The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1929-04-20

sam. "t5. 800 f. .T 3D. average Gt forty
bonds was. $3.50 Up n
BtLar,apres
NEW YORK. April I8.-Led by
American Telephone and Telegraph.
International Telephone and Iele-
graph Woolworth. Bethlehem Steel.
and Radio Corporation the stock
market advanced today INTO new
high ground on the present re-
covery after a period OF sagging
prices IN The early trading.
Dealings were light IN the first
half hour but gathered momentum
on The advance Call money eased
10 " per cent and further reduc-
tlons were made in time money
rates.
Selling i'll the first half hour was
laid 10 fears over credit as d re-
suit Of the small decrease in bro
kor8ge loans. These loans shrank
only S2O00000 Tor the week, the
federal reserve reported after the
close yesterday, and led some 10
expect further reserve pressure OH
the market
Another disturbing factor was the
failure Of reparaUons negotiations,
which precipitated a big break in
the Berlin bOUse.
Traders. however. later~Concluded
that the ending Of reparations aTgu-
ments without arriving at an agree
mcnt might benefit the market, in
that II would eliminate for the time
any loan flotation Tor the debt that
might unsettle further the credit
situation by its drain on funds here.
The bidding-up process continued
i'm the majority Of stocks until near
the close, when several stocks we're
hammered down by bears. American
Can vas depressed more than d
point, While Allied Chemical dropped
Is points, Nashville, Chattanooga q
ST Louis dropped 4 points and Phil
adelphia q Reading Coal and Iron
made a new low for the year. Ana
conda led downward move in the
coppers.
The oils held up we'll, LED by Pam
American issues which made new
highs New highs we're made by
American Telephone g. Telegraph,
Bethlehem Steel, and WoolWorth.
United States Steel and General
Motors held steady Amusement
stocks we're firm and special issues
like Congress Cigar. Corn Products
and Commercial Solvents made wide
gains.
Price changes were mixed at the
end Of the session. many representa-
tive issues showing the effects OF
Weekend prOfit-takius. while other
high grade stocks registered good
gains over the previous close.
United States Steel closed q, Of a
point higher at 1851, while Amer
lean Can was subject to consider
able LIQUIDATION closing at 1865,
of 2ii. American Telephone and
Telegraph and Warner Brothers
Pictures closed with net gains of
27s and ia points, at 225ss and
Iii, respectively.
The motors showed narrow yaria-
tions at the close General Motors
was i OF a point higher at 847s and
Studebaker of a point higher at !
62's Packard closed at 1885, !
of Is.
Pressure was particularly heavy
against the coppers, and Anaconda !
showed a net loss Of Is points ct |
1873 L., while American Smelling was /
II points lower at 102.
Irre2ularity marked the oils. Pan /
American Petroleum & continuing
its upward mo, ement with another
advance of p, points. to close at /
g., Sinclair closed at 39as. of J.. /
The rails were narrowly irregular |
at the close New York Central |
closed at 1925, off is; Pennsylvania .
at 1875; up T.; Erie at 402l. off IS
and Lacawanna at 1914, off IT,
Total sales for the day amounted I
to 3.055 $50 shares. as compared with /
Yesterdays turnover of 3.768,600 |
shares