The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1927-02-01
STOCK MARKET TO
FOLLOW ROAD Of
UPWARD PROGRESS
Trading Shows Better Tone
Continued Improve
ment Expected.
BY Elmer c. Waller,
Manager United Press Financial
Service.


NEW YORK, Feb. Now that
the stock market has shaken out
many of the weakly held issues, it
appears to be on the road to prog
ress upward. Mondays trading in
dicated better tone, but failed to
carry through the day without sew
eral bearish attacks, which, how
ever, were thwarted, leaving the list
at the close considerably higher,
gains ranging from fractions to more
than four points.
At the close of the market it was
reported that brokerage loans had
dropped $3S, 232, 900 in the week end
ed Jan. 20, making a total contrac-
ton for January of $55,S21 900. With
no adverse news in sight for today,
this decline should stimulate further
activity on the bullish side.
G. NJ. a. c. Sale
General Motors swung into line
again as the market leader, spurred
on by the rapid sale of $4,000, 900
General Motors Acceptance Corpora.
ton ten-year per cent bonds at
par. The issue was listed on the
curb market, the initial sale being
at 4 premium, later rising TO ~
and closing at Il. Other motor is
sues dropped into line. with Hudson
vying with Generay Motors for SUI
premary.
Railroad issues were actively
dealt in. representative carriers gain
ing up to nearly points. Lehigh,
Atchison and New Haven made the
best advances outside of Wheeling
& Lake Erie, which spurted 21s.
Near the close a sharp upturn &C.
CURED in Chicago. Rock Island &
Pacific, which sent that stock to the
highest level it has ever reached.
Issues Profit
Brighter prospects with regard to
the Mexican land laws impaired con-
fidence into stocks with large hold
ings in that country. American
Smelling was the feature of this
group, with a gain for the day of
more than four points. Pan-Ameri-
can Petroleum issues also spurted
nearly two points, and Houston was
up more than six points.
Numerous special issues profited
by the advance, including Barnet
Leather, Chicago Pneumatic Tool,
Cast Iron Pipe and the tobacco
group. Sugar issues We're slightly
easier coincident with the decline in
raw sugar prices here, while equip
mnts moved higher. Pullman was
especially strong. rising rs for the
day. United States Steel gained a
point and Dupont 19s.
New Record
Mondays bond offerings, running
over 100000, 900, brought the total
new flotations for January to we'll
over 5000, 100000, setting a new rec
ord for any single month in history.
Further. large new offerings are COM
ing into the market soon and there
is as yet no indication that the de-
mand for such investment material
is in any way falling off. Mondays
dealings in the listed bond market
went ahead vigorously. French Tvs
soaring to a new record.
Oils also featured the curb market,
good gains being scored by leading
Independent and standard issues
Grains on the Chicago Board of
Trade declined sharply, while cotton
worked lower. Foreign exchange
rates generally held steady. Spanish
pesetas moved up to a new high
since 1920, while Norwegian kroner
also advanced.
In spite of the month-end settle
ments, which brought a deficit in the
clearing house statement, there was
no stiffening in money rates, call
loans holding at 4 per cent through
the session.