Evening star., 1948-04-11
Stock Leaders Rally
SelectiveIy on News
OF Coal Peace Steps
By Victor Eubonk
A..eeis,.d Pres, Einaneial Writer

NEW YORK, April 1o.-Word
from Washington that the coal
mine walkout might be quickly
settled brought last-minute rally
In the stock market today and
enabled the average to hit q new
high since last October.
Steels led the late revival, which
was notably selective. While early
losses were converted into modest
advances at the close, the minus
column remained widely populated.
Rails did better on balance, touching
another new 19-months' top.
Buying throughout the week was
predicated chiefly on infistionary
implications Of big rearmament
spending, European relief and tax
cuts.
Profit Cashing Heavy.
Profit cashing, mainly by profess
sionals, appeared in concluding
sessions on the idea the lengthy
drive called for a sizable technical
correction. Restraints also were
seen in labor disputes and inter-
national situations.
Caution was accentuated today
by the South American revolt and
Its possible repercussions on other
countries.
Dealings picked up at intervals in
the short session, with volume of
$4,000 shares the second largest for
Saturday this year. 1t compared
with 100000 q week ago. For the
six days the aggregate was 6,472, ,920
shares against 6,650,896 the week
before which was the best for any
period since mid-December.
The Associated Press 60-stock
composite was up i OF a point at
66.1, high since october %, and
for the week showed a net advance
Of 8 Of q point. It was the 10th
straight session without dip. The
rail index was at its highest mark
since August 80, 1916. OF IT'S issues
registering, 286 rose and 267 fell.
Rise Point or More.
Ahead q point or so on the day
were Youngstown Sheet at 77A,
Union Carbide 109A and Pepsi
Cola 18. Fractional gains were re-
tained by United States Steel,
Bethlehem Steel, Republic Steel,
General Motors, Chrysler, Boeing,
American Telephone, New York
Central, Northern Pacific, Chesa-
peake &5 Ohio, Illinois Central,
Anaconda, American Woolen, Gulf
Oil and Pacific Western Oil:
On the offside were Goodyear,
Goodrich, United States Rubber,
Montgomery Ward, j. I. Case,
Deere, Douglas Aircraft, Western
Union, General Electric, Du Pont,
Union Pacific and Great Northern
Railway.
Bonds were narrow except for
Colombian issues which weakened
In the face Of the Bogota eruption
Forward movers In the days
curb included American Republics,
Brown Forman Distillers, Colon
Development and Electric Bond e.
Share. International Petroleum
slipped along with Kirby Petroleum
and Pantepec. Turnover here was
10000 shares versus 100000 last
Saturday.
Rails at New High.
This Big Board continued It's
comeback Monday on 100000
shares, lowest 5-hour total of the
week. The railway average estab-
nshed its high since 1916 and con-
tinued to record new peaks in every
subsequent session.
The climb was resumed Tuesday
on 100000 shares. Oils exhibited
strength on forecasts of sharply ex-
panding income for this industry
Mild irregularity developed Wednes-
day on 100000 shares with the
overall average unchanged. East
ern carriers had the benefit of a
petition for boosted passenger fares.
Gamers persisted Thursday al
though exceptions were plentiful.
Activity tapered to 1850, 900 shares.
Airlines were more or less indiffer-
ent despite an aviation mail rate
increase.
The list equalled its 1948 high
Friday on 100000 shares, maxi
mum for the week. 1t was the
fifteenth session in three weeks with
volume over the million-mark not
withstanding continuance Of the
Wall Street strike and heavy picket