Evening star., 1947-07-13
THE SUNDAY STAR, Washington, D. C.
SUNDAY, JULY i3 1917,
Stocks Forge Higher
For Eighth Week.;
Commodities Soar
By Victor Eubonk
kssoeicted Press Finonciol Writel

NEW YORK, July 12.-Stocks
continued to forge ahead during the
past week, commodities exhibited
strength and rail bonds did better.
It was the eighth straight week
of general recoveries for the share
division, with numerous new highs
for the year or longer recorded. On
Tuesday the overall average regis
tered it's ninth successive upswing,
q record since boom-bust 1929.
Some who recalled the perfor-
nance of 18. years ago may have
turned bit skeptical of the recent
wide push. There were intermit-
tent selling periods, but they did
not halt the major trend.
Throughout the week short cover
ing and investment bidding was
based partly on initiation psychol-
ogy emanating from the stiff coal
wage boosts which we're expected
to bring sharp price increases in
steel and other lines affected by
fuel costs.
Demand also was predicated on
lessening of depression apprehension
and a batch of pleasing earnings
and dividends. A certain amount of
liquidation was blamed on the idea
that consumer resistance eventually
would hit some businesses. Foreign
affairs and the expected White
House veto of the new tax relief
bill were restraints.
Average Up IL Points.
The Associated Press 60-stock
composite enjoyed net gain of IL
points at 67.3 on the week, high
since February a. From the years
low of last May II, 1t showed a
comeback of 8.8 points and was
only II points under the peak of
last February. The industrial aver
age recorded a 1947 top on both
Thursday and Friday but the rails
and utilities were we'll under the
years best.
Transfers for the flve-day week of
6,097,789 shares compared with the
preceding four session period of
4,19l.355 and were the largest since
the six-day May "a week. 1t was the
first week since early February when
all full sessions exceeded the Million
mark.
The Big Board edged upward
Monday on 1050.000 shares with a
late rally in rails and liquors Off
setting early cashing of profits A
stock exchange, seat sold for $50, 900,
off $4,000 from a preceding trans
action.
On the second best aggregate of
the week. 100000 shares, many
favorites touched peaks of 1947 on
Tuesday. Signing of the coal wage
compact touched off large-scale bid
ding around midday with advances
Of l to 8 or more points.
List Stumbled Wednesday.
STf1e List suffered It's only stumble
Of the week Wednesday with trans
actions totalling 100000 shares.
Brokerage clients who had good
profits on the bulge since midday
inclined to cash in. Losses of to 3
were well in the ma jority. Caution
was stressed by the thought that
the technical position of the market
may have been impaired.
Thursday the buying was resumed
and the drop of the preceding ses-
sion erased. Dealings tapered to
100000 shares, smallest of the
week. Steels, textiles, motors, rails,
rubbers and special issues were in
the forefront of the comeback with
advances running to 3 points or So
Bullish contingents dominated
Fridays finals session, lifting leaders
In all departments l to 8 or more
points and putting the industrial av-
erage at new top since last August
1t was tthe broadest market since
April Is with 1,064 issues appearing
Volume of 100000 shares was a
maximum since last May 10.
Steels. motors, rubbers. oils. rails,
utilities and wide assortment of
special issues paced the advance
Extreme gains were reduced in the