Evening star., 1947-04-20
Stocks Rally Sharply
|0n Reports Of Steel
Wage Agreement
BY Victor Eubonk
As,ocio.ed Press FlnoneIal Wriser

/ W VRtVs kuUuHN
Assoeiosed Press FinuneIol Wriser
NEW YORK. April 1s.-After
touching lows for the past six
months or longer, the stock market
today emerged from another losing
week with a broad and fast late
rally led by steels which reflected
reports United States Steel and the
union had reached an agreement.
Throughout the six sessions specu-
tlative and investment sentiment was
dimmed by labor situations which
included the telephone strike stale
mate and the threat of walkout by
Wall Street financial employees orig
finally scheduled for Monday but
which was postponed today. Doubts
Regarding taxes, labor legislation.
business and foreign complications
again served as bearish material.
Intermittent bidding. however. ap-
peared on the idea the list was over
sold and due for a technical revival.
Western Union Pact Helps.
The Western Union wage pact was
helpful in the final session although
the stock did nothing until the rally
in the final half hour when 1t bulged
with the rest.
Gains of fractions to around B
points were well in the majority at
the close. Transfers for the two
hours of $4,000 shares compared
with $4,000 a week ago and were
the largest for a two-hour stretch
since March 8. The weeks aggre-
gate of e,966,48 shares, against A.
663,910 in the preceding period, was
a top since the week concluded Feb
ruary 8.
The Associated Press 60-stock
composite was up 6 of point at
61.3 but on the, week was down Ia
points. 1t was the third successive
weekly decline. The days upturn
was the widest for Saturday since
last December 7. 1t was also ths
broadest short market since March
8. OF 854 issues registering, 444 rose
and 239 fell.
Among the days gamers were
United States Steel, up 27s at SITS:
youngstown sheet "a at 623s, Beth
lehem 1ss at 84as. Chrysler 2h at
SO. General Motors Ia at 56h,
Southern Railway 19s at IS, Ameri-
can Wooden ia at 3os4, Goodrich
2A at 56A and Western Union "a"
l at 10.
Others in front included Good
year, U. S. Rubber, Montgomery
Ward. Sears Roebuck, international
Harvester, American Telephone,
Anaconda, Kennecott, Allied Chemi-
cal, Johns-Manville, Schenley,
Southern Pacific and Union Pacific.
Bonds improved selectively.
Improve on Curb Market.
Ahead In the curb were Cities
Service, Middle West Corp, Electric
Bond N Share, American Gas and
Pantepec. Turnover here was 15o,-
600 shares versus 100000 last Sat-
urday.
The Big Board fell out of bed
Monday, touching a low since No
vember % on volume of 1900, 900
shares, largest since December Q,
with ILL issues appearing, a new
record. Losses of l to points were
numerous. The ticker tape, for .
brief interval, was late although the
delay was on recovery move which
failed to follow through. The aver
age drop of 1.8 points was ths
seEerest since March 7. Labor riffs
and the cloudy economic picture
received the principal blame for the
stumble.
Liquidation relaxed Tuesday with
ACTIVITY tapering to 1,450,000 shares
and the 60-stock index off only i
of point. Bidding was based main
ly on the hope of a technical re-
bound. A Stock Exchange seat sold
for s53 900, off $1,000 from a sale the
day before. 1t was low since
April IL, 1945.
Further buying came In Wednes-
day and the market had It's best
upturn since March n with dealings
dwindling to 100000 shares. There
was an average slip Thursday on
760, 1000 shares with Monsanto Chem
ical weak following the company,s
loss in the Texas City disaster.
Douglas Aircraft also softened on
the concerns cloudy earnings out
look.
Additional selling toppled pivotal
issues Friday on 100000 shares. The
overall average was off 6 of q
point at the lowest level since last
October 20. The proceedings were
slow-going until the beginning Of
the fourth hour when offerings be-
came urgent. The Westinghouse
Electric wage settlement was virtu-
ally ignored. Rejection by the auto
mobile union of General Motors
pay proposal helped depress prices.
Calling of the Wall Street strike also
prompted trimming of accounts,