Evening star., 1938-07-03
STOCKSSWEPTUP
ON BROAD FRONT
IN SHORT SESSION
Many Industrial Leaders
Climb ST to 81 or More.
1,472,420 Traded.
TICKER AGAIN BEHIND
IN FURRY AT OPENING
Profit Selling Absorbed Easily,
With Upswing in Full Force
as Final Gong Sounds.
what Stocks Did.
BY FREDERICK GARDNER.

kHSSOSi1oC0 EIceo rlu2nCihI WTltcT.
market today finished the week on
one Of the broadest upswings in the
past several years.
Heavy buying in industrial leaders
lifted numerous issues to more than
points and the Associated Press
average Of 80 stocks shot through this
years high to post net gain Of 0.8
Of a point at 484. It attained the
best level since November l3, last.
On the week this composite was up
10 points.
With the ticker tape late in the
opening drive, when blocks of 1000
to 5000 shares changed hands. and
again 3 minutes In arrears at the close.
transfers for the brief session totaled
$1.472. .420 shares. the largest aggregate
for any Saturday since October 23
The weeks turnover of more than
IL, $4,000 shares was the best since
October.
Buying orders from all parts of the
country and abroad swept into broker
age ofices at the start. almost inundat-
Ing frants clerks and causing part
ners and managers to throw of their
coats and lend a hand in the rush
Pace Slows Later.
The pace slowed after the initial
whirl and considerable profit selling
in view Of Mondays holiday Clipped
down top quotations. Offerings were
taken in stride. however. and this
soon attracted fresh support for
virtually all groups. With the up
swing in full force when the final
gong sounded, most leaders emerged
at peak levels for the proceedings, al
though there were q number Of tall
end recessions.
Well in front of the climbers were
the coppers. motors, steels. aircrafts,
rubbers, mail orders, farm implements
and specialties.
Metal shares found further inspira-
ton in another lift of the export
copper rate to the best figure since
early in the year and an additional
advance in steel scrap at Pittsburgh.
Domestic copper was hoisted to 9i2
cents a pound yesterday. after a u
cent raise from cents the day before.
Prominent in the two-hour sprint
were Anaconda at 347s, Kennecott,
MA: Chrysler, 66A; General Motors,
80: U. S. Steel, 607s; Bethlehem, 62x !:
Douglas Aircraft. 50A; Boeing, 27s. !;
U. s. Rubber. 39h: Goodyear, 24L ::
Sears Roebuck. 68%; MONTGOMERY
Ward, 44M: j. I. Case. 98&. Westing-
house, 1905; s-Manville, 95A :;
American Telephone. 1897, Western
Union, 3l7s, and Santa Fe. 36%.
N. h w. Stock Jumps.
Most rails, along with utilities. re-
str1cted advances to small fractions,
but Norfolk d Western, on a few
sales. was up 7 points at 1853.
Strength also was exhibited by the
curb market. Gamers here included
Consolidated Gas of Baltimore at
u. Aluminium OF America, 9212; Gull
Oil, 43a:. Electric Bond IL Share,
97s, and Newmont Mining 70A. Sales
here were $4,000, against 127,000 a
week ago.
Bonds, particularly rails and utili-
ties, tilted forward Commodity ex-
changes, with the exception Of cotton
and grains, were closed. Cotton, how
ever. gained SIS to IS cents a bale.
Wheat at Chicago was of 81 to / cent
q bushel and corn was up a to Il.
As in the week before analysts were
unable to put finger on any single
concrete factor causing the sharp re-
bound Of securities. .,
Many Factors Seen.
1t was pointed out, though, there
were a number Of influences that
might have motivated the spurt
Again. Government pump priming
was seen As an important spur, and
forecasters were beginning to talk of q
brisk upturn in business by fall at
least. The general run-up of in
dustrial staples was viewed as q
straw in the wind.
That the long recession may have
dragged bottom was indicated by the
New York Federal Reserve Bank data
showing the best comparative sales
figures for department stores in the
metropolitan area since Easter week.
Dun q Bradstreet also sounded an
optimistic note for retail distribution
Throughout the Nation. Freight load
ings showed a better than seasonal
gain. and other indices registered
higher trends.
Stocks met with a relapse on Mon
day which market followers termed
mild correctional reaction" Prices
were still bit shaky Tuesday, but
volume dwindled to the smallest for q
full session during the week. There
was brisk upsurge on Wednesday
and another slip-up Thursday, but the
list got back on the ascending trail
Friday.
Investment trusts that missed the
boat" last week finally decided to get
aboard, and foreign buying was ex-
tensive throughout. At the same time
many domestic observers were q bit
nervous as the week ended, these
feeling the sweeping advance had
been too fast.