The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1926-03-03

additional margins. This had left
many customers owing brokers sub
stantial sums, bQt the brokers
thought much of It would be col
lectable.
Study Of Yesterdays market fig
ures brings out these facts:
Declines ranged from to IS points
on the Stock Exchange and from 5
to 9315 points on the curb.
The average drop of industrial
stocks was Az points and Of railroad,
1.99.
The average drop Of all stocks was
25.
Issues traded in during the day
totaled 625-the largest number ever
affected in a single day on the mar
ket.
Total sales yesterday were 9,075,-
900 shares-the sixth time il history
a. day has gone over the three mil
lion mark. Transactions in the last
hour were ,439, 900 shares, a figure
which would in itself be considered a
satisfactory normal days business.
As the market followers looked
back over the days developments
there was widespread rumOr that
some one had made an extraordinar
lily good guess as to the decision the
interstate commerce commission
would make-and did make half an
hour after the market closed-on the
Nickel Plate Railroad merger.
Leak" Denied
Washington dispatches quoted Of
ficiaIs as scoffing at any idea Of
leak" while here there was no con-
firmation Of any such reports, every
one maintaining that any anticipa-
ton Of the decision was merely the
result of good application of logical
reasoning-or guessing.
During the night, it was under
stood, many groups interested in the
market one way or another, held
meetings laying plans for the day
but what action, if any, can be ex-
pected from banking interests re-
NAMED secret. Responsible
financiers, however, reiterated that
the market is not a dangerous one
and that it is merely a process Of
readjustment from the recent booms.
which will leave prices at levels
justified by the true values Of the
stocks.
Durant and LivermOre
One report was that Jesse Liver
more and w. G. Durant were en-
gagged in major operations. Both of
these operators recently said, more
or less emphatically, they were out
of the market, which caused many
in Wall Street to consider they were
undoubtedly in it. Durant is known
to have been active since last fall,
when he was engaged in extensive
trading during the bull market"
which sent stocks up to new high
levels.
Another story out is that j. P.
Morgan is out to give James E.
Reid of Rebellion chastisement for
having opposed the Morgan-General
Motors group for control of Dodge
Brothers. That was the classic
struggle Of the last few years and
made Dillon famous almost over
night when he won against the sup
posedly impregnable Morgans and
DuPonts. But friends Of Dillon said
there could be nothing to such re-
ports, adding that Dillon had not
borrowed a cent in Wall Street in
a year.
Financial experts considered the
present break as comparable to the
famous declines Of 1907, the North.
ern Pacific corner of 1901 and that
Of Nov. y, 1919, when the postwar
imitation market met its end, only
in the matter of magnitude. These
breaks were characterized by short
age Of money, call rates having gone
as high as 100 per cent in the 1907
collapse and to 80 per cent in 1919.
In the present situation they main
tanned there was no money shortage
and the financial situation was not
involved.