with the ticker tape,
for the first time in a month. falling
a minute behind floor transactions.
The pace slowed subsequently,, but
transfers of 783,600 shares compared
with 4O9,l10 week ago and were
the largest for any Saturday of the
year to date.
The Associated Press average of
60 stocks was up a of a point at
5l.2, with the utility composite again
edging into new high territory since
September, 1887 On the week the
average for go issues was ahead 5
of point.
New Evidence Awaited.
The fact the market lost some of
its rising stamina before the finish
Of the short session was thought to
have reflected partly the probability
the Hopkins address last night may
have been discounted to some ex-
tent in Fridays upswing which, on
average, amounted to IL points, the
widest advance since November 9,
last.
In addition, Wall Street seeming
ly inclined to keep its buying powder
dry pending more concrete evidence
the administration would follow
through on the announced Hopkins
program for greater Government
cooperation with industry.
Word of the Presidents letters to
A. F. of L. and c. I. o. chieftains,
asking for a labor truce as an aid to
recovery, did not come until after
the close.
Among leading stocks ahead in
the tWo-hour proceedings were
United States Steel, Bethlehem,
General Motors. Chrysler, North
American. Detroit Edison, United
States Rubber, Anaconda, American
Can, Santa Fe. Great Northern, AL
lied Chemical. Philip Morris and
United States Gypsum.
Recently buoyant aircrafts took a
rest on the declining side. Of as
much as a point or SO were Douglas,
United Aircraft, Glenn Martin,
Sperry and Boeing.
Advance on Curb.
Gulf and Niles Pond
added a point or more in the curb
and fractional upturns were posted
by Electric Bond e. Share, Ameri-
can Cyanamid b" and Cities Serv-
ice Lockheed tumbled 23s and Bell
was the largest short session in
nearly two months and compared
with $4,000 a week ago.
The days news quota was fairly
encouraging. Steel operations next
week were expected to at least main
tain the present rate and gradual
expansion was looked for in COM
ing months. President Knudsen of
General Motors sounded a hopeful
note in his comments on prospects
for mounting motor sales. Propping
the rails were figures of the first
18 reporting roads disclosing jan
uary net operating income was up
923 per cent over the same 1898
month.
The stock market experienced its
worst day of the week on Monday
with light selling, attributed mainly
to a renewal of foreign worries,
dropping leaders substantially.
There was a general price stale
mate Tuesday and Thursday after
the Washington's Birthday holiday,
but tension over European affairs
appeared to have lessened appre-
ciably.
Fridays brisk runup was cred
tied to optimistic anticipation of
what Secretary Hopkins would say
on top of Secretary Morgenthau's
disclosure no heavier taxes were con-
templated this year and the Presi-
dents previous friendly nod to busi-