The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1928-03-13

rails was 1856 So. up .78. Average of forty
bonds was 1919, up .Ol,
By Unitcd Press
NEW YORK, March 13.-That a
technical corner exists in Radio
Corporation was demonstrated at
the opening today when $4,000
shares of stock sold at $160, an over
night gain of $3.50 share and the
highest price ever attained.
Shorts we're again squeezed in In
ternational Nickel which was COM
ing out in long strings on the tape
at rising prices. Nickel got up to
SO, up Az, receded to 95i2 and then
began to recover.
General Motors declined 4 to
1854 and other stocks were reac-
tionary. United States Steel lost
"a to 1452I and General Electric IS
to 1879.
Stock of Radio Corporation of
America, center of the widest trad
ing On the New York Stock Exchange
in recent years, leaped sensational
1y when the market opened today.
Less than two minutes after trad
ing began, $4,000 shares sold at 100,
an advance of 211@ points from
Mondays close.
"a Hour Gain
The stock opened Monday with
10000 shares at 1907, so that the
rise between transactions in twenty
four hours was 391a points. The net
gain since last Thursday was more
than so points.
With excitement prevailing on the
floor of the exchange, the COVER
nors were investigating the posi-
bility of a corner in radio stock.
Shorts caught bluffing in the gil
gantic poker game in which mil
lions changed hands, tried frantical-
ly to cover. Before the market
was fifteen minutes DID, it was GER
tain that a repetition Of Mondays
scenes would be enacted, when the
floor was a mad scramble with
brokers fighting to place their
orders.
The stock began to react soon
after the opening and stable blocks
were dumped on the market by oper-
ators desiring to check the too
sudden rise. The price began drop
ping four points at a time until II,
had been hammered down to 140,
where it steadied.
Goes Up Again
The rise began again soon, how
ever, and by 1920 the price had gone
back to 146. There seemed little
doubt that large scale operators had
obtained control of great blocks OF
the stock and the hapleSS bears were
due to be squeezed to the limit.
There are 1,155,400 shares of R.
C. A. common outstanding and the
quotation of 40, they were worth
$161, 756,Oo0.
U. S. Steel, General Electric, Cen
eral Motors and other stable leaders
that had joined in the recent ad-
vanceS did not participate in today's
early rise in Radio. Steel was off
2H points at 145A, while General
Motors and General Electric we're
off fractionally.
Radio was holding at around lat
at noon, with the general tone of
the market irregular. Trading was
brisk in several leading issues.
Greater stability was created
around noon by diversion of &C
tiyity into the rails. Renewal of
speculative interest in this group
was based on the hope that the re-
cent conferences on the eastern
trunk line situation would lead to
concrete developments in the mer-
ger field. Wabash, which is eX-
pected to benefit particularly from
agreement from Loree and other
eastern managers, New York Gen.
trail and Texas & Pacific moved.
Strength in Texas e. Pacific re-
vived rumors of early action re-
garding the establishment of the
stock on a IS annual basis.
Several pools were formed re-
Gently in the oil shares on the the
DRY that conditions were slowly
turning for the better A crimp,
however, was put in these activi-
ties by President Parish of the
Humble Oil Company, who said that
the oil industry is not going through
fen1rOrarv Over-nrOdlIctiOn