The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-07-16
Stock Market Displays
Firmer Tone in Week
AS VOlumn Increases
Several Issues Touch New
Highs for Year; Grain
Prices Climb.
BY ELMER G. WALLER
United Press Financial Editor

NEW YORK, July 1o.-A IlrIIler
tone was noted on the Stock EX-
change last week, but as the Dow
Jones industrial average approached
the 100-mark, more resistance was
encountered. Trading increased
moderately with the average for the
f1ve-hour sessions over the half-mil-
lion mark.
While business was recovering
from the slump of the Fourth Of
July week, the government issued a
crop report that was bulliSh for the
grain market but had beariSh bust
ness aspects. The estimate was
considered almost a disaster in some
quarters. Wheat output will be the
smallest since 1893 and other crops
are to be correspondingly small.
AS a result of the grain est1-
mate the wheat market scared. In
one session prices jumped the limit
allowed-5 cents on wheat, cents
on corn, etc. Other commodities
we're mixed, but cotton scared TO
new highs for the season. In this
instance the farm equipment shares
made little progress since light
crop may we'll curtail purchases
sharply in the farm area
Car Loadings Decline
Wheat reduction adversely inf1u-
enced the granger rails. The gen.
eral railroad list, however, had other
difficulties, including drop of 1874
765 cars in the loadings for the
week ended July 7, bringing the to-
tai under 1888 for the first time
this year.
Railroad officials, meeting at At
lantic City, late in the week were
working on methods to raise reVe-
nue. to meet rising costs. 1t was
believed they would seek higher
freight rates.
Some of the rail shares we're high
er, but the average dipped frac-
ton. The same was true of utili-
ties where Columbia Gas brought
confusion when it's directors voted
to omit the dividend. The latter
action called attention to the util-
ity companies, whose costs have
been rising rapidly and whose in
come is held within limits by much
the same methods as the railroads.
Best gains we're in the industrial
division, where news was the most
favorable The United States Cteel
Corporation Sprang a surprise on
Tuesday in announcing its ship
mentS of steel for June at 985, 1877
tons, against 745 ,063 tons in May.
The stock, however, did little better
than hold its own.
Silvers Show Strength
Automobile issues were slightly
higher on the week as production
of cars picked up after the decline
a week ago. Oils showed good |
group strength. Silvers were strong
with the high-priced United States
Smelling rising to record high |
with a gain of nearly ten points.
Wet stocks were depressed when |
the government announced a let
down of the barriers on imports.
They failed to recover their losses.
Amusements were hit by church
drives for cleaner pictures, but they
steadied when word went around
the demands of the reformers would
be met. Sugars were strong with |
American making a new high for
the year.
A number Of miscellaneous issues |
made new highs for the year or long
err, including Coca Cola, Hercules
Powder, Monsanto Chemical and
Brooklyn Transit.
General Electric firmed slightly !
on a sharp rise in orders for the
second quarter. A better than sea-
sonaI rise in General Motors Corp
grafton sales helped that issue.
Auto Output Increases
Electricity output for the week
ended July made a good showing. |
1t was down from the previous week
because of the holiday, but held a
small gain over the corresponding
week of 1888.
Building for June showed sharp
decline from May total. Automobile
production for June was 7 per cent
under May but q per cent over
June, 1888. Auto output for the
first half Of 1884 was IS per cent
over that for the corresponding
period of 1888.
Official sales by days for the week
ended July IA as compared with the
preceding week were as follows:
Last. Wk. Prev. Wk.
Monday ............. 1880 Ali $50