The Waterbury Democrat., 1931-06-12
Everything Dropped Down Because There }
 Was Profit Taking
Then Everything Scared Upward as Railroad Stocks
 Took Lead- Industrials Followed Up the Rails
By ELMER 0. WALZER 'TInifqS1 pFpse Financial Ef1ifOl

lss NeW OIk, Jun0 IE.--N J---1bcr Isumption of the rise in the railroad lprofit- taking had brought them and lthe entire market down l to 5 points lin early trading.
 Industrials followed the rails in their afternoon rally and steel com mon reached 91, off 1-S from its early How of 89 IA. Other industrial lead lers followed steel 30 that at the end lof the fourth hour, the majority lshowed small net gains. s5 Amusements picked up under the leadership of Fox Film A and Inter- national Telephone spurted 2 points Ito 28 to head the utility group. In, the railroad department New York Central rose to 88 1-2up 4 1-4 points from the early low of 84 1-4.
 Atchison rose 1-4 points from it's low to 159 IA up 1 3-4 net and Union Pacific was varied up 4 1-4 points to 161 1-2 up 1-2 from yes iterday's last price. Pere Marquette lat the end of the fourth hour was
 caSgsr sassss ss eafs Tsfs aesass stocks as of June f. Kennecott touched 16 3-S of l IS; American Smelting 2S-1-8 off 1 3-S: and Ana | conda 20 7-s or I 3-s. These losses
 were reduced in tn rally.
 At 1:30 p. m. the Dow-Jones In-
 dustrial average NDs down 1-2 point at I36-O7; Railroad up 1.13 at 7S.63 and Utility or 0.05 at 55.15. Sales at 1:30 D. m. totated only 1 ,000, 900
 shares, against 100000 shares yes
 terday. Volume failed to increase
 on the rally.
 Ability of the list to absorb early profit-taking was the main incentive
 to the afternoon recovery. Some
 short covering came into the carriers
 to help the rise, but almost com
 plete absence of public buying kept
 amounts.
 | EARLY TRADING.
 l New York, June Prices
 moved irregularly in a narrow range
 with trading quiet on the stock mar
 Some Railroad shares moved ahead
 but the group as a whole was irreg-
 ular. Steel common opened at 90k
 off % and then fell back to 90. Small
 General Electric, Union Carbide
 Westinghouse Electric, Transamerica
 land American Can. i The principal news of the day was the acton or ra1lrOau execuuVeS III lforming a plan to ask the interstate
 commerce commission for 3 15 per
 cent increase in freight tariffs. This
 would amount to an addition of about $4O0, ,00Q, 900 annually to railroad rev
 enue and bring earnings on property | investment to 4 per cent rate,
 against 2.11 per cent earned so far | this year.
 | The discussion on the 15 per cent
 rise occurred yesterday and an lnouncement was not made on the de- cision until after the close. The rails
 however, had been pushed up in anti. lcipatiol of exactly what was decided and hence had discounted it. Atchison was at 158A up 1A and Union Pacific 159A up 2M. Atchison Elater lost all the gain. Small gains
 were noted in Erie, Illinois Central
 and Pennsylvania. These. were lost
 subsequently, and an initial loss of X point in New York Central was ex- tended to ? points in thefi rst 10 min utes of trading. I
 | oil shares moved up fractionally
 but were not conspicuous. Utilities
 sold off as diG special issues. | During the early trading, the trend
 was definitely lover. Auburn broke I7 points to 160. Steel common broke l90 and other leading industrials
 worked lower. Rails were heavily sn1dt