The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-15
BY ELMER c. L
United Press Financial Editor

NEW YORK, July 15.-The stock
market absorbed heavy p~roft-taking
in the short session today, rallied
before noon and closed with a flour
ish Of strength that sent many is
sues into new high ground for the
year. Wheat scared 4 cents to new
highs.
Gold mining issues led the up
turn, featured by a squirt of 20
points in Homestake Mining. Others
of the group rose 2 to 4 points to
new tops.
The rest of the list leaped up
from the lows and volume increased
sharply with tickers running behind
the market in the last few minutes
of trading.
All the news was bullish. Steel
makers submitted a code of fair
competition for the industry and
Immediately several of the COM
panies, including Youngstown Sheet
and Tube, Republic Steel and
Sharon Steel Hoop, raised wages Is
per cent. Three other companies
Reynolds Spring, Devoe & Reynolds
and international Harvester-also
increased wages.
All News BuIlish
Car loadings were about as ex-
pected, below the previous week on
account of the holiday, but we'll
above a year ago,
Other favorable items included a
sharp rise in Toledo employment
record consumption of rubber in
June; good showing in number of
telephones OF Bell system and fair
earnings statement of American
Telephone and Telegraph Company;
increases in production and con-
sumption of news print; a rise in
glass production; increase of 100
per cent in June cotton exports;
frmer prices for steel scrap; a rise
in the bureau of labor statistics
commodity index; first advance
since April, 1929, in building re-
ported for the month of June; IA
vorable statements on business by
presidents of Southern Pacific and
New York Central.
Mining Issues Soar
Gold mining shares scared when
it was learned Attorney-G General
Cummings was studying at what
etono -, tho yorOcoccin~ 0f r01d tho
metal becomes bullion. That led
to the belief the government was
preparing the way for export of
gold-bearing rock and that a free
gold market might be instituted
here.
The sharp upturn in wheat which
carried prices up more than 4 cents
a bushel brought all positions to
new tops for the year with May at
$1.21H a bushel. Buying was heavy.
Cotton ran up in the early trading,
but slid off later on profit-taking.
Rubber futures were strong. Spot
silver advanced.
Wet Stocks Recover
In the stock market, United Air
craft crossed A for the first time
this year. 1t closed last night at
40A. Other aviation issues moved
up with it.
The repeal group met further at
tention after an early setback and
recovered under the leadership of
the alcoholic issues. Construction
issues were higher as were packing
shares. Industrial Rayon scared in
the textiles. Simmons Company
made a new top above 26.
Commercial Solvents made a new
high at IS, up AS. Allied Chemical
was up 2 points and others of the
chemical group made fair gains.
Steel shares moved up when the
code for the industry was presented.
United States Steel firmed up to
around the previous close from a
loss of about a point. Utilities held
we'll as did oils. Rails were aided
by the a loadings report, although
they turned irregular before the
close. Sugars advanced with great
Western against a new top. Cop
perS were higher as were SilverS