The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1931-09-24
BANKERS PLACE
HUGE ORDER TO
BOLSTER MART
Bid for S25,000,000 in
Securities to Stand
Until Executed.

I DU GNtttU EFCb6
NEW YORK, Sept. 24.-According
to informed sources, the most influ-
entail bankers in Wall Street have
entered bids for 100000 bonds
to be split among United Kingdom,
German, and railroad issues.
The bids were entered Wednes-
day and, according to the sources,
only small portion of the order
has been filled. On highest author
ity, it is stated the order viii re-
main intact until executed.
This gigantic bid was reminis-
cent of the bid for a million shares
Of Standard Oil Company of New
Jersey entered at the time of the
1929 crash by John D. Rockefeller.
incidentally, the Rockefeller order
was subsequently withdrawn and
never executed. 1t served its pur-
pose by bringing change in mar
ket psychology from gloom to OPP
timiSm.
Subsequently, the price at which
the Rockefeller bid was placed was
violated with abandon. His bid was
at $50 per share, and the issue
this year hit new bear market
low of SO5s.
Situation Now Different
The situation now is regarded as
vastly different from that which
prevailed two years ago, when the
Rockefeller bid turned the trend.
The stock and bond markets have
both been sold to a standstill, &C
cording to financial leaders. :.
The stock market has been ham
pered in a recovery by a weak bond
market. Wednesday the average for
forty representative bonds rose 1.29
points, the widest gain in many
months. On the stock market the
industrial and utility issues made
the best showing since last June,
while the rails had their best daily
gain since September, 1929.
Wall Street expects the rise in
stocks to continue. A strong bond
market, it is said, will be highly
SSAAOAASAoA " q A4o4A4S oOOCh uldIhtb.
The factors making for greater
confidence at the present time in
clude the better situation abroad
with the foreign markets reconciled
to the temporary abandonment of
the gold standard by the Bank of
England, expectation of a pickup in
the steel industry, REIMBURSEMENT of
operating expenses by Americas
largest corporations, which will
place them on profitable basis and
settlement Of one of the bad situa-
tons overhanging the stock market.
Expect Profit Taking
The rise in railroad shares which
Wednesday sent the various issues
up l to Is points was regarded as
highly significant of the future
trend of the stock market. Some
observers looked for some profit
taking in the carrier shares; others
held that these stocks had been
oversold and were entitled to a re-
markable recovery.
In the case Of the industrials,
gains were much smaller than rails,
and utilities had the same expert
ence. AS result, the market action
today is expected to center around
the leading industrial shares such
as United States Steel, American
Can. Bethlehem and the like. Utili-
ties like Consolidated Gas, Stand
ard Gas and North American, it is
anticipated, will advance further.
Now that the bond market ap-
pears to be meeting real banking
support, the market has no APP
parent excuse but to move forward,
for the remainder of the week, at
least, according to Wall Street OBJ
servers.