The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1926-03-05

day. was 166 "a. up 314.
NEW YORK, March 5.-Stocks
eontinued upward in opening trad
.ng on the stock exchange today.
A wealth of overnight buying
riders had accumulated and yester-
lays uprush, which came in direct
ontrast to the markets Of previ-
us days, was still in evidence
lroughout most classes of stocks.
Business during the first hour was
aly slightly less brisk than yester-
W. Up to II a. M, 719, 100 shares
I'D changed hands against 739,0Oo
" yesterdays first hour.
On the bond market sales were
lore than a million dollars less in
ne first hour today than yesterday.
ales totalled $3,333,OOO up to IL
m.
AS the market went into its
econd hour, there was a recession
prices of industrial stocks.
General Electric dropped points,
,merican Can lost 6A of its early
aims and some Of the motors
ropped slightly. Trading continued
risk.
Reaction Occurs
Liquidat ton of stock, bought to
support the market on the recent
break, created a generally reaction
airy tone in the late morning. Steel
common sold down to 1885 off IFS
from the high earlier in the day and
similar recession occurred in other
industrial leaders. However, offer
ings were absorbed in good style
and prices snapped back around
noon. Steel recovered to 1241s and
other pivotal issues rallied in pro-
portion.
Rails were we'll bought with c. &
o. in steady demand. At 1872, c. &
o. was up 2 points from the
previous close. Pere Marquette
was another strong spot. at 81
against yesterdays low of 74A.
Sales up to noon totalled 1,149,400
shares-a rate which, if maintained,
would mean another three million
share day, but still about 100000
shares less than yesterday.
On the bond market trading was
livlier during the second hour and
by noon $5,472, 900 in securities had
changed hands, against $6,966,OOO
yesterday.
Consensus taken among leading
brokers and bankers points to two
well-defined beliefs as regards the
immediate future Of the market. One
Of these, perhaps most frequently
heard. is that the market obviously
was supported yesterday and that
his support stock" bought by huge
financial interests to steady the eX-
hange, soon will be for sale.
If this view is correct, there likely
will occur what Wall Street calls "a
condary reaction with stocks
JmbIing once more. many followers
the market say.
New Confidence
Spectators and investors appar-
thy had regained their confidence
I'd there were many evidences of
mixing support as stocks swept
ward to accustomed levels.
Most of the early gains were frac-
onal in nature, but few stocks
hitch recently have been pounded
Dy bearish interests went up more
han a point. Allied Chemical was
up 21s at 1929, and Chrysler was
up rs to 44%.
The railroads affected in the re-
cent veto of the Van Sweringen
merger gained considerably in the
early dealings. Nickel Plate adj
vanced 5 points to 14O. Pere Mar
quette was up 215 at so, and Erie
was up fractionally.
The second commonly held opinion
is that many gilt edged stocks have
been driven during the last three
weeks to prices where they actual
ly are bargains and that a further
uprush may be expected when
spring business begins in all lines.
100000 Shares Sold
Systematic and concerted support
was In evidence throughout yester-
days session. Although sales were
more than one million below those
Of Wednesday, totalling about 2,700,-
600, prices swung upward at a
greater rate than they had toppled
the day previously. The advance in
average price of stocks was near
five points.
Reflection of enormous liquidation
which took place in the stock mar
ket over the last week was afforded
in the latest figures of the Federal
Reserve Bank of New York, which
showed an increase in the reserve
ratio to rs per cent against ISL per
cent the previous week. This i'm
provement in the credit situation
nelned along the rally in the cceneral