The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-07-28
MARCH
CONTINUES FOR
STOCKS, GRAINS
Wall Street, Timidly but Hopefully, Echoes
Bull hroated Roar That Shook Nation
in 1929; Trading Heaviest of Months.
WHEAT GAINS THREE DAYS STRAIGHT
Rising Prices Bring Cheer to Farmers of
Nation; Virtually All of Agriculture's
Commodities Quitting Low Levels.
By United Press

By UhtteG Press
CHICAGO, July 28.-Com-
bine harvesters, cutting wide
swaths through fields of gol-
den grain, sang a cheerful
song today in the ears of
farmers-for overnight the
paper value oft he nations
wheat supply had scared
$18, 100000.
Like cheer met the eyes of the
livestock producers as they surveyed
cattle and sheep on the ranges and
hogs roofing in their pens-for the
value of all livestock today stood
$5O,OO0OOO or more above recent low
quotations.
The wheat pit roared with pre-
depression gusto today as wheat
prices went up for the third sue
cessive day, reaching the highest
levels in two months,
Public Back In Market
A last minute flood of profit
taking sales cut the advances, but
at the close the prices were Il to 1
cent higher.
Money from the long closed purses
of the general public poured into
wheat purchases.
It was hailed by traders on the
Chicago Board of Trade as sign
that public confidence in basic COM
modities had been largely restored.
There was more general speculative
buying than in weeks.
At the close, wheat prices were.
Old July, 81 cents, up l cent; old
September, 52Ac, up u, and De-
cember, 551ac, up n.
At the peak, old September wheat
sold for 531s cents a bushel. It was
the highest price since June 4.
Trading Volume Expands
Other grains spurted in accord,
but corn fell off in late trading.
Corn closed unchanged to 70 cents
lower while oats were % to 5s cents
higher and rye was Il to l cent
higher.
The volume of trading expanded
with the rising tide of optimism. To-
days total was expected to compare
with that of Wednesday, when st.
$4,000 bushels of wheat changed
hands.
That was almost twice the total
for the same day last week, when
19,865,O00 bushels were traded, and
more than twice the 1927 900
bushels that changed hands on the
same day last year.
The growing optimism Of the
farming communities, which saw in
rising prices a chance to pay up
debts and buy much needed sup
plies, found reflection in statements
of great business and industrial
leaders.
The fact that virtually all agri-
cultural commodities apparently are
slowly moving away from depres-
sion levels, and removing many
threats of bankruptcy and foreclos-
ure, was greeted with enthusiasm in
city and country alike.
Bullish Reports From Abroad
The advance was attributed large
ly to bullish crop reports from Can
ada and Europe, where considerable
reductions in previous yield esti-
mates are expected.
L. A. Downs, president of the
Illinois Central railroad, said re-
ports from throughout the rail sys-
tenn, indicated "a distinct change
toward better sentiment as to bust
ness outlook"
His words were echoed by Sewell
L. Avery, chairman Of Montgomery
Ward Company, great mail order
house, who, in a statement to his
managers, assured them that signs
Of business upturn were apparent.
Bradstreet's commercial review
found similar rounds for optimism.
Sentiment in business and
finances has improved" the review
said. Taking the west, in all, there
is more cheerful sentiment than has
existed in a long time.
Indications are for a slow but
steady gain. Money conditions are
improving"
Patrick H. Joyce, president Of the
Chicago & Great Western railroad,
predicted the fall would see general
improvement of conditions.