The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1923-08-07
MARKET DISPLAYS
; ITS CONFIDENCE
IN NEW PRESIDENT
Renewed Strength in Steel
and Other Industrial Lead
erS Marks Trading,
The WALL STREET JOURNAL

NEW YORK, Aug. with Wall
Street confident regarding President
Coolidge's ability to handle the domes-
tic situation with a firm hand, atten-
ton of the financial community was
turned at the opening Of the exchange
today toward developments abroad.
Nothing happened over night to cause
a change in view regarding the repa-
rations question and stocks showed a
strong tone in the early dealings,
with a number Of industrial leaders
scoring further progress on the re-
covery.
First Hour
After a period of hesitancy in the
first half hour in which American
locomotive receded a full point and
other industrial leaders fell back frac-
tionally, the general list developed re-
1ewed strength toward IL o'clock,
with Steel common touching its best
price on the movement, while New
York Central led the rails in furth-
recovery, which was featured by
better action among the Northwest
ern issues. Baldwin. among the
equipments, also moved ahead after
reacting in the early dealings.
Second Hour q.
Price movements in the late morn
ing gave additional testimony that the
line of least resistance was no longer
on the declining side. Although
stocks had dropped to the years lows
on news of President Harding's death,
the ease with which they rebounded
brought to light the decided scarcity
of offerings. Around noon short
covering became more urgent and
mary leaders touched the best prices
reached in two weeks. Among those
TO advance sharply was Amesican
locomotive.
Noon Hour
81 Sentiment in the speculative COM
munity as evidenced by the turn of
events during the day turned more
publish in the noon hour as many big
traders, who had had a bearish posi-
the bull side, believing it short-sighted
TO ignore the technical possibilities
contained in the markets oversold
condition. Professionals met with little
or no success in forcing liquidation,
due to the markets sound technical
structure.
Fourth Hour
While activity in the early after
IS bon was at slightly lower levels,
price recessions were few, most ac-
tive issues maintaining their earlier
gains, while in some instances issues
showed a decidedly improved tone.
Corn Products, Studebaker and Can,
ike Steel, went into new high
ground on the current recovery, stab
iizing many of the other market fav-
orites which had not kept step with
the forward progress Of leading fav-
orites By 2 O'Clock the condition of
the market was regarded as extreme
~ favorable.
Closing Hour
Early in the last hour a period of
sluggishness developed. but little mo-
mentum was gained, as day-to-day
traders found that no selling was
forthcoming. despite the attractive
levels prevailing. AS result many
professionals began to retire their
short contracts and the closing min
sItes of the session found the whole
list in the midst Of rally Of no small
proportions. Rails came prominently
into the late trading, leading issues
Scoring substantial gains
Twenty active industrial stocks on
Monday averaged 1881, up 1.31 per
cent. Twenty active rails averaged
1902, up 1.24 per cent.
Local Bank CIearingS
indianapolis bank clearings Tuesday were
So 52S 600: bank debts were S5,37S.00