The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1930-06-17
STOCK ISSUES
HIGHER AFTER
INITIAL SALES
Profit Taking Causes Some
IrreguIarity at Close;
Steel Up.
Average Stock Prices

Averas Of thirty tndustTials for r. M t9s5ay
twenty utilities was 1921, of SO. Aver;
age OF forty bonds was 1885, on .O5. All
new lows for 1880.
Bg United Press
NEW YORK, June 17.-Rallying
tendencies made some progress on
the Stock Exchange in the first two
hours of trading today following a
sharp decline at the opening.
The initial selling was orderly
with the maximum loss only five
points. More than hundred issues
dipped to new lows, however, after
having closed at fresh lows Monday.
Trading today was the most active
since the 5000 000-share day on May
s. Sales in the first half hour were
at the rate of 100000 shares for
full day.
Steel Leads Rally
After the initial blocks of 1000 to
$4,000 shares we're disposed at
prices from fractions to three points,
United States Steel led subStan-
tial rally. This stock opened 4
point higher at 1882 and then
moved upward above 161, taking
the leading industrials and utili-
ties with it.
The market behaved as many had
expected. Traders knew Of vast
amounts of margin calls being sent
out Monday and were prepared for
setback in heavy trading at the
opening. Many placed buying orders
and the initial unloading took place
with buyers on hand for all offer
ings.
Bonds Sell OFF
The rally which ensued was also
expected. II was helped to some
extent by investment buying by
those who participated in the mid
month interest and dividend pay
ments. Some short covering also
took place, although Investigations
made recently belittled the extent
of the short interest in the present
market.
Prices flashed from the floor
around noon showed a majority of
gains over the previous close in the
principal issues. In the commodity
markets, cotton and wheat came
back substantially. Bonds, however,
were tending lower on f1rmer tone
in call money and some selling by
holders of stocks who needed funds
for margin on their shares.
Oils Rise
At noon, according to prices
flashed from the floor United
States Steel was at 1905, up 23s
from the previous close; General
Electric 69A, up IL; Johns Man
vile 89A, up r.; Radio 1874, up
p; Worthington Pump 121, up s.;
American Can 1244, up IA; West
inghouse Electric 1401A, up Il;
Vanadium As, up IL; United Air
craft 511a, up 21a; Texas Gulf Sui
phur SIS, up Is.
Atchison featured the rails, rising
6A points above the previous close
to 213. Baltimore & Ohio was at
1929, up IA; New York Central
1905, up y, and Union Pacific 215,
up 2.
Standard Oil of New Jersey rose
| 215 to 651s and Texas Corporation
| q to Sis. Leading utilities were
Up fractions to more than point.
American Telephone rose u to 2l0;
International Telephone Us to 43%
Electric Power and Light "a to 68A
and Consolidated Gas Ia to 110A
Copper Down
Sales to noon totaled 1881 100
shares, being at the rate Of more
than 100000 shares for full day.
Bonds sales to noon totaled 6,277,-
900 against 3,633,oo0 in the same
period yesterday,
Following sharp declines on the
London metal market in copper
prices for immediate delivery, do
nestle sales were made here today
at liz cents a pound, a new low
for several years. AS result cop
per shares did not rally with the
remainder of the list. New lows for
the year were made by American
Smelling at 81. off 2; Kennecott at
1914, off q, and Anaconda at 48,
off l. Andes equaled its low for the
year at 215s, off 70.