The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-08-27
BY ELMER G. WALLER
United Press Financial Editor

NEW YORK, Aug. N.-Utility
shares today led the stock market
into new high ground for the recov-
cry that got under way July 8.
Gains ranging to more than 4
points were recorded in the utilities
and other divisions followed at a
lighter pace.
Trading was active from the out
set when blocks of 1000 to 1900
shares were turned over as over
night buying orders were executed
Overshadowing the soaring stock
market was the cotton market
where futures were whirled up to
gains Of more than $3.50 a bale. All
positions were well above the 9-cent
a pound level and some of the far
positions we're nearing the 10-cent
level. Improvement in the textile
industry together with weevil de-
vaStation provided the stimulus for
the rise. Wheat also scored wide
gains, aiding other grains. Wool
tops jumped more than 200 points;
silver metal was in demand at
higher prices.
Steel Hits 40
Long strings of utility shares fea-
tured the tape throughout the two
hours of trading. One string OF
Electric Power involved 1000 shares
at III; 1000 at 115s; 400 at liz 4;
1900 at 117s, 4,5OO at IL; and 300
at 1913. The issue later sold at 1914
up az.
Postal Telegraph preferred
reached new high for the year at
1872, up IL, while North American
scared more than two points and
American Power and Light, 2. Gains
of to points were made by Amer
lean Telephone, American and For
eign Power, International Tele-
phone, United Corporation, Consoli-
dated Gas; United Gas Improve
ment and Public Service of New
jersey
Steel common reached 40, where
it was up IA points. It lost part
of the gain later Bethlehem Steel
common rose a point, while the
preferred at one time was upu Az
points. National Steel made a new
high for the year above 80.
Harvester shares moved up with
wheat, Case making a new high for
the year. These issues lost part of
their gains before the close.
Several railroad equipments we're
bid up in anticipation of orders
from the roads in the near future.
Tobaccos were firm, featured by &C
tivity in R. j. Reynolds B., stand
ard brands made new high in the
foods. Oils were dull and steady.
Rail Shares React
Railroad shares made fractional
gains, turned dull and reacted from
their best levels. The railroad av-
erage has had a rise much greater
than any other and market observ-
ers believed the action of the
shares today was a natural one.
In line with expectations, car
loadings for the week ended Aug.
20, rose CPL cars over the previous
week. At 518,642 cars the total
was 229,958 cars under the cor
responding week of 1881.
Automobile shares held well
throughout the session, but Auburn
met profit-taking that reduced it
more than 3 points. Copper shares
continued firm with American
Smelling, Kennecott and Anaconda
in demand at rising prices.
According to preliminary calcu-
lations the Dow-Jones Co. indus
trial average stood at 1853, up 1.2O
points; railroads 1925, off IL point
and utilities 1923, up 1877 points.
Sales totaled 100000 shares,
against 666,350 shares last Sat-
urday. Aggregate market value OF
ten leading stocks totaled $6,447,-
43O,670, against $6,419, 1858, 1909 Friday
a gain of $27,571,361.