Evening star. [volume] (Washington, D.C.) 1854-1972, 1939-07-02
Stock Leaders Stage
Moderate Upturn
Al Week 'sCIose
European Tension Eases;
Monetary Situation
Viewed Calmly
WHAT STOCKS DID.
BY FREDERICK GARDNER,
Associated Press Financial Writer.

NEW YORK, July IA little
short covering and timid investment
buying today enabled the stock mar
ket to finish q shade on the up side.
Fears Of German coup at Dam
zig over the week end lessened per-
ceptibly as a market handicap and
the latest congressional monetary
development-the Senate last mid
night permitted the Presidents dol
lar devaluation authority and the
sterilization fund to expire-failed
to unsettle sentiment.
The list started of with minor
gains in the majority, loafed along
narrowly until the final half hour,
then moved up sedately under the
leadership Of smattering of blue
chips" At he close advances ran to
a point or more for favorites, al
though there was a sprinkling Of
minus signs in evidence.
A. p. Average Gains.
The Associated Press average of
60 stocks was up o. of a point at
45.5. For the week, however, this
composite suffered its worst reac-
ton since the period of April 8,
showing net loss of 1.9 points.
Transfers for the two hours
amounted to 1876 400 shares, against
1880 last Saturday. Although vol
ume picked up somewhat on the
week, the turnover for June was
the smallest in 10 years.
Wall Street refused to get excited
over the Washington news, it being
realized that when Congress con-
venes next Wednesday the confer
ence bill extending the Chief Execu-
tive's currency powers and the
Sterilization fund would be revived
for possible passage.
At any rate, foreign exchange
quotations both in the United States
and Europe today were quoted only
nominally as New York banks
started summer closings and Euro
pean financial centers. as usual,
were shut down for the week end.
There was not much change in
the pleasing business outlook, al
though department store sales, as
summarized by the Federal Reserve
Board, seemed to be flattening out
in their year-to-year gains. Steel
operations were expected to slump
next week because of the holiday.
but sharp rebound was predicted
for the week following.
Commitments Lightened.
Some traders elected to trim down
commitments owing to the belief
scant attention would be given mar
kets Monday because the exchange
will be in recess Tuesday for the
celebration of Independence Day.
Attendance in board rooms today
was sparse.
Among the days forward leaning
shares were Western Electric, Du
Point, General Electric, Union Car
bide, Johns-M anville, U. S. Gypsum,
Montgomery Ward, U. S. Rubber,
Great Northern, Standard Dill of
New Jersey, U. S. Steel, Chrysler,
Kennecott, American Telephone and
Consolidated Edison.
Marked up a notch in the curb
market were Beech Aircraft, Con-
solidated Copper, Lockheed and
American Light & Traction. A
shade lower was Humble Oil. Turn
over of $4,000 shares was the small
est since June 10 last year and COM
pared with $4,000 a week ago.
Bonds and commodities were I'M
even. Wheat at Chicago was of
Y to l cent bushel and corn I'M
changed to down II. Cotton moved
up 20 to Is cents a bale.
Stocks slipped their moorings
Monday as the British-Japanese Far
Eastern wrangle assumed threaten
ing proportions. There was some
improvement Tuesday with foreign
affairs being overshadowed by the
revolt Of the Senate on the admin
istration's currency authority. Shad-
ows of another European crisis
wilted the list Wednesday and the
heaviest selling Of the week came on
Thursday. The latter was blamed
partly on the growing German
Polish rift over Danzig and the con-
fusing monetary row in Congress.
Some support arrived Friday on the
theory the market had been "over-
sold" Many issues had dropped to
new lows for the year, or since the
mid-May bottom.