Evening star., 1940-04-21
Stock Market Rallies
Brisk|y at End Of
Gloomy Week
Fovorites Up Fractions
To More Than 81;
New Highs Set
what Stocks Did.
Sat: Fri;
Advances 37b 217
Unchanged -------------- 1ss 227
Total issues --------- e7s s35
Total issues ---------

BY FREDERICK GARDNER.
Associated Press Financial Writer.
NEW YORK, April 2G.-After
seven sessions in which no progress
was registered, the stock market to-
day ended a rather gloomy week
with brisk rally that put favorites
up fractions to more than 2 points.
Specialties, including shipbuild-
ing, wooden, sugar, paper and pack
ing issues, touched off the revival
in the first hour. Steels and avia-
tions then joined the procession
in active recoveries. New highs
for the year or longer were well
distributed, although top marks in
many cases were cut down by profit
taking at the close.
The upswing was attributed partly
to Paris dispatches telling of French
efforts to arrange a Mediterranean
entente with Italy, although doubts
later were expressed as to Just how
Rome might react to this move.
War News Confusing.
War news generally left Wall
opASSo 90 lAluNll COlll uOCu do CtSl
but hopes for the allies seemed to
have revived sufficiently to brighten
buying sentiment somewhat. In ad-
dition, business developments were
fairly encouraging and some short
covering and speculative purchasing
was based on belief the market
would end the stalemate on the
upside.
The Associated Press average of
go stocks was up 8 of point at
499, after being unchanged or lower
in the preceding seven sessions. On
the week the composite was of 4.
A month ago the barometer stood
at 49.5 and year ago at 442.
Volume expanded on the days up
swing to 720,660 shares, compared
with 495,370 a week ago. 1t was
the best Saturdays turnover since
November 4.
New 1910 tops were posted for
New York Shipbuilding, American
Hawaiian Steamship, international
Mercantile Marine, Electric Boat,
International Paper, American
"ooicii, hiAloul, WASOu I" W. dl&u
Zonite.
Prominent on the forward shift
were U. S. Steel, Bethlehem, Glenn
Martin, Douglas Aircraft, Lockheed,
American Airlines. Eastern Air
lines, American Sugar Refining,
South Porto Rico Sugar, Stude-
baker. Westinghouse and American
Telephone. Most motors, rails; oils
and coppers were up small amounts.
Helps to Spur Market.
The outlook for heavier allied
demand for ships, planes, meats and
other products as the overseas con-
f1ict widens was seen as stimu-
lating market influence. Helpful
also were indications next weeks
steel mill operations would advance,
continued high level of automo-
bile sales and an increase in depart
ment store spending over 1899.
Aluminium of America got up as
much as 4 in the curb. Lesser gain
ers were Bath Iron Works, Babcock
& Wilcox, Grumman Aircraft and
Phoenix Securities. The turnover
here was around 77,000 shares,
against 10000 last Saturday.
War stocks bounded up Monday,
but leaders Jagged and the net aver
age result was minor decline. Dis
turbing war rumors, later proved
unfounded, brought the sharpest
selling of the week on Tuesday,
with losses running to 3 or more
points. Prices steadied Wednesday,
but suffered another relapse Thurs
day, when aircrafts refused to re-
spond to the announcement of
huge" plane orders placed by the
British French mission. A late half
hearted recovery Friday reduced ex-
treme early losses but minus signs
predominated at the finish.