The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-03-02
BY ELMER c. WALLER
limited Press Financial Editor

NEW YORK, MdICn Z.-NTOlU dIlQ
silver mining shareS were bid up
again on the Stock Exchange today
as gold mounted to record high
in London and silver shot up in all
markets. Gold shares scored gains
ranging to more than point. New
highs for the year were made by
the Canadian issues-Noranda and
Dome. U. S. Smelling touched
1929, up u, in the silvers, and
other issues of the group were up
fractions to point,
Bar silver reached SITS cents an
ounce here, a gain of l cent an
ounce. and the highest level in
more than six years. In London the
price was fixed at 81 pence, up near
ly a penny. In Montreal silver fu-
lures scared more than a cent an
ounce in some instances on buying
repeatedly coming from American
sources.
In the main stock list movements
we're narrow Here and there a
special issue moved out of the frac-
tionaI rut into which a majority
of issues were moving. Wick Chem
ical, one of those to make a gain
of more than a point, sold at a
new 1885 high of BIS, up rs.
Steels were slightly lower and so
we're the motors. Little interest was
displayed for the mercantile issues
which were firm. Oils held yes
terday's gains. Communications
were mixed in a narrow range.
By United Press
NEW YORK, March 2. - Stocks
during the past week sank to new
low levels for the year and later
rallied to close about unchanged
from last Saturday. Bonds, led by
second grade rails, declined COM
modities made a small gain in the
average, and the dollar gained
sharply in sterling rates. Major
business indexes declined.
Descent of the pound sterling, ac-
companied by rise to record
high in the London gold quotation
and sharp gains to new siX-year
highs in silver, featured the week
of finance. The pound dropped to
record lows in terms of French
francs and in the pre-devaluated
dollar. In terms of the latter the
pound was around 1894 In terms
of the 5906-cent dollar it was
around $4.81.
FURRY in the gold and silver
markets brought heavy demand into
gold and silver mining shares. In
the Friday session that group fea-
tured on the New York and Ca
madam exchanges. Many OF the
colds made new highs for the year
or longer. Canadian colds made the
best showing. In the SilverS, U. S.
Smelling was Whirled up with the
others close behind.
Railroad issues were steady cFter
a decline in the average to new
low since 1888, and utilities picked
up after their average had made
a record low. The better tone in
the latter was brought about by
indications the Rayburn bill to de-
stroy utility holding companies
might be modified.
Automobile issues only held tlN7ir
own in the major issues. Demand
continued for the motor accessory
shares. Farm issues moved up with
wheat, but the mail order shares
were not as fortunate. Several
made new lows for the year. To-
baccos were steady on the week
following a period of advance in
the last few days. Sugars made
good gains, aided by a rise in the
price of sugar which in turn was
aided by fears of revolt in Cuba.
Oils Jagged until Friday when they
f1rmed under the lead of Standard
of New Jersey. The latter had
made a new low for the year earlier
in the week.