The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1927-09-20

Average OF twenty lnouStIlals aonuay
was 1858, of 1872. Average OF twenty
rails was 1888, off SO. Average OF forty
bonds. 9S.Ol, up .O6.
BIZ United Press
NEW YORK, Sept. 20.-Stocks
displayed a stronger tone today.
Leading issues moved higher and a
long string Of representative shares
made gains running to 2 points. OIL
issues were in good demand on the
belief that their present status was
technically good due to the fact
thew had discounted any further
setbacks.
Houston was an outstanding fea-
ture of the oil group, soaring more
than 7 points. Texas Gulf Sulphur
stood out prominently on the upside
with q gain of more than 2. Otis
Elevator rose more than 5, Inter
national Harvester 21s, Radio Cor
poration, IL, Pullman, new. Us,
American Smelling 2, A. M. Byers
4 and Baldwin 11s.
Buying developed in the railroad
group on the prospect OF better
earnings. Erie was bid up point
and good gains were scored by Mis-
souri, Pacific up a point, Missouri
Kansas Texas up III, Ontario q
Western up 2, and Baltimore q
Ohio up IL.
Motor shares also scored good
gains, Mack featuring with a rise OF
more than three points. Yellow
truck was up IA. General Motor
issues held well above the previous
close.
Trend Reassured
Describing the market, the Wall
said
Street Journals financial review
Advancing tendencies reasserted
themselves in the main hody OF
stocks today. This Improvement
came in the face of continued firm
mes sof credit conditions. Banks
withdrew an additional $l5,O0o,o0o
from the call loan marke ito meet
acquisitions fro mthe collection OF
checks submitted in last weeks tax
payments. This factor held the de-
mand rate at per cent throughout
the session, but plentiful offerings
were available at that level, and the
expectations of easement in the next
few days was entertained in impor-
tant quarters.
This outlook undoubtedly ac-
counted for the vigorous rallies
which developed in speculative lead
ers. Better sentiment regarding
business prospects was also in evil
dence as a result of Secretary Hoo
ver's statement that general trade
was showing definite signs of sea-
sonal revival.
Steel and General Motors re-
. turned to leadership of the indus
trial list Their better action en-
couraged resumption of operations
on the upside in special groups like
the tire shares, and sulphur stocks.
Issues like Paramount, Mack and
Houston Oil also scored extensive
gains.
Impressive Feature
But the most impressive feature
of the trading from a bullish stand
point was the restoration of buoy
ancy in high grade rails, including
@. 81 O., Atchison, New York Cen
trail and Nickel Plate. Union Pa
cific moved up sharply, following
publication of its August earnings
statement. This showed decrease
of 3.3 per cent in net operating in
come last month, as compared with
a falling off of 80 per cent in July.
However, the improved behavior
Of the rails was due more to the
expectation of better earnings over
the balance of the year and to pub
hcation of last months results.
This point was brought home by the
fact that Erie issues advanced ag-
gressively in spite Of the roads I'M
favorable August showing. Fries
net last month fell off more than
100000 frfom August, 1925. In
July, the shrinkage from last year
was only 100000