Evening star., 1942-10-11
Rails and Blue Chips
Lead Lasf-minute
Upsurge in Stocks
Fuvorites Up Fractions
To s. or More; Many
At New Peaks
BY BERNARD S. O'HARA.

Asso ciated Press Financial Writer
NEW YORK, Oct. 10.-The stock
market today ended three recovery
weeks in a row with last-minute
buying in rails and blue chip in
dustrials, lifting favorites fractions
to more than 3 points, many to
peak levels for the year or longer.
The better brand of war news
continued as supporting influence,
as 1t did all week, and rails par
ticularly were buoyed by action of
the Senate in approving the Finance
Committees amendment permitting
corporations to buy in their own
bonds without tax penalties.
Kesitant at Start.
The list got off to hesitant start
and shuffled about unevenly on
profit cashing until near the close,
when short covering and new buying
became so insistent that many early
losers turned around and stepped in
the advancing column Some COM
mitments were lightened for the ex-
tended holiday. Major exchanges
will recess Monday for Columbus
Day.
The average rise and volume were
the best for any Saturday since jan
uary 3. While there were scattered
declines at the final gong, gamers
were we'll in the majority.
The Associated Press composite of
so stocks was up 4 of point at 40,
new peak for this barometer since
November 6, 194l. It's advance over
the past three weeks amounted to 3
full points. Transfers totaled 455,-
300 shares, against 445, ,920 last Sat-
urday. For the week the volume
was more than 100000 shares, in
Guiding million-share days Thurs
day and Friday. This was the larg-
est since the first week of 1912.
Junior Utilities Active.
Low-priced utilities. mostly un-
changed, helped swell the days deal
ings, but rails were about as lively.
New York Central, up z at IL, new
years high, actually was the fastest
sprinter of the session. Squirting
this stock was talk of nearby divi-
dend possibilities.
In the new high orbit were South
ern Pacific, Western Union, General
Electric and Chrysler. although the
laSt-named fell back to end at Fri
days final quotation.
Du Pont jumped 3A points and
advances of a point or so were re-
tained by Santa Fe, Great Northern,
Chesapeake & Ohio, United States
Steel, Bethlehem, American Tele-
phone, American Smelling, Ana
conda, Standard Oil of New Jersey,
Allied Chemical, International Har-
vester, j. l. Case, Omnibus Corp.
common and preferred and Westing-
house.
Oils were not especially unsettled
by Administrator Henderson's OBJ
jections to the proposed boost in
crude rates as a means of spurring
new discoveries and production.
On the offside were j. G. Penney.
Montgomery Ward, United Aircraft,
International Nickel and American
Can.
Rail Bonds Climb.
Washington reports of favorable
tax developments touched off an
other active buying movement in
rail loans, swelling total dealings in
the bond market to unusually large
figures for a, Saturday.
The Associated Press rail average
advanced 3 of point to 655, or L
of point short of the years high.
There was a buying scramble for
various obligations of New York
Central, Southern Pacific, Great
Northern, Northern Pacific, Rock Is
land, st. Paul and several other
ranking carriers. Gains ranged
from fractions to more than a point.
Moderate demand for industrial
and utility issues held prices steady.
Several foreign bonds registered
modest improvement and United
States Governments were steady.
Dealings totaled s7,132,000 COM
pared with last Saturdays $9,129,-
300,