Evening star., 1938-07-02
STOCKS ADVANCE
81 TO 81 IN HEAVY
TRADING SESSION
Large Lots of Steel, Motor,
Oil, Copper, Aviation
Change Hands.
CHRYSLER HITS 1888
PEAK, REACHING $67
Cotton Reaches 50 a Bale in Active
Buying-Commodity Market
Is Closed.
Ey the Associated Press.

Ey the Associated Press.
NEW YORK. July 2.-IgnorinR Va.
cation lures, buyers swarmed into
Wall street today and bid many stocks
up 81 to around 81 to the highest
prices of the midyear bull market.
Despite the temptation to tighten
speculative accounts and take-off for
seashore and mountain for the long
week end over the Fourth OF July,
trading kept up the fast pace of re-
cent sessions.
1t was one of the busiest Saturday
sessions on the stock exchange in
recent years. Big lots of steel. motor,
oil, copper. aviation and other indus
trial shares changed hands around
the trading posts in the rush Of be-
lated buyers to get in on the bull
movement.
Reports industry was showing broad
ening signs Of improvement since the
market suddenly cast of gloom and
inertia two weeks ago seemed to bring
in new orders from all parts OF the
country.
Chrysler Hits New Peak.
Motor stocks. were taken out of the
market in sizable blocks. Chrysler at
one time was up more than $4 to
around s67, new 1888 peak. Reports
from Detroit said automobile sales, es-
rocio11v hinhnr-nrinaI LoI
up since the rising stock market began
to work like magic in changing senti-
ment in financial circles.
The big gains of the last two weeks
were stretched for such shares as
United States Steel, General Motors,
Standard Oil of New Jersey, American
Telephone, Union Carbide, WeSting-
house and American Can. The last
two crossed 500 to the cheers of
brokers and boardroom followers who
in mid-June were languishing amid the
smallest security market dealing since
the early postwar dull periods.
General Motors Up $50.
General Motors finished at $50. rs,
up $3.50: United STATES Steelssie 50,
up 1852: Bethlehem $50. ups 1Sl2;
Anaconda Copper $3.50. up gsl.50;
Kennecott Copper $4l.5O. up $3.50;
Union Carbide $sl.25, up sl.s7: Doug
las Aircraft $5012. up s1.25, and
Westinghouse Electric $l00.7s, up
SIPS.
Another increase of IS cents a ton
In the price Of steel scrap. extending
the gain on the upturn to about $3.50
a ton, helped focus attention on the
steel industry on the possibility the
rise in scrap might forecast expansion
in mill operations after the Fourth of
July holiday
Most commodity markets which saw
big buying earlier in the week as de-
mand for industrial raw materials
broadened out in expectation Of ex-
pansion in manufacturing operations,
were closed for the summer Saturday
holiday.
Cotton Reaches 81 a Bale.
In the cotton market, however. the
buying continued, lifting the STABLE
IS to IS cents bale for a two-dav
advance of nearly 50 a bale. All op-
tions in the futures market here
traded above cents a pound. mark
ing a recovery of about IL cents a
pound from the spring low.
Giving impetus to demand for raw
cotton were accounts of the most
active business in cotton cloths since
March. 1887. and belief mills soon
would have to raise output to fill orders
accumulating on their books.
Recovery IN bonds, running hand
in-hand with the rise in stocks, also
pushed forward, making the market
more attractive for new financing. Re-
opening OF the capital market to new
corporate f1nancings moved ahead with
preparations for marketing next week
an offering of S5,000,00O in standard
Oil of New Jersey bonds, carrying a
2s4 per cent coupon, the lowest for an
industrial offering in memory of the
present generation of bond men on q
comparable issue.