Evening star., 1939-02-12
Stocks Improve
to$1.
Al Week S End
Upturn Partially Loid
To Short Covering
For Long Holiday
BY FREDERICK GARDNER,
Associated Press Financial Writer,

ASsUCldtSu EIeSS cluduCl8l WIlteE.
NEW YORK, Feb. H. Stocks
shook off some of their indecision
in today's market and logged into
rally that lifted favorites fractions
to more than a point. There were a
few wider swings.
While dealings were a bit livelier
than in the preceding dead-end ses-
sion, they were still far from being
voluminous. Transfers for the two
hours totaled 322,070 shares, the
smallest turnover for any Saturday
since last August 20. The aggregate
a week ago amounted to 486,l60. The
weeks activity was the lowest since
September 10.
Small Gain Held.
The Associated Press average of
60 issues succeeded in retaining a
net advance of 04 of a point at SOB,
despite profit selling near the close.
On the week this composite was of
OIL of a point.
Brokerage quarters had no more
concrete reasons for the days come
back than for the recent slides.
In part, the recovery was attrib-
uted to short covering by traders who
wished to shelve commitments over
the lengthy holiday. The stock ex-
change will be closed Monday for
the commemoration of Lincoln's
birthday anniversary.
Wall Street also seemed trif1e
less apprehensive over foreign af-
fairs, and business indicators, in
cluding improvement in the steel
and motor fields and retail store
sectors. were thought to have in
spired some buying in pivotal shares.
Steels and Motors Up.
Steels, motors, rubbers and spe-
cialties accounted for the principal
days gains. Rails, utilities, coppers
and oils were able to achieve only
modest advances. Douglas Aircraft,
up around point, was the only
aviation stock to do much.
On the rising side for the short
shift were United States Steel. Beth
lehem, General Motors, Chrysler,
United States Rubber, Goodyear,
Westinghouse. Phillip Morris, Phelps
Dodge and Great Northern.
Ahead fractions to over point in
the curb were Lockheed, Bell Air
craft, Electric Bond g. Share and
Niagara Hudson Power. Brewster
Aero dipped a trifle. Turnover of
SO 900 shares was the smallest Sat-
urday since December 3, and COM
pared with $4,000 a week ago.
Securities at Amsterdam, only i'm
portant overseas market open today,
pointed higher. Sterling and the
French franc were unchanged on the
day. the former at $4685s and the
latter at 2.65a4 cents.
Utility Rally Halted.
Stocks got off to good start Mon
day with the utilities hitting new
highs since last September in re-
sponse to the announcement of the
deal between the Commonwealth &
Southern and the T. v. A. which
tCFlSCu llOpC Ill luldllCldl SIClCS VI
greater cooperation between gov
ernment and business. 1t was the
only day in the week when the turn
over topped 100000 shares.
The market fell back Tuesday
when the power shares failed to
follow through on their forward
stride.
Wednesday witnessed another up
ward reversal in the week of Cen
eral Motors 1888 earnings state
ment which, released after the pre-
vious days close, was bit better
than had been expected. The COM
pany, earlier in the week. had voted
a 75-cent dividend, which also was
more generous than some had looked
for.
A relapse was suffered Thursday
on extremely light trading, and the
list seesawed Friday.