Evening star., 1946-08-04
Stock Market Stages
First Sustained Rise
Since Late June
BY Victor Eubonk
Associated Press Financial Writer

NEW YORK, Aug. 3.-The stock
market turned the tables on the
bears during the past week and
scored its first sustained upswing
since the latter part of June.
Bonds exhibited selective strength
although commodities became bit
irregular after cotton futures had
jumped the daily limit of $40 q
bale and hog quotations established
record peak.
Buying of shares throughout the
week apparently was based partly
on a food of increased dividends,
surprisingly good earnings state
ments, split-ups and the belief the
lengthy June-July reaction had
brought about an oversold condi-
tion. The list ran into light profit
cashing Friday, but on balance man
aged to register its eighth con-
secutive recovery session. 1ndivid-
ual favorites continued their climb
but casualties were plentiful in rela-
lively sluggish transactions.
The market on Wednesday fin
ished the losing July month with
burst of bidding that brought the
only million share day of the five
sessions.
Average Up "a Points.
The Associated Press 60-stock
composite on the week was up "a
points at 772 but for July showed
a net drop of 2.6 points. The weeks
aggregate of 4,126,690 shares COM
pared with 5,426,430 the week be-
fore and was one of the smallest
for any like period this year. The
months turnover of 20,595, 100
shares against 21,7l6,872 in June
was minimum for any month since
June year ago when the total
was 1871 ,030.
Hopes that the new OPA Decon-
troll Board would eliminate ceilings
on many consumer goods lines help
ed the market to establish a gen.
orally higher trend Monday. Bright
earnings compilations lifted Pacific
Mills 34 points, Hazel-AtlaS Glass
2la and Pflzer 2.
The upturn was resumed selec-
lively Tuesday, although losses were
we'll distributed. Pennsylvania Rail-
road directors had voted 50-cent
dividend out of surplus and in the
face of a $31 100000 operating def
icit during the first six months. The
stock fell IA points and subse-
quently hit lows for 1916 with much
lesser declines. United States Steel
edged up IS and, after the close,
the usual quarterly payment was
declared and moderately improved
earnings reported. Barber Asphalt
jumped 81 on business expansion
and announcement of a plan to sell
its Venezuelan oil royalties for S25,-
100000 A cheering earnings sum-
mary pushed up Western Auto Sup
ply Az.
Steels Take Lead.
Steels led Wednesdays bulge as
higher metal prices and rising de-
mand we're envisaged. Bethlehem
mounted 3$& points, United States
Steel 2, Chrysler 3s. and Du Pont
g. Rails were trifie erratic, with
the Santa Fe conceding x. Wide
spread price increases granted by
OPA provided bidding inspiration.
Enthusiasm cooled a bit Thursday,
although the market averages rose.
Steels took rest as the scrap short
age become more serious. Assorted
mining issues moved forward when
the President signed the bill raising
silver buying rates. Carriers stiff
ened as Congress approved the rail-
way reorganization measure. New
York & Harlem, an infrequently
traded stock, shot up Is points to
1910 On the sale of so shares. first
transaction since July II, and added
10 more the next day at $500 on a
20-share trade. Pond Creek common
was up Az on a boosted quarterly
and split proposal. Hiram walker
gained 31a and plans for 4for-1
split we're revealed later in the day
This liquor issue subsidized Friday
as light selling developed on the
"pood news"