Still on the Climb

The bull market continued to climb. The Dow-Jones industrial average last week rose 5.13 points, and closed at 337.66. To back up Wall Streeters' optimism, there were many signs of cheer:

P:Manufacturers cut inventory stocks by $400 million during May. It was the first time since the Korean war that the dollar value of manufacturers' inventories had fallen below the previous year's stocks. To replace goods sold, new orders have continued to edge up.

P:Personal income last week was estimated to be running at an annual rate of $283 billion, only 1 1/2% off the alltime high of $287.5 billion, set in July 1953. Department-store sales gained 3% over sales for the same week of 1953, and unemployment-compensation claims eased off again.

P:The Commerce Department announced that it will hand out to the states $875 million for highway building, six months ahead of the time the money would normally be available.

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