The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1928-07-03
STOCK DEALING
is VERY QUIET
IN MART TODAY
Money Apprehension and
Holiday Exodus Leave
Street Dull.
Average Stock Prices

AveIage, OF twenty .industrials Monday
was 208.21. of "a Average Of twenty
rails was 1860. off 1.41. Average Of
forty bonds was 97l9. up .09.
BULLETIN
BIZ United Press
NEW YORK, July 1S.-CaIl
money fell to per cent shortly
after noon today, the second re-
duction Of the day from the
per cent renewal rate. This is a
per cent drop from the over
night rate of 10 per cent. Large
offerings flowed in from the in
terror and funds were plentiful,
even at per cent.
BIZ United Press
NEW YORK, July STILL appre-
hensive over money conditions,
traders we're holding aloof from the
stock market in early trading today.
AS result of this and the absence
OF many taking vacation for over
the Fourth, dealings on the ex-
change were very quiet this morn
ing, with prices drifting irregularly
Opening prices generally were
lower, declines amounting to two
points in some instances. Wright
Aero lost 2 points to 1872 and
Radio similar amount to ITS. Gen
eral Motors, U. S. Steel, American
Can, American Smelling and other
leaders also sold lower, but all of
them rallied slightly in the first
half hour.
American Can met consistently
strong support on the recovery.
Mail order shares still were being
taken on their June earnings state
mentS, both Montgomery Ward and
Sears Roebuck holding around the
previous close, after early declines
with the rest of the, list.
Motor Shares Good
Motor shares we're in fair de-
mand, particularly Mack Trucks,
which rose u to 931z, and Chrysler,
which held at 727s. A bear attack
on General Motors failed to bring
out any stock for sale and the issue
recovered toward the previous close.
Several Of the coppers, includirA
Kennecott, were bid up fractionally,
while rails held steady.
Describing the market the Wall
Street Journals financial review to-
day said:
Comment by leading bankers in
factors which brought about the rise
in call money to 10 per cent con-
WINGED the financial community of
the purely temporary character of
the current stringency. This point
was emphasized by the action of the
bond market.
The average price of twenty rep
resentative bonds advanced Monday
to 97.19, a gain of one-tenth of a
point.
This f1rmness in securities with
fixed yields demonstrated that no
real concern existed over the credit
outlook. AS a result no important
selling was induced over night by
the call money furry. Standard
stocks were steady in early dealings,
the extreme dizziness in the list be-
ing attributed to the absence of
liquidation.
Money Supply Better
Money was in plentiful supply at
the renewal rate of per cent and
around noon the figure was lowered
to 7 per cent This easier tone in
credit brought sharp recoveries in
all sections of the list and trading
was stimulated somewhat.
General Motors was carried up
nearly 3 points meet to 1887; Radio,
points to 1872; General Electric,
nearly points to 1904, and others
proportionately.
Mail order shares moved up with
the remainder Of the market, add
ing impetus to the recovery. Rails
joined and coppers also participated