Evening star., 1939-07-23
Stocks Swing Up,
With Number Gaininq
New Highs for Year
Fastest Saturday Session
In Three Months Sees
806,ll0 Shares Traded
BY FREDERICK GARDNER,
Associated Press Financial Writer.


NEW YORK, July 22.-Spurred
by continuing business cheer and
fading foreign tension, leading
stocks again swung upward in to-
days market, number to new
highs for the year, with gains run
nigng to around 2 points.
It was the fastest Saturday ses-
sion in more than three months,
transfers for the two hours total
ing 8O6,1 shares, against 205,760 a
week ago. Actually the days VOL
ume was the largest for a week end
since April 8. The weeks turnover
was the biggest since last January.
The Associated Press average of
go issues held an advance of o.
point at 50.4, best mark since March
16. For the six days the composite
was up 2.5 points, It's third con-
secutive weekly upturn.
Steels, motors and specialties kept
the buying play from the start, and
despite profit selling in the final
half hour favorites finished at or
near peak levels.
War Fears Lessen.
Although there were denials from
Europe that the British contem-
plated an "appeasement' loan to
Germany, the financial district still
leaned to the belief the Danzig
problem and other controversies
would be settled without resort to
war.
On the home front the flow of ex-
ceptionally satisfactory second
quarter earnings statements re-
manned as a prime bolstering in
fluence, brokers said. Attention was
paid to an Associated Press COM
pilation disclosing the first 10 big
corporations to report had net prof
it's 64 per cent over the first three
months and "a per cent greater than
in the 1888 period
Another jump in steel mill opera
tions, predicted for next week, aided
by the automobile companies coming
into the market for 1910 model re-
quirements, brought strong support
for shares in this division. While
the General Motors strike deadlock
was still cloud in this industry,
one maker announced sales Of a pop
ular car in the first 10 days of July
exceeded the same time a year ago
by 50 per cent.
Loft Is Fastest Mover.
Loft was again the speediest
sprlnter. as it was throughout the
week, apparently rejecting talk OF
earnings betterment through it's
holdings of Pepsi-Cola stock The
issue dipped from its best at the
finish, but 1t remained at top for
1889 along with Celanese, Bayuk
Cigar. Brooklyn Union Gas. Sears
Roebuck and American Airlines.
Prominent on the upturn were
United States Steel, Bethlehem, Cen
eral Motors, Chrysler. American TEL
ephone, Great Northern, Anaconda,
Montgomery Ward, Allied Chemical,
Westinghouse, Standard Oil of New
jersey and General Electric.
Phoenix Securities gained 3. point
on top were American Cyanamid
on heavy dealings in the curb Also
"B" Electric Bond e. Share and
Niagara Hudson Power. Lockheed
shaded lower Turnover of l31 900
shares was the best Saturday since
April 8 and compared with $4,000
week ago.
Coppers Respond to Lift.
Coppers responded to yesterdays
lift in the domestic price of the metal
of "a of cent to 10as cents a pound
following recent heavy world de-
mand for the staple.
The stock list enjoyed one of the
broadest buying runs of the year on
Monday as hopes for business and
European peace revived. Trading
almost hit a 1000 OOO-share pace
Tuesday. Public participation ex-
panded, but gains were shortened by
profit realizing. Minus signs pre-
vailed Wednesday and Thursday and
volumes dwindled
There was return to the climb
ing trail Friday when the two-day
recessions were about wiped out
Statement of an official Government
spokesman at Berlin decrying a war
scare was said to have touched of
the Friday comeback. The comment
of President Roosevelt that shelving
of neutrality legislation would hurt
business failed to stem the rising
share tide, as Wall Street opinion
generally was to the contrary. Con-
gressional activities throughout the
week seemingly were pleasing to
financial quarters.