Evening star., 1939-01-15
BY FREDERICK GARDNER,
Associated Press Financial Writer.


Associated Press Financial Writer.
NEW YORK, Jan. 1.-THE stock
market finished. the week with
rallying swing today that lifted
leaders fractions to around points
and few several notches more.
Virtually all departments partici-
pated in the comeback which, al
though relatively quiet, was highly
encouraging to brokerage quarters
which had witnessed an almost un-
interrupted decline since the turn
of the year.
The Associated Press average of
go stocks had its best day since De-
cember 20, pushing up g of point
to 513. On the week, though, the
composite suffered a net setback of
IL points, the largest weekly recess
sion since mid-November.
The ticker tape moved at a slow
Jog during the greater part of the
brief proceedings, but picked up a
little momentum near the close.
Transfers totaled 469,63O shares
against 2,910 last Saturday.
Brokers attributed the reversal in
direction partly to technical factors
connected with the lengthy retreat
and the belief of some speculative
forces that the market had been
"oyersold."
Curb on w. p. A. Hailed.
Wall Street spirits. IN addition,
seemed to have revived with the
successful opposition in the House of
Representatives to the Presidents
w. P. A. spending program. On top
OF this, lessening of war talk follow
ing the Anglo-Italian conference
brought in some buyers who had
feared Europe was on the brink of
another explosion.
American Telephone was idle until
the concluding few minutes, when it
ran up 3 points to l53, new 1888
peak. The company's preliminary
earnings for last year indicated $8.l4
share compared with SO 81 in 1887.
Others CONSPICUOUS on the forward
tilt were U. S. Steel, Bethlehem.
Youngstown. General Motors, Chrys-
Ter, Santa Fe, N. Y. Central, Great
Northern, U. S. Rubber, Montgomery
Ward, Douglas Aircraft, Sperry,
Consolidated Edison, North Ameri-
can. Anaconda, Kennecott. Westing-
house, Du Pont, Philip Morris and
Cluett Peabody.
Steels paid scant attention to fore
casts OF a small drop in next weeks
mill operations. The outlook for this
industry was thought to be favor
able after January. Motors made q
tardy response to an increase in
this weeks automobile output.
Aviations Again Rise.
Aviations again were taken in
hand as armament profits prospects
frightened. Expectations Congress
would pass relief legislation for the
railroads in the near future propped
carrier shares.
Electric Bond e. Share was a
strong performer in the curb, getting
up IA to 1l34. Others in the ad-
vancing column were American Gas.
Cities Service, Lockheed, Grumman
and Gulf OIL Sales of 1000 shares
compared with 10000 a week ago.
The stock list was shaky through
out most OF the week as the financial
sector evidenced its apprehension
over European affairs, flattening
out of the domestic business curve
and the spending battle which got
under way in Congress.
The Presidents defense message,
high spot of the weeks news, put
the Aircrafts and other war babies"
on the skids Thursday as some dis
appointment was shown over the
less than expected outlay proposed
1or military preparations. Further
consideration of the sum to be spent
Tor rearming, however, helped steady
stock prices later.