Evening star., 1939-07-16
Stock Leaders Keep
On Upward Trail
Al Week Close
Fovorites Up Fractions
To More Than q Point:
Losses Remain
WHAT THE STOCK MARKET DID.
BY FREDERICK GARDNER,


NEW YORK, July 15.-The stock
market today concluded an eminent
ly satisfactory week by maintaining
its upward slant.
The list got of to hesitant start,
but bidders came in at the close and
lifted leaders fractions to more than
point. A few issues managed to
touch new highs for the year. At
the same time minor losses were
plentiful.
AS of recent Saturdays, many
traders gave Wall Street a wide
berth in order to lengthen the week.
end holiday Some of those who
appeared were inclined to cash in
part Of their profits. But when prices
refused to give ground to any great
extent, others stepped in with buy
ing orders sufficient to stiffen final
trends in the majority of cases.
While the days volume was moth
ing to cheer about, the turnover of
205,760 shares compared with 49,
800 week ago and was the best for
tWo-hour session since June 10.
The weeks aggregate was 1916, ,670
shares, against 1,442,l30 the week
before and was the largest since the
latter part of May.
Average Gains Slightly.
The Associated Press average of
60 stocks was up OIL of a point and
on the week showed net advance of
IT. points, the most sizable re-
covery in about two months.
There was little change in either
the foreign or domestic pictures, but
brighter business hopes at home con-
tinued to dominate investment and
speculative sentiment.
Second-quarter earnings state
ments tended to confirm the opinion
of some that markets have been we'll
behind industry in general. Encour-
aging were profits results shown by
American Telephone, Bayuk Cigar,
Alpha Portland Cement, MacAn-
drews e. Forbes and U. S. Pipe &
Foundry.
Steels were aided by indications of
another upturn in next weeks mill
operations in virtually all districts.
Motors, while far from buoyant,
maintained their equilibrium as out
look for a nearby settlement of the
General Motors strike seemed to
have improved and sales and output
Of new cars continued at satisfac-
tory levels.
Among stocks Western Union and
Loft pushed into new high ground
for 1899. Others ending on the up
side included U. S. Steel Bethlehem.
Chrysler, U. S. Rubber, Sears Roe
buck, American Telephone. U. S.
Pipe & Foundry, Bayuk Cigar, J. G.
Penney, Kennecott and N. Y. Gen.
tral.
Show Moderate Losses.
Moderately in arrears were Du
Pont, Johns -Manville, Douglas Air
craft, International Harvester, Allis
Chalmers and Westinghouse.
Gulf Oil got up major fraction
in the curb while Carrier Corp,
Pantepec Oil and Mountain City
Copper tipped back. Turnover of
$4,000 shares, largest in more than a
month, compared with $4,000 a
week ago
The stock list edged forward Mon
day and added a few more recovery
notches Tuesday as European war
talk waned and the belief gained
headway that the long price stale
mate had good chance of being
broken on the rallying side Wednes-
day proved the best day of the week,
with the turnover approaching
100000 shares. The advance kept
going Thursday, but profit taking
cut down early gains substantially
when thought was given to the idea
the market might be due for a rest
after four consecutive upswings.
There was some more cashing in
Friday, but this was fairly well alb
sorbed and declines were limited to
small amounts.