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Wairarapa Times-Age, 19 July 1939, Page 5

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UNEXPECTED RISE IN WALL STREET LARGEST DAY’S TRADING SINCE MARCH. INFLUENCE OF EUROPEAN NEWS. By Telegraph—Press Association—Copyright NEW YORK, July 17. An unexpected bullish movement today pushed stock prices upward by 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 a peaceful settlement of Europe’s political problems, the public participation was on a scale long absent from the market. The stock advance not only helped the bonds, but halted an early decline in grains.

Brokers generally are agreed that the market was mostly stimulated by the weekly report of the American Iron and Steel Institute, which showed that the industry is scheduled for operations of 56.4 per cent of its capacity this week, which is a rise of 13.5 per cent over last week. Railroad shares were also helped by an excellent revenue showing for June. The “New York Times” index showed a gain of 5.06 points. Chrysler gained 71 points, Bethlehem Steel over 4 points and United States Steel over 3 points. LONDON MARKETS BRIGHTER. (Received This Day, 10.50 a.m.) LONDON. July 18. The stock markets are brighter, on the more optimistic outlook regarding the European situation and the firmness on Wall Street.