Evening star. [volume] (Washington, D.C.) 1854-1972, 1942-11-01
NSe"A ASSoSS '''' ~
BY BERNARD S. O'HARA,

BY BERNARD >. O'HAkA,
Associated Press Financial Writer.
NEW YORK, Oct 31.-The stock
market today emerged from its big
gest recovery month since July, 1941,
with steels, rails and specialties lead
ing an extension of the advance.
A more hopeful war picture in
the Solomons inspired some bidding
brokers said. Earnings and dividend
prospects lifted demand for selected
stocks The recent reluctance of
shareholders to unload, even in the
face of bearish news, helped stimu-
late buying sentiment.
Prices were up from the start.
Dealings picked up in the final hour
and the majority of favorites ended
around the days best levels.
The Associated Press average of so
stocks was up 2 of a point at 40.
but the week showed a net decline
of L. For October the composite was
up % points. Transfers totaled
350210 shares against 900, l80 a week
ago. The months volume of IS
932, 598 shares was the largest since
last December.
Steels Attract Buyers.
Revision of profits estimates for
the principal steel producers re-
vived interest in issues in this group.
Rails responded to the best COM
bined net income figures since 1890
for the latest three quarters. Air
transports. while not so lively as
Friday, added point or more as the
outlook for the all-cargo plane pro-
gram impoved.
Touching new highs for the year
were Crucible common and pre-
ferred, Pennsylvania Railroad,
Northern Pacific, Consolidated Edi-
son and Phillips Petroleum. In
front were United States Steel,
Bethlehem, Santa Fe. New York
Central, American Telephone, North
American, Anaconda. Sears Roe
buck, Eastman Kodak. Westing-
house, Standard Oil New Jersey,
Pullman, Eastern Air Lines and
American Airlines.
A little disappointment over
Chrysler's nine months statement
put this stock down "a while Cen
eral Motors eased 70. Du Pont
slipped, along with Sperry; United
Aircraft, Kennecott and j. C. Pen
ney.
Rail Bonds Climb.
Rail loans in the bond market
finished the month with rise
which lifted the Associated Press
rail average 2 of a point to 661.
This dulicated the high composite
figure for the year established
week ago. after which rail prices
reacted fractionally.
There was heavy turnover in
the carriers, notably the Missouri
Pacifcs, st. Pauls and other reor-
ganization issues. Final prices for
these and many more rails were up
fractions to point or more. Buy
ing interest was more selective in
the utility and industrial groups.
Most United States Governments
were unchanged.
Transactions totaled Sc, 551 300
face value against $5,46l 800 the
previous Saturday.
Improve In Curb.
Gamers in a fairly firm curb in
Guided American Gas, Electric Bond
& Share. American Cyanamid CD,
E. w. Bliss, Niagara Hudson Power
and United Light The turnover
here amounted to So 800 shares ver-
sus 69,410 last Saturday.
The big board, on balance, regis
tered its highest mark since Novem-
Der on Monday Speculative and
investment demand for pivotal stocks
as result of more optimistic in
depreciation of the new tax law
was a factor in the rise.
The sharpest stumble Of the week
occurred Tuesday and was blamed
mainly on growing apprehension
over the Southwest Pacific war out
look. Reactionary tendencies per-
sisted Wednesday and stalemate
developed Thursday. Bethlehem
Steel dividend and earnings boil
stored trends Friday,