A BUYING RUSH

Evening Post, Volume CXXVI, Issue 1, 1 July 1938, Page 12

A BUYING RUSH

SEW YORK EXCITED

LONDON COMMENT

(By Telegraph—Press Assn. —Copyright.)

NEW YORK, June 29. There was-an urgent buying rush throughout the entire day on the New York Stock Exchange and shares made an average advance of 5.49 points. Bonds followed the lead.of stock. In the commodity market rubber, cotton, silk, and copper'rose sharply. The day's turnover was 2,660,000 shares. LONDON, June 30. 1 The "Financial News," commenting on the fresh advance on Wall Street, declares that the energy and vigour of the advance justifies the description of a-boom, which by all technical criteria has not yet reached its peak. I The advance remains inexplicable, as ! there is little evidence of industrial recovery. The market is thus discounting not only an autumn revival but a strong and lasting improvement in trade. At present, says the paper, it is impossible to make out a convincing case for the advance, though a deflationary spiral is hardly possible owing to the promised spending of the New Deal. Wall Street will be severely tested in the next few weeks,. and, if it emerges satisfactorily, there will be reasonable hope that the worst of the 1937-38 depression has passed.