The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-09-24
BY ELMER c. WALLER
United Press Financial Editor

NEW YORK, Sept. 24.-All mar
ketS moved into higher ground in
today's short session.
Stocks advanced l to more than
points; bonds. fractions to 2
points; bank stocks, l to 3 points;
wheat, fractions to more than a cent
bushel; cotton, rs cents a bale:
the dollar advanced in terms Of
foreign currency.
In the stock market, rail and au-
tomobile shares dominated the
early trading. Then tobaccos we're
whirled higher. Communication
issues joined the upturn on larger
scale late in the morning, while
steel issues resumed their upturn.
Farm equipments responsed to the
days rise in wheat and predictions
of further advances in that grain.
Aviation issues were firm, although
less prominent than recently.
Car Loading Increase
Today's gains brought the stock
market to within short distance
of the highs on the present move
ment begun July and interrupted
by weeks decline that ended
Sept. 10.
Buying was said to be coming in
part from Europe which partly &C
counted for the rise in the dollar.
Some short covering was induced
by the rise, especially in the tobac-
CO and farm equipment groups.
Motor shares appeared to be under
the domination Of pool operators,
although news from that industry
was favorable.
Railroads had the best Of the
news. LoadingS Of revenue freight
for the week ended Sept. II, totaled
4S7,302 cars, the largest total since
the week ended Dec. IL, 1881. That
represented a rise of 85,478 cars
over the preceding week which con-
tanned the Labor day holiday. The
rise was much larger than had sheen
anticipated.
Agreement of officials of eastern
trunk lines, on the four-system rail-
road consolidation plan set forth
by the interstate commerce commits
sion was factor in the early rise
in the carrier shares.
Steel News Favorable
This was seen as paving the way
toward early consummation of the
merger plans and perhaps the fore
runner of other consultations in
the railroad world.
Steel news included point inn
provement in the Youngstown area
and general pickup in several
other centerS. Automobile makers
were reported speeding up produc-
ton of new models to be introduced
earlier than usual this year with a
vigorous sales campaign.
The American Bankers weekly
report on bank cloSings showed
continuation of the low rate Of
mortality. Closings in the last week
totaled is, against IL in the previ-
GUS week.
improvement in the steel industry
brought short covering into United
States Steel common stock, which
opened unchanged at 44A. 1t ran
up to 46 and held near that level.
Steel preferred gained 2 points
while Bethlehem preferred was
whirled up 3.
Utilities Are Strong
Case jumped more than 4 points
in this group; Sears-Roebuck was
strong in the mail orders; Ameri-
can Telephone, Western Union, In
ternational Telephone and Postal
preferred were higher; New York
Central led the rails; General Mo-
tors was the most active of the
Motors; Loose Wi1es rose more than
a point in the foods.
According to preliminary calcu-
lation, the Dow, Jones g. Co. in
dustrial average stood at 7.8O, up
O.08 point; railroad 1895, up 0.73,
and utility 33.43, up 0.69.
Sales were 100000 shares, COM
pared with 100000 shares last Sat-
urday.
Aggregate market value of ten
leading stocks was $6,493 ,974. 1877.
against $685., 1O7,667 Friday, an ad.
vance of $108,866, 800.