Evening star., 1938-06-26
STOCKS CONTINUE
RALLYW|THGA|NS
OF | TO 5 POINTS
U. S. Steel Wage Attitude
Brings New Upsurge
After Hesitancy.
TICKER GETS BEHIND
AGAIN DURING RUSH
Steels, Motors, Implements, Oils,
Rubbers, Mail Orders, Utilities,
Coppers, Rails Join Rise.
WHAT STOCKS DID.
BY FREDERICK GARDNER.
Associated Press Financial Writer,


Associated Press Financial Writer.
NEW YORK. June 25.-Stocks con-
cluded one Of the best weeks in mar
ket history today with the sixth con-
secutive upswing of to points.
Profit selling at the start Of the
brief session gave the list somewhat
tired appearance. but leaders quickly
regained their vitality and a fresh
buying wave swept through all de-
partments.
The sudden turnabout came after
the release of, statement by the
United States Steel Corp asserting
no official Of the company has given
any assurances that wage reductions
will not follow steel price reductions
announced yesterday"
In the wake of the sharp slash in
prices posted by the principal subsid-
iaries Of big steel" after Fridays close,
the President. in his evening "fireside
chat" had said To-day a great steel
company announced a reduction in
prices with view of stimulating busi-
ness recovery, and was gratified to
know this reduction involved no wage
cut"
Ticker Gets Behind,
The financial sector apparently was
bit confused over the idea of drastic
ally lower steel prices unaccompanied
by pay roll readjustments. and traders
stepped warily in the initial hour.
They bought rapidly, though. when the
wage attitude Of the steel corporation
was clarified
At the beginning of the buying rush
the ticker tape fell behind three min
utes. There was a showdown interval
and a last-minute pickup which put
the recording machinery about four
minutes in arrears near the close.
Steels, motors. rubbers. farm imple-
ments. mail orders, utilities, oils, cop
pers, rails and specialties were in the
forefront of the move
Prominent on the upside were U. s.
Steel at 54K4, Bethlehem. 5s1.;
Chrysler, 571s; u S. Rubber, 3234;
J. I. Case. 92Ha; International Haf-
vester, GAS: Montgomery Ward, 401s;
Consolidated Edison. 26la; Standard
Oil of New Jersey, 52L2: Anaconda,
30ss; Santa Fe. 32l2: Westinghouse,
"a; Philip Morris. 1903; Du Pont, 1851:
Air Reduction, 58h, and Johns-M Man.
vile, 84a4.
60-Stock Average Gains.
The Associated Press average Of 60
stocks was up l point at ASS, where
it was only 20 points from the high
of the year On the week the COM
posite was up 6.8 points, or about II
per cent, the most sizable upturn for
any week since the spectacular re-
bound in 1888.
Transfers for the two hours totaled
l,16l.700 shares, compared with l04,-
$50 last Saturday. 1t was the largest
volume for a short session since April
8. The weeks turnover topped TO-
100000 shares against little more
than 100000 the week before. The
aggregate for the latest six days was
the best since the week of October 80,
last year.
Bonds and commodities pushed up
today after hesitant start Wheat
at Chicago advanced 112 to rs cents
a bushel and corn was unchanged to
up Il. Cotton gained Is to IS cents
a bale.
Curb market stocks generally tilted
forward Among gamers here were
Aluminium Co. at sc, American Cyan
amid 'B" 81, American Gas g. Elec-
trio 29lz, Electric Bond and Share
87s, Cult Oil Al, and Newmont Mining
IS. Sales for the day amounted to ap-
proximately l27,00O shares, the best
for any Saturday since April l6, and
compared with $1,000 a week ago.
Helping brighten the days picture
was another boost in the steel scrap
rate at Pittsburgh and an additional
hoist in the export copper price.