The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1928-09-01

was 1885. up ST. Average of twenty
rails was 1879. up 90. Average of forty
By United Press
NEW YORK, Aug. 31.-Slightly
f1rner money conditions today failed
TO offset bullish brokerage loan
figures and a favorable Federal Re-
serve condition statement with re-
suit that Thursdays advance was
continued in an extremely agrees
sive style on the Stock Exchange
nearly half a hundred issues selling
at new highs for the year or longer.
Violent upward movements were
staged in speculative shares like In
ternational Nickel, Johns Manville,
Hupp Motor, holster Radio, Mont
gomery Ward, Continental Can, Vic
tor Talking Machine, st. Louis
Southwestern American Can and
Allied Chemical, all OF which sold at
new record high prices.
General Motors, Steel and Sears
Roebuck we're also in broad demand
at their best levels of the movement
Radio scared more than ten points
Rail Issues Gain
Railroad stocks picked up strength
when the industrials rested for
brief spell in the late trading, sew
eral of these also making new peaks.
Accounting for the rise primarily
was the small increase of $34,017,000
in brokerage loans for the week
ended Aug. %. The market COM
munity had expected much larger
expansion and many had sold short.
Their covering and new buying to-
day helped sustain the various is
sues at high levels.
Wall Street is of the opinion that
the credit stringency is about at an
end, particularly now that the Fed
eral Reserve is reported buying
Government securities. Incidentally,
todayS trading was a reversal Of
predictions. A bear group had
planned to raid the market today
and Saturday, according to stories
around the Street.
Bear Plot Thwarted
Their deep-laid plot was exposed
in some way, and the bulls, who
had planned to be away for an ex-
tended vacation, changed their
plans and turned the tables on the
bear crowd.
After the exposure, bears rushed
to cover their commitments, but the
bull element was too quick for
them. Their losses in today's trad
ing would be impossible to estimate.
Stock after stock was taken in
hand and bid up so that those
short in it were compelled to pay
exorbitant prices. At the same time,
however, new buying was develop
ing and wires from all over the
country were bringing in orders.
Toward the close there was some
profit taking, but it was quickly
absorbed and the market made
strong tone to the end.
Undaunted by 71a per cent
money rate, the rising movement in
the stock market gathered momen-
tum through the morning and
around noon a dozen and a half
new highs had been recorded in the
industrial and railroad divisions.
International Nickel was an out
standing feature soaring to a new
record at 122, up 9 points. Other
high records included: Allied Chem
ical 205, up AS, American Can 1924,
up "a; Continental Can 122, up
AZ; Anaconda Copper 1874, up "A;
Drug Inc. 118, up AS; Coty Inc. 2o5,
up IL; Johns Manville up 4; Kols-
ter Radio 1873, up 35s; Nevada Con-
solidated Copper 2612, up u; V1ctU
Talking Machine 1904, up az; Ma
tional Dairy SO, up rs; Timken
Roller Bearing 1851, up e; Wrigley
"a. up 8; ST. Louis Southwestern
111H. up 31A; Missouri Pacific IA,
up 81; Montgomery Ward 221a,
up 67s.
General Motors rose 3as to 1881
and held 29s of the gain, inspiring
buying in other motor issues. Chrys-
Ter was taken in large blocks.
Sales to noon totaled 100000
shares, compared with 1,468,600 for
the same period Thursday Bonds
also we're much more active, sales in
the first two hours amounting to
$4,6o8,o0O against $3,428,oo0 yester-
day.
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