The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1929-05-11
BY ELMER c. WALLER

NEW YORK, May 10.-Having
been technically oversold on Ia per
cent call money earlier in the week.
the stock market responded vigor-
ously today to a drop in the Off
clal rate to G per cent, eQualing the
lowest Of the year. Prices in all
sections advanced to 5 points and
a few gains ran up to II points or
more, with trading more active than
at any other session this week.
The inevitable profit taking on
the bulge followed the rise late in
the day, but this was absorbed
easily and the list closed higher. So
easy was the call market that money
was lending outside the Stock Ex-
change at 5 per cent.
General Electric rose to a, new
high at 268, up 9 points, featuring
the list Sparks Wilmington also
made a wide gain while advances
Of 3 to 5 points we're recorded in
United Corporation, Westinghouse
Electric, several of the Van SWer-
igen rails. American Bosch Magnetic
United Aircraft, and WoolWorth
American Can scared 6 points and
Adams Express nearly 10 points.
U. S. Steel Higher
United States Steel rose more
than two points despite small in
crease of 17,045 tons in filled orders
reported as of April 30, as compared
with March 81. The street had ex-
pected rise TO as much as 100000
tons. Bethlehem gained severa
points
United Corporation featured the
utility group which was strong al
day. The stock made a new high
record, while Consolidated Gas
selling ex-diVidend, equaled its peak
for the present shares. Public
Service was bid up several points.
Radio f1rmed up more than a
point. General Motors, responding
to the announcement that John J.
Raskob had rejoined the finance
committee, rose nearly two points
American Locomotive was strong
spot in the equipment issues, while
Atlantic Refining and Barnsdall A
stood out in the oil group
In the railroad group which rose
better than at any time in several
weeks, strong spots included Ches-
peake & Ohio, Erie, Allegheny Cor
poration and Chesapeake Corpora
ton. the latter rising nine points.
The mercantile group also was bid
up, with Montgomery Ward in the
lead. That stock ran up more than
three points while good gains were
made by Sears Roebuck. Wool
worth, R. H. Macy, Shattuck, and
Kroger.
While lower call money rates were
primarily responsible for the rise to-
day, several other important fac
tors favored the bullish element.
Brokerage Loans Lower
Good news came in the form of a.
rise of only $19,000,000 in brokerage
loss when larger increase had been
expected and favorable reports from
industrial corporations, including Of
fering of rights to holders of Inter
national Telephone and Telegraph.
several favorable corporation re-
ports, 25-cent extra for Atlantic
Refining shareholders and large
gains in several copper companies
over the first quarter Of last year.
The market closed higher and
preliminary figures of the Dow
Jones average of thirty represent
alive industrials stood at 1854, I'D
5.37, while the rail average was 1.16
higher at 1920.
United States Steel closed at 1917
up 2is; American Can at 149. up
SIS; Radio at $685., up Il: General
Electric at 26412, up ST.: CONSOLIDATE
ed Gas at Hts, up and Bethlehem
Steel at 1924. up rs.
Motors were prominent at the end
Of the session, General Motors clos
ing at 1875. up l; Packard at 1853
up "a. and Hudson at 9012. ChryS-
Ter closed p lower at 1915.
Recovery in the rails was an out
standing feature. New York Central
closed at 1881, up 81; New Haven
at SO, up ~; Western Maryland at
ass. up rs and Baltimore & Ohio
at 1915, up l.
Merchandising shares were feat
ured by Montgomery Ward, which
closed at 1851, up 2, while Ameri-
can Smelling was prominent in the
coppers closing with net gain of
point at 1857.
The days turnover was 3.919.8
shares, as compared with 1857 300
Shares Thursday.
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