Evening star., 1940-04-07
Stocks Advance
Fractions 70 7
Points or More
Demand for Steel
ShipbuiIding Issues
Starts RoIIy
BY FREDERICK GARDNER,

SsrAukeu EIeoB luAuCASi "AAt0t'
NEW YORK, April 6. Buying
in shipbuilding and steel stocks
touched off another rallying push in
today's market that put favorites
up fractions to more than points
and enabled the list to finish it's
best week since the latter part of
october.
Recovery from. yesterdays profit
taking setback appeared at the
opening, but prices hit their top
marks in the final hour when new
highs for the year or longer were
posted for a number of issues
While the upturn was selective-
gains in rails, utilities, oils, rubbers,
coppers and mail orders were rela-
lively small - Wall Street inter-
preted it. as confirmation of recent
signs that business was preparing to
get back on the forward swing In
addition, the financial sector MAIN
tained its optimism regarding the
national political outlook.
Activity Picks Up.
Activity picked up as the brief
session drew to a close, with trans
fers totalling 710,470 shares, largest
Saturday turnover since Novem-
Der T. 1t compared with 57l $50
week ago. For the six days 7.269,-
500 shares changed hands against
4,837,558 in the preceding week,
making it the liveliest period since
the week ended September 80.
The Associated Press average of
60 stocks was up 3 of a point at
81 4, a net gain for the week of /
points, or the best advance for this
composite since the week of October
81. A month ago the average stood
at SOL and year ago at 416.
Growing demand for ships of all
kinds, due principally to the
European war, brought forecasts of
big earnings for the boat builders
and spurred bidding for the stocks.
which, lately, have not been doing
much.
Most cheering to recovery pro-
ponents was the convalescence of
the steelS. The reason suggested
here was that broadening domestic
orders for the metal. combined with
heavy foreign purchasing, should
| bring brisk upward reversal in mill
operations in the near future At
the same time, next weeks produc-
ton was expected to show little
change. Reports Of brisk automo-
tive sales aided the motors.
STANDARD Brands Soorc
Low priced shares accounted for
much of the days activity. Among
these with modest gains were
Standard Brands. WHY'S Overland
and Studehaker. The first was the
days fastest mover, ending at new
1910 peak.
Prominent on the days bulge were
N. Y. Shipbuilding, Electric Boat,
International Mercantile Marine,
American Shipbuilding. Celanese,
Loft, U. S. Steel. Bethlehem, Younss-
town Sheet, Douglas Aircraft. Wright
| Aeronautical, Chrysler and General
Motors.
Bonds emulated stocks, but COM
modities were mixed. Hide, cocoa
and rubber futures turned up, but
wheat at Chicago lost 1s4 to ~
cents a bushel and corn was down
Is to u. Cotton was unchanged to
off 20 cents bale. Amsterdam,
only important overseas market
open, was irregular.
Tilting fractions to points higher
in the curb were Aluminium of
America, Bell Aircraft, Udylite Corp,
Jones & Laughlin and Heyden
Chemical.
On the "big board" air transport
stocks were given a brisk runup
Monday and Tuesday, while leaders
Jagged. The sharpest rally since the
war boom last autumn developed
Wednesday. Financial opinion was
divided as to whether results of the
Wisconsin primary brought the re-
bound or whether speculation re-
vived on the idea business and in
dustry were about to resume their
climb.
The move continued Thursday
when nearly 100000 shares were
traded, but profit selling was a
handicap. There was more cashing
in Friday and prices finished slightly
on the losing side.