Evening star., 1939-01-01
Stocks Close Year
With Fast Rally;
New Highs SET
Selected Rails, SteeIs
And SpeeioIties Leod
Upward Move
WHAT STOCKS DID.
BY FREDERICK GARDNER,
Associated Press Financial Writer,

Associated Press Financial Writer,
NEW YORK, Dec. 31.-The stock
market ushered out the old year to-
day with fast rally that lifted
selected rails, steels and specialties
fractions to point or so, number
to new highs for the past IL months.
Last-minute cash" tax selling
and considerable profit-taking was
overcome without difficulty, although
best prices were reduced at the
close.
Optimistic forecasts for 1899
helped to spur reinvestment de-
mand and the list generally pointed
upward from the start.
Activity in the first hour was
better than usual for session pre-
cedlng the New Year holiday and
the pace picked up further momen-
tum in the concluding period. At
the finish the ticker tape was a
minute behind.
853,l90 Traded.
Transfers in the brief proceedings
totaled 853,190 shares, the largest
volume for Saturday since Novem-
Der IL, and compared with 62l,11O a
week ago. In the last session of
1887, one Of five hours, the turnover
amounted to only 100000 shares.
The Associated Press average of
60 stocks was up 03 of point at
o3.2, and, for the week, showed a
net advance of 13 points. Tho
average for Is rails broke into new
high ground for 1888, but the in
dustrial and utility composites were
still somewhat under their years
best.
Carriers Helped.
Aiding the carriers were expecta-
tons relief legislation for the trans
portations systems would be intro
duced shortly after the opening of
Congress. Estimates of a lump of
II points in Pittsburgh steel mill
operations at the start of next week
with probability of further increases
before the end of the week, together
with a substantial expansion in
other districts, provided a prop for
SnaTeS IN this group
prominent on the days upsWinp
were N. Y. Central, Southern Pa
clflc. Chesapeake & Ohio. Delaware
d Hudson. Illinois Central, U. s
Steel. Bethlehem. Chrysler, Yellow
truck, U. S. Rubber. Douglas Air
craft. Consolidated Edison, Loew's
Continental Motors, Electric Boat
and Paramount.
Fractionally higher in the curb
were Electric Bond e. Share. Nj
agara Hudson Power, American Gas
q Electric and Fairchild Aviation
Lockheed and Cities Service Jagged
as much. Turnover of 1853 900 shares
compared with $4,000 week ago.
Bonds Also Improve.
The bond market ended the wear
on a rising note, with rails, utilities
and some industrial issues up frac-
tlons to around 3 points.
Stimulating the list were hopes
new business improvement might
be in store in 1899, but the rails
particularly were buoyed by prepa-
rations of concrete congressional
program to aid the carriers.
Moreover, traders reported an
apparent drying up of year-end
liquidation of securities. and this
cut into the supply and started bid
ding up of issues.
Z. S. Issues Gain.
Substantial buying was in evi-
dence in the Government list, and
Treasury issues ended 5-32 of a
point higher to 4-32 lower. .
Studebaker IS at 86 were up 3
Between l and 2 higher were Balti-
more & Ohio convertible 4l2s OF
go at 13. Nickel Plate 412s of '78 at
53E2. Allegheny SIS of '49 at 70 and
5s of so, stamped, at 38la. Ameri-
can & Foreign Power 5s at SIS, Amer
lean Water Works IS at 1O2, Utili-
ties Power & Light SIS at 81. and
Western Union IS of go at 61a4.
In the foreign dollar sector, Ital-
ian Is of 81 closed 11s higher at r.
and Milan 61as at 561a and Uruguay
6s of go at 43ls were up 7s each.
Transactions totaled s5,715,6
face value, the largest Saturday
since October % last, and compared
with $5,693 900 week ago.