The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1931-02-11
STOCKS firm
Despite MUCH
PROFIT-TAKING
Utilities Are Features in
Days Gains; u. S. Steel
on Upgrade,
Values Have Increased in
February More Than in
All of January.
BY ELMER c. WALLER
United Press Financial Editor

Auiitu fEeSS Eoit'I
NEW YORK. Feb. 1.-THE stock
market so far in February has risen
more than four times as much as it
gained in the entire month of jan
uary. according to the Dow-Jones
industrial averages. The increase
is ID points against about in jan
uary. with 1882 points increase in
the last three trading days since
Saturday
AS a result of this sudden and
vigorous gain, market. observers to-
day were urging caution in buying
on the theory those with profits on
paper would sell to cash in on those
profits.
.Today's rise in the stock market
showed signs of fatigue around the
start of the fourth hour of trading
today, but large part of the early
gains in speculative fayorites was
maintained.
Trading at Fast Pace
Although the early rise was ac-
companied by signs of irregularity,
effective resistance to the forward
movement did not make itself felt
until mid-afternoon.
Early gains ranged from to 6
points. Activity, which was not far
under Tuesdays 100000 share pace,
dWindled rapidly when the rise was
checked.
The principal weak spot was
Auburn Auto, which has risen more
than so points in the last week.
This issue held a loss of about 4
points through the first four hours
of trading after opening 324 points
lower. An apparent technical
corner in this stock appears
broken.
Other shares to make little
Roadway included General Motors.
North American, Electric Power and
Light and Du Pont.
On the other hand, impressive
strength was maintained by other
leaders. Steel common pushed into
new high ground for the year at
148l@. up more than points. and
General Electric gained nearly ?
points.
Further excited trading continued
in j. I. Case, which scared nearly
10 points to 122. Motors and utili-
ties as group held firm and West
inghouse Electric continued its rise.
Utilities Are Strong
The latter was little affected by
official announcement that the
company would suspend Saturday
operations beginning March l. After
touching an early high Of 99ss, the
shares reacted to 81, but quickly re-
covered.
The slowing down of the advance
in the main body of stocks had
little effect on the utility shares in
the late afternoon. Consolidated
Gas, American Telephone, Amer
lean and Foreign Power and United
Corporation were taken in large
blocks at their highest levels of the
current year. Motors, likewise, with
the exception of General Motors,
we're turned over IN large blocks in
the afternoon.
Wall Street Is Puzzled
Wall Street was puzzled by the
sudden upturn early this week One
authority said the turn was logical
for Wall Street which, he said, al
ways goes to extremes.
Steady investment buying by
large and small buyers gradually
had decreased the floating supply
in some stocks so that little
heavy buying by shorts" or pools
was enough to shoot prices sky
ward.
In the business world there was
no perceptible change, conditions
about as they have been.
Steel production was making less
than seasonal progress and warm
weather was holding back buying of
seasonal lines.
No Time for Bull Market
Untitled orders on the books. IF
United States Steel Corporation
showed an unexpectedly large in
crease Tuesday, however.
Conservative bankers said this is
no time for bull market; that the
market is not in a position to dis
count turn in business later, and
that a quiet list moving in narrow
range is the best aid for a business
rally.
In the upswing CT the last three
days, some stocks rose more than
100 per cent above recent lows. Au-
burn Auto rose to 1914, a gain of
220 per cent from it's low.
WEIcG Dill cTunICn