The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-07-23
BY ELMER G. WALLER
United Press Financial Editor


recent lethargy today and sent
prices UP fractions to points.
Trading was the heaviest since
June swhen 100000 shares
changed hands.
According to preliminary cal
culation, the Dow Jones 81 Co. in
dustrial average stood at 4769, up
1.19 points; railroad, 1749, up .73,
and utility at 1898. up 50.
Sales totaled 100000 shares,
compared with 100000 shares
Thursday.
Aggregate market values of 10
leading stocks was S4,118,847, 1886
against $3,996,621 ,979 Thursday, an
advance of 1922 ,225,657
The Dow-Jones averages rose to
the highest levels since June 16
with the railroad average more than
80 per cent above its recent low;
industrial Is per cent up and utility
average u per cent up.
Bond List Scars
Rising stocks had a strong back
ground in a bond market where
railroad issues scared l to 10 points
and other issues ruled firm in more
active turnover.
Wheat joined the procession with
gains ranging above a cent a bush
ell. Lard jumped Is to 10 points re-
spending to advances of 10 to IS
cents per hundredweight in hogs in
various market. Rubber futures
scared to new highs on the move
ment; cotton gained more than so
cents bale; sugar rose several
points; silk ruled firm; the Amer
lean dollar held steady TO firm.
The immediate cause of the broad
rally was the decision of the in
terstate commerce commission to
authorize the four-party eastern
railroad consolidation program. This
brought a sharp rise in railroad
bonds and corresponding gains in
rail stocks.
A brilliant earners report by At
lantic Refining, which reported net
of $1.18 a share for the first half OF
1882, against huge net loss in the
corresponding 1881 period, helped
the oils to continue their recent adj
vance.
Dollar Wheat Forecast
other factors helping the petro-
1eurn group were improved statistics
and prospects of higher prices for
crude oil.
Other factors of market import
ance which helped the rise we're:
Signing of the two billion-d
relief bill by President Hoover;
further predictions of dollar wheat.
steadiness in retail trade reported
by the weekly reviews; a favorable
report for the second quarter by
CChrysler Corporation; bright out
look for railroads to meet Aug. /
requirements, and anothel nog list
of bright spots in business coming
in from all quarters of the country.
Reports simmered into the street
that the United States Steel Corp
Grafton directors might declare the
regular dividend. This was respons-
ible for investment buying in the
preferred and it moved up to above
81, against a previous close of co.'s
The common stock also was in de-
mand.
Auburn Auto Strong
If regular dividend is declared
on Steel preferred it would be in
terpreted as rejecting belief of di-
rector that turn for the better
in the industry had come.
Auburn Automobile shot up more
than points and held most of the
gain, the advance being attributed
to short covering. Shorts also were
punished in a long list of other
shares, including the Case issues
Allied Chemical and American Tele-
phone.
In the railroad group, Jersey Gen.
trail rose 5 points, and Delaware
81 Hudson more than 3, while gains
OF point or more were noted in
Baltimore & Ohio and Union Pa
cific.
Atlantic Refining made a new
high in the oils and substantial.
gains were held by others of the
group. Sugars held firm, as die
tobaccos.