Show STOCKS 5 RISE i SWING DOWN DOUr r By ByELl ELMER C C U I United kd Press Frea Financial Fanci Editor NEW EW E YORK JUly 22 The 22 The ato stock lc I market encountered rd slight alight resistance resistance resist resist- 0 ance Wednesday in Its advance It It t thit I hi hit hIt new e ehigh highs high since 1931 and t then n turned down slightly In i the aver aver- averi i e i the second minor setback In J 13 sessions I M Major jor groups resisted realizing ng J Jales sales ales saes with wit the tho automobile cUO section i p performing best best the te r t tes' tes ies iesh had d a good god f following and there tere i iwas wa was selective buying in the te oils oUs and ad J r rails ails ris Mercantile stocks tod out on S r o on n the up side I isu Issues u in i Demand Demand for w was pred pred- red f I I on anticipation of ot favorable t earnings reports report with sales rising s substantially Some of ot tho increases were said sid to be traceable to bonus brus spending although New York CU City department store heads heds believed the b bulk lk of ot this buying would bt bel d deferred de de- I until autumn J JIn In the te Broth Broth- I Ier ers CIS er and J. J C. C Pem Penney y made n new new w t highs at 42 4 up 2 and 89 up 1 respectively They held the rise Allied Aled Store Store- Stores was in fairly fairl I t active d demand mand at ata a small smal rise Mall 4 order shares were strong with Sears Roebuck at a new high of I 80 up 1 14 at its top It held held half half i ithe the gain and Montgomery Ward was upa point 4 Other strong spots included j American Agricultural Chemical at 52 up 1 I Anaconda Wire and Cable 3 53 up 1 antI and a new high on n doubling of the dividend Cleveland Graphite Bronze 36 up 2 Coca Cola up 2 and a new high Morse Fairbanks up 2 and its preferred up 5 Goodrich Good Good- rich ilch preferred up 6 8 and a a new high on a plan to clear dividend dIvIden arrears on the Is issue ue Lehman up 1 and a new high Louisville Nashville 93 up 2 and a new top and Continental Baking preferred pre preferred 84 up 4 and a new high |