Evening star., 1939-02-19
Stocks Turn Up,
With Aircr'afts,
Stee|s in Lead
Fuvorites Post Gains
Ranging to Around
81 Per Share
BY FREDERICK GARDNER,
Associated Press Financial Writer.


NEW YORK, Feb. 1S.-Stocks
stepped out of the week today with
their heads up and acting as though
they wanted to 60 places.
Paced by steels and aircrafts, lead
ers posted gains running to around
points Top marks were reduced
appreciably by profit taking in the
final hour, but a last-minute push
enabled favorites to close at or
near the days best levels.
The Associated Press average of
60 issues was up 3 of a point at
507, and on the week showed net
Improvement of 4 of point. The
utility composite edged into new
high ground since September 16,
1887. Transfers for the two hours
totaled 409,11O shares, which, while
relatively small. at least beat the
turnover last Saturday of 322.07O
shares, lightest since August 20
year ago.
The days principal discussion in
the financial district centered main
ly on the comments of the Presi-
dent at yesterdays press conference
aboard the train on which he was
speeding to the Gulf Coast. While
Wall Street approved the Chief
Executives assertions that business
and industry should have no fear
of new taxes. further competition in
the power field, or spending beyond
budget needs, speculative forces were
| only mildly responsive with security
buying orders.
Europe Still Watched.
Brokers continued to attribute the
gu-slQw attitude of most traders
principally to fears of a clash be-
tween the so-called dictator nations
and democracies of Europe. follow
ing ending of the Spanish Civil War
Domestic business needs, at the
same time, was more optimistic than
otherwise and stock sellers, conse-
quently, were about as timid as buy
ers.
Helpful were indications the steel
mill operating rate would move up
next week and that most airplane
factories would soon be working at
capacity on armament contracts.
Propping sentiment also was pick
up in department store sales last
week and signs January earnings of
the railroads we're substantially
above those of a year ago New
passenger automobile registrations
in January were up considerably
over the like 1888 month.
There was an assortment of new
1889 highs in the brief session.
Among these were United Aircraft,
Sperry, New York City Omnibus,
Omnibus Corp. and Bayuk Cigars.
Take Prominent Part.
Prominent on the days upturn
were United States Steel, Bethlehem,
Youngstown, Douglas Aircraft, Boe-
ing. Glenn Martin, Chrysler, General
Motors. United States Rubber Con-
solidated Edison, General Electric
and Chesapeake & Ohio.
The majority of the rails, utilities.
oils, coppers, mail orders, oils and
rubbers were only ahead small
amounts.
Lockheed and Bell Aircraft were
boosted more than points each in
the curb. Fractionally to a point
or so ahead were Electric Bond g.
Share. Carrier, Fairchild Aviation,
United Gas and American Gas &
Electric Turnover of shares COM
pared with $1,000 a week ago.
Bonds and most commodities did
better. At Chicago wheat was up
Is to a of a cent a bushel. Corn
gained Is to y. Cotton was up 5
cents bale to as much down.
Sterling and the French franc were
shade higher in terms of the
dollar.
Slow dealings were the rule in
securities markets throughout the
week. Boardroom followers came
back from their lengthy holiday on
Tuesday without apparently having
made up their minds regarding mar
ket trends.
Stocks dipped slightly on Tuesday
and came back a bit Wednesday.
Thursday saw fairly good recov-
cry, but the list fluttered into ir-
regularly lower territory Friday.