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April 30, 1986-New York Times Obituary.... "Walter K. Gutman, a New York stock market analyst, writer, artist and avant-garde film maker, died of a stroke Sunday at his Manhattan apartment. He was 83 years old. Mr. Gutman was known for his witty, speculative and offbeat weekly market letters. His books included a compilation, ''The Gutman Letters'' (1969), and ''You Only Have to Get Rich Once'' (1961).He also backed, wrote, starred in, narrated or directed several underground films, including ''Clothed in Muscle: A Dance of the Body'' (1981) and ''The March on Paris 1914 - of Generaloberst Alexander von Kluck -and His Memory of Jessie Holladay'' (1976). During his years on Wall Street, he was a research chief, an economist and a newsletter writer at several brokerage firms. Mr. Gutman was born in Chicago and graduated from Bowdoin College. He studied at the Art Students League and became a contributor on art to magazines such as The Nation, The New Republic, Art in America, Creative Art and International Studio. He is survived by two daughters, Judith Freed of New Haven and Susannah Gallagher of Westport, Conn.; a son, Brook Gutman of Portland, Ore., and seven grandchildren."