STOCK PRICES RISE
BUSY DAY ON WALL STREET.
[BY CABLE —PRESS ASSN. —COPYRIGHT.]
NEW YORK, July 17.
An unexpected bullish movement pushed stock prices upward one to four points in the largest day’s trading since March 31. The turnover totalled 1,750,000 shares, compared with 543,000 shares on Friday. In the final hour alone, 830,000 shares changed hands, the tape falling three minutes behind.
Spurred by the steadily mounting number of favourable reports on the domestic outlook and encouraged by renewed overtures for the peaceful settlement of Europe’s political problems, public participation was on a scale long absent from the market. The advance in stockst not only helped bonds but halted an early decline in grains. Brokers generally agreed that the market was mostly stimulated by the weekly report of the American Iron and Steel Institute, which showed that the industry was on a schedule for operations of 56.4 per cent, of capacity this week, which is a rise of 13.5 per cent, over last week. Also, railroad shares were helped by an excellent revenue showing for June.
The “New York Times’’ index showed a gain of 5.06 points. Chrysler gained 75 points, Bethlehem Steel more than 4 points, and United States Steel more than 3 points.
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Greymouth Evening Star, 19 July 1939, Page 7
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206STOCK PRICES RISE Greymouth Evening Star, 19 July 1939, Page 7
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