Salt Lake Telegram | 1931-09-25 | Page 20 | Confusing Session Ends in Stock Rise

CONFUSING SESSION ENDS IN STOCK RISE Speculative Trend Shifts Swiftly Upturn Follows Supervision Warning en By DY rrt ruu NEW YORK Sept The 2 stock market ended one of ot the most mOISt confusing con con- fusing se sessions sIon in more mora than a n year with a swift upturn Friday Speculative sentiment shifted swiftly and anti tho final upturn earno carno after alter exchange officials had bad an an- flounced strIcter supervision of ot short chort 10 selling polling S' S There Thore were three distinct upturns during durinS' th the day and a morn morn- ing lug advance nd w was followed b by a pro pro- pronounced flounced but slump Con fusion in the late lato trading was trading was heightened height height- ened by the Uie sudden death Irons from heart failure allure of a n. floor trader The turnover was again shares The Set market closed a n. little under the best hest levels but with a good tone It was wu notable that severa several of ot the pivotal issues were Cue well supported on declines United States Steel after selling up about 4 closed up 2 1 rose more than 7 and closed up more than 5 5 American Smelting apparently helped by strength of the sliver silver market closed 4 points higher American Telephone Rained gained about 3 Advances of 2 or more were numer ous Although the stock exchange re rescinded It its complete ban on short abort sales after the first two days of tho we k it at the thc same sanie time requested daily reports giving the Identity of short so that the committee ml ht detect any bear raiding Today's revision of th tha memorandum requesting the In information in- in formation will make the checkup evon more thorough Tightening up of trading in fri London to the tho extent of abandoning that markets market's traditional periodic settlements for dally daily cash transactions naturally had hac an adverse ad- ad verse erse effect unon sentiment here al- al London generally closed higher The Paris bourse however was heavy and some un uneasiness uneasiness easiness was caused for a Ume Um by an report received by a Wall street financial news ticker of banking in Franco France The Federal bank Increased in increased In- In creased it its rate o on bankers bankers' acceptances acceptances accept accept- ances to brIng It fn in line lino with tho tha higher market rate which open re resulted yesterday from large foj There Thereas was as no further flurry of heavy offerings of acceptances accept ances however