Evening star., 1940-11-10
BY FREDERICK GARDNER,
Associated Press Financial Writer.

NEW YORK, Nov. 9-Steels and
coppers today led the stock market
in the best Saturday rally since
September last year, with favorites
pushing up to points at new highs
for 1910 in a number of instances.
The bulge came as a surprise to
brokerage quarters inasmuch as
weekend evening-up operations
have been the rule for months past.
For a short session dealings also
were the fastest since last May, the
ticker tape falling behind as much
as three minutes for a while.
Wall Street diagnosticians attrib-
uted the runup partly to a revival
of hopes for continuance of the broad
business upswing as Government de-
fense spending reaches historical
heights, the growing feeling that
mounting earnings may more than
offset taxes. and lessening of fears
regarding outcome of the European
war.
The list started out with moderate
advances. then bidding became really
urgent when it was realized offerings
were scarce. Prices were at their
peak in the last half of the final
hour A little profit taking shaded
quotations somewhat at the finish.
Average Up Slightly.
The Associated Press average of so
stocks was up 5 of a point at ass
and on the week showed a net gain
of T. A month ago the composite
stood at A and year ago at Sis.
Transfers amounted to 1.099 200
shares a top two-hour volume since
May 18. when stocks were thrown
overheard in the wake of Germany's
march on France Last Saturdays
total was 466860 shares. On the week
some 100000, shares changed hands
compared with around 1000. 900 the
week before
Issues hitting new 1910 tops in
cluded United States Steel, Bethle-
hem and Crucible Steel Other
prominent climbers were Youngs-
town Sheet. Anaconda. Kennecott,
American Smelling, Phelps Dodge,
General Motors, Chrysler. Douglas
Aircraft, United Aircraft, New York
Shipbuilding. Electric Boat and
American Hawaiian Steamship.
Utilities. rubbers, rails, oils and
merchandising generally restricted
advances to fractions.
Steel Gains Foremost.
Forecasts of near-record capacity
production next week for the steel
industry as a whole, estimates Oc-
tober automotive output touched
a new high mark for this month,
signs of heavy demand for nom
ferrous metals, and highly cheer
ing prospects for shipbuilders as
war rapidly cuts present ocean
tonnage, served to stimulate bull
iShneSs
Aluminium of America shot up 6
points in the curb. Lesser gamers
were Bath Iron Works. Bell Air
craft. Gulf Oil, Humble Oil. Electric
Bond & Share and Colts Patent
Fire Arms Sales here approx
mated $4,000 shares versus 10000
last Saturday.
The big board" began the week
with a mild average advance. Mar
kets were closed Tuesday for cleo
ton and enough disappointed Will
kie supporters dumped stocks
Wednesday to give the list its worst
beating since May 81.
The biggest upward reversal since
September. 1899, developed Thurs
day on what analysts terms in
fiation psychology inspired by
Treasury Secretary Morgenthau S
announcement he would ask Con-
gresS to boost the national debt
limit from S45 900 900 900 to S60000,-
900 900 or SOS, 900 900 900. Activity in
this session topped 100000 shares
for the first time since May %.
Profits were cashed on Friday
and leaders backed away. Some
traders lightened commitments for
the lengthy week end-flnancial
markets will be closed Monday for
Armistice Day-but many of these
got back in today.