The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-07-28
BY OTIS PEABODY SWIFT
United Press staff Correspondent

LIcsS Shdh NoAAGspShANHh
NEW YORK, July Is
Timidly, but hopefully, the
stock market echoed today
the bull throated roar that
shook the nation in 1929.
Heavy buying swamped the ex-
change at the opening, 100000
shares-equal to full days trading
few weeks ago-changing hands
in the first hour.
Prices were touching the highest
points since May %. Millions of
dollars in open market values were
added to leading stocks.
The gathering tickers fell two
minutes behind, while A. T. and T.,
rising 13s to 84A, led heavy trading
in other shares.
Spurred by the steadily rising
market of the last few days, and en-
couraged by renewed strength in
commodities, almost 300 brokers were
on the floor when the great bell Of
the exchange Changed it's three
sharp strokes at 10 a. m. and the
market opened.
Here in the great hall, almost
six stories high and city block
wide, $500 persons thronged the
floor in noisy confusion.
The brokers clustered about the
horse shoe trading posts, the 400
pages weaving their way through
the throng.
Not the Roar Of 1929
One hundred ticket operators and
1000 telephone clerks added to the
uproar and confusion.
Ten minutes before the market
opened the excitement had begun.
Down from New England, in from
the west, up from Memphis and
Chattanooga, the orders of a ma
tlon were flooding in again.
Clerks in brokerage offices, catch
ing the overnight wires. leaped to
telephones to call the floor brokers.
The babble of voices blended.
merged into steady hum on the
floor below.
But the roar was not the roar of
1929. 1t was muted, softer, slower
IN tempo than that hideous tunault
which had rung through that hall
IN october three years ago.
The frantic clamor of the great
Dull market which echoed even into
the streets beyond was only a faint
echo in today's activity.
And the Rush Is On
Ten a. m.-The gongs are sound
ing. There across the room. the
dancing tape, enlarged, is mirrored
on its flowing, translux screen.
Louisville Nashville, 100 shares.
1874, unchanged, opens the dav.
One hundred General Baking pre-
ferred, 100 Minneapolis Moline. 100
Best & Co., 100 Missouri, Kansas &
Texas at 39s-no, another 100 at 4.
that's better-look, 1000 shares are
coming up-Radio at 515, but it's
unchanged.
Another 1000 It's General Motors
at 92s, up Is; A. T. g. T., another
1000, up ss; and the market rush
is on.
By noon Du Pont was well in mo-
ton, up IL. The rails had Joined
the march.
New York Central was up a point.
Atchison rs, Union Pacific I'D IL.
the long disheartened railroad
stockholders buying gingerly on
news OF car loadings and reopened
factories.
They're Buying Hopes
These were not profits men were
buying, but equities, not pieces of
paper alone, but hopes, the hopes
for grain trains rolling down across
the northwest over Union Pacific
tracks, livestock moving east by
Atchison.
At 1870, transactions stood at
100000 shares. Obviously the
market would top the highest previ-
Gus day of the year 100000 shares
IA 4 SOs 4o5 i've VI CdI y ulOI1lllS ago.
Brokers were predicting a 5000 ,OO0-
share day.
And still the orders poured in.
Flurries of profit taking swelIed
the turnover, as doubters took their
one and two points and quit. But
new buyers were found and again
leaders moved on to new highs.
Market Steady at 2
A. T. & T. stood at SO at 1870.
up So points, adding it was esti-
mated $102, $4,000 to the open mar
ket value of the stock, held bv
647, 600 persons in this country and
abroad.
Union Pacific had gained 4 points
by then, Atchison nearly 8.
Allied Chemical had made a high
Of SOS, UP 4.
At 2 the market hung steady.
prices unchanged, the flow of sell
ing and buying surging to and fro
unfortunately. But the pace has
Slackened. Hot, weary, the brokers