Evening star., 1937-08-01
STOCKS EDGE UP,
WITH STEELSA AND
MOTORS IN LEAD
Selected Issues Advance
Fractions to SO or More
at Weeks Close.
MOST LEADERS KEEP
BEST LEVELS OF DAY
Rally Started by Auto Section
Following News of Increase
in Ford Prices.
WHAT STOCKS DID.
BY FREDERICK GARDNER,
Associated Press Financial Writer.

Associated Press Financial Writer
NEW YORK, July 3l,-Buyers put
their shoulders to the motors and
steels in today's Anal July market and
selected issues were pushed up frac-
tions to or more points.
Although dealings were compare
lively slow from the start. the steady
boosting Of bids for the leaders enabled
the ajority to close at the best levels
of the day.
The rally was touched off by the
automotive group following announce
ment Ford had jumped prices OF his
cars. This was interpreted as paving
the way for the other principal manu-
facturers to hoist charges as a means
Of offsetting expanding costs OF la
Dor and materials.
Steels were not slow in stepping
into line as early estimates Of next
weeks mill operations indicated pro-
duction would hold at least even
with the current week II 1t did not
show gain.
In the van also were farm imple-
ments, aviations. a few utilities and
rails and an assortment OF specialties.
Most OF these responded to the appar-
emily better outlook for business gen.
orally over the next several months
Congress Watched.
Among other aids to sentiment was
the agreement for quick congress
sional vote on the wage hour bill with
the likelihood other measures would
be shelved or passed soon and ad-
journment taken by the middle OF
August.
That prices Of stocks today exceed
ed the trading pace WAS shown by
the turnover Of 3s9, 500 shares, com
pared with SOS, 100 last Saturday. The
Associated Press average Of so issues
was up 6 Of point at 6s5.
Principal share gamers included
United States Steel at 1887, Bethle-
hem. 98ss: Chrysler. lleIs; General
Motors, 56: Republic Steel, oss.:
Sloss- Sheffield, 1914 Westinghouse,
1881; Boeing, 3eis: Anaconda, So;
American Rolling Mill, 3sa.: Pacific
Gas, 80; Consolidated Edison, $685..
Santa Fe. 81; U. S. Rubber, 594;
Douglas Aircraft. 58s.; J. I. Case,
1874: Deere, 1884,. vanadium. 81:
Southern Pacific. 481.: Standard Oil
of N. j., 10; Texas Corp, 64ls and
Continental OIL, 487s.
U. S. Bonds Steady to Firm.
After early declines. utilities and
second-grade rails rallied to score
fractional gains in q quiet bond mar
ket Federal loans were steady to 4
little higher.
The short session closed a month
which was marked by the lowest
volume since November. 1882 Today,
total turnover in all bonds was
$2,7l2,l00, face value, compared with
s2,732,50 last Saturday
Utility liens had firm footing. The
Associated Press averages for 10 such
issues was up i of point to 9sl.
In the carrier division fractional
gains were in the majority. The
| averages for 20 rails showed an ad-
vance Of 2 Of point to 9l.9. A like
increase was recorded in the industrial
averages which stood at 1881.
Curb Drifts Quietly.
The curb market drifted quietly
with utilities and oils coming to the
front for minor fractional gains.
American Gas g. Electric improved
a to 36A and Arkansas Natural Gas
"A" ended at rs, up Il. Niagara
Hudson Power was unchanged at
14A while Electric Bond & Share
advanced a minor fraction to 207s.
In the oil group Humble gained "a
to 80 and Sunray finished at Al, up
Il. International Petroleum and I'M
perial OIL kept level.
Volume totaled $1,000 shares COM
pared with transfers of 10000 shares
last Saturday.