STOCK PRICES RISE

Wanganui Chronicle, Volume 83, Issue 168, 19 July 1939, Page 7

STOCK PRICES RISE

UNEXPECTED BULLISH MOVEMENT * HEAVY TRADING IN NEW YORK (By Teles:’.aph—Press Association—Copyright) Received July 18, 9.50 p.m. 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 totalling 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 renpv. ed overtures for a peaceful settlement of Europe's political problems, public participation was on a scale long absent from the market. The stock advance not only helped bonds, but halted the early decline in grains. Brokers generally agreed that the market mostly had been stimulated by the weekly report of the American Iron and Steel Institute, which showed the industry on the schedule for operations to be at 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 the excellent revenue showing for June. The New York Times index showed a gain of 5.06 points. Chrysler gained 75 points, Bethlehem Steel over 4 points, and United States Steel over 3 points.