Salt Lake Telegram | 1936-01-31 | Page 23 | Stock Market Hits Nwe High

STOCK MARKET HITS NEW HP By ELMER C. C United Press Financial Editor NEW YORK Jan 31 The 31 Tha stock market Friday rose roze to new high ground since 1931 as the Industrial list 1st caught up with the recent rise in rails and utilities Trading again was around 00 shares bringing th the months month's to total total to- to tal to around shares the best for any month since sines July 1933 It was the best January sInce 1929 and that year a record for the month Bonds also were active featured by rails and utilities Sales of around par value today brought the months month's total to around the best January in history and the best month since sinco December 1920 The American dollar descended in terms of foreign currencies The French franc was just under the level at which it would bo be profitable for the French to take United States gold The Dutch guilder was at th the gold point but no shipment had been arranged up to a a. late hour bour Commodities were mixed with grains firm and cotton weak Greatest activity centered in the utilities Their average was whirled into new high ground sine since 1933 early in the day They held their gains which ranged to more than a point In the active issues and to more than 4 points elsewhere New tops were made by Consolidated Gas Columbia Columbia Colum- Colum bia Gas and General Gas and Electric Elec A the most active Issues A Along Along long list of others bettered their tops for a year or more Demand for utilities was inspired by outlook for higher earnings be because because be- be cause of sharp increases in the use of electricity and by belief the su- su premo court would find for the tho utilities in the tho Tennessee Vale Valley Authority act case which Wall Wallstreet Wallstreet street hopes will be decided Mon Mon- day a aCar Car loadings for the week ended last Saturday decreased much less than expected from the preceding week That set off new demand deman and new highs were made by AtchU AtchI son the Alleghany corporation issues is is- sues Chesapeake corporation New York Central Northern Pacific Southern Southern- Pacific Union Pacific equaled its high I Chrysler corporation was the sen sensation in the motor shares It r se steadily in active trading and made Its best showing in the tho last few minutes of trading when shorts shorts' covered frantically The stock sold soldat at its best level since sinco 1929 where it was up 3 points front from the previous close Word had gone around that thaU Chrysler directors had been In se secret cret session and that a highly favors favor able announcement would be made mado after the close t I