The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1931-06-27
BY ELMER c. WALLER
United Press Financial Editor

NEW YORK. June 2s.-Railroac
shares featured late trading on the
Stock Exchange today, rising l tc
more than points in heavy turn
over.
The preliminary railroad average
scared ..29 points to 1884, a rev
high on the movement and the Wild
est gain made in this figure Tor any
day since Nov. Is, 1929, when the
rail average was back to where il
was on April "a last.
The DoW-Jones preliminary in
dustrial average rose 1853 to 154.O4
and the utility average 176 to
6191.
Trading quoted down from
Thursdays pace until the last fifty
minutes, when sales totaled 100000
shares, against 100000 in the cor
responding Thursday. Sales for the
day totaled 100000 shares, against
100000 shares Thursday.
Carriers Help List
Strength in the carriers buoyed up
the entire market and gains of
to points were recorded in in
dustrials, utilities, oils. mercantile
issues and auto equipments, the
latter giving their best demonstra-
ton of the year.
Commodity markets pushed ahead
following a strong market abroad.
Cotton at one time was up 81 q
bale with huge orders coming from
abroad for the staple. Grains fol-
lowed corn into higher ground and
closed with substantial gains.
The strong grain market was re-
flected in the stock market espe-
cially in such issues as the mail
order shares and the harvester is
sues, the latter featured by Case
which scared points. Simultan-
eous rise in Sears Roebuck and
Montgomery Ward brought out
again the oft-repeated rumor these
companies we're to merge.
steer hOiuS OalH
United States Steel was carried
UP near the close after holding a
2-point gain throughout the session.
Other steels we're in demand, nota-
bly, Bethlehem and youngstown
Sheet and Tube issues. Rumors
again were in circulation that a
new plan for the Youngstown-Beth-
lehem merger was being negotiated,
but this was denied by interested
groups. Stocks paid no attention
to the denials, however.
The most impressive rise Of the
day was in the railroads. This did
not get under way until late in the
session when it was rumored the
interstate commerce commission
had granted a freight rate increase
of substantial amount which would
be announced after the close.
Railroad earnings were down
nearly 30 per cent for the first roads
reporting for May, but the percent
age decline was less than the earlier
reports indicated.
Carrier shares were driven up
ward under the strength OF New
York Central, Atchison, Lacka-
wanna, Norfolk & Western and
Union Pacific, all of which gained
to Z points.
Utilities Sell Up
Utilities were higher throughout
the day, featured by Consolidated
Gas. Wide gains were recorded in
American Telephone, International
Telephone and American and For
eign Power.
In the industrial division, Ameri-
can Can We'd with Steel common
for leadership in the early trading,
and again near the close when in
dustrials we're reaching their best
prices of the day.
Traders anticipated favorable
action of the French on the Hoo
yer debt holiday plan and shorts
covered in the last ten minutes, to
be out of the market when the
French action is made known. Early
strength of the market was induced
by the reception given Secretary
Mellon and the buoyant stock mar
ket session on the Paris bourSe,
which was said to reflect French
accord with the Hoover plan.
At various times during the day
profit taking operations reduced
gains, but on each setback support
was encountered and new groups