Evening star., 1939-06-18
Stock Market Ends
Week Of Declines
With Modest Rally
Leading Issues Lifted
From Fractions to
More Than q Point
BY FREDERICK GARNER,
Associated Press Financial Writer.


NEW YORK, July 1.-THE stock
market today finished a generally
declining week with q modest rally.
The few traders who appeared for
the two-hour proceedings appar-
emily found sufficient business and
political optimism to Offset the Brit
ish-Japanese Far Eastern tension.
Anyway, a little short covering
and mild investment purchasing
lifted leading issues fractions to
more than point, although there
was an assortment of small losers
at the close.
The Associated Press average of
so stocks was up 03 of q point
at 46.8, its first advance in seven
sessions. On the week the COM
posite was off IT points. Deal
ings were sluggish throughout the
short day, transfers totaling Ill.,
440 shares against 254,93O last Satur-
day. 1t was the smallest turnover
since May 13.
On Bullish Side.
On the bullish side were the Fed
eral Reserve figures disclosing
further upturn in the country's de-
partment store sales over q year
ago, forecasts steel operations would
be higher in some districts next
week, and prospects the tax revi-
sion bill would move speedily
through Congress after making its
bow in the House within the next
several days.
Not overlooked also as factors in
timidating sellers were reports the
administration was preparing to
launch huge lend-spend program
centering mainly in self -liquidating
projects, and the move of a Senate
bloc to push the adoption of a $2,-
600 900 900 currency imitation plan.
Business news, on the whole. was
moderately cheering and some quar-
tiers expressed the opinion the nor
NAL summer let-down would be less
than seasonal.
The only fly in the market oint-
ment. brokers said, was the fear
the recent rift between the Brit
ish and Japanese in China might
lead to serious developments in
ternationally.
Stocks in Recovery.
Stocks in the days recovery tilt
included United States Steel, Beth
lehem, Youngstown Sheet, Chrysler,
General Motors. United States Rub
Der. Montgomery Ward, j. I. Case,
Eastern Air Lines. American Tele-
phone, American Smelling, West
inghouse. Union Carbide, United
States Gypsum, Santa Fe, Southern
Pacific, Great Northern and Union
Pacific.
Hopes for rail relief legislation,
combined with mounting freight
loadings and expanding revenues,
brought renewed support for car
rier shares. Utilities held to
narrow groove throughout, and most
aircrafts ended a shade under wa
ter.
Fractions ahead in the curb we're
Lockheed. Cosden Oil and Niagara
Hudson Power. American Cyana-
mid "B" and Humble OIL shaded
lower. Turnover of $4,000 shares,
smallest in q month, compared with
$1,000 a week ago.
Offerings Dried Up.
Stocks drifted downward in the
first four days of the week, with a
sizable selloff occurring Thurs
day when the 60-stock average
dropped full point. Offerings dried
up Friday.
The list was somewhat depressed
early In the week by General Mo-
tors and Allis Chalmers labor trou-
bles. After these we're settled the
Oriental war threat provided a fur
ther stumbling block.
On the other hand, last weeks
freight shipments jumped to & new
high for the year. this weeks elec-
trio power consumption expanded
and automobile output was up
sharply, and retail sales kept well
ahead of 1898. Active buying in
textiles boosted prices in this field,
and gasoline quotations were given
another hoist.