New Britain herald., 1927-08-11
VIOLENT BREAK
IS STOCK feature
Manhattan Electrical Supply
Fluctuations Unusual

New York, Aug. II P-A violent
break of sc points in the common
stock of the Manhattan Electrical
Supply company started a general
reaction in the stock market just
before midday after an opening
outburst of buying had lifted a
dozen specialties to new high levels.
4 handful Of other high priced pool
specialties broke from to IS
points, while declines of / to
points took place throughout the
general list.
The break in Manhattan Electro
cal Supply came while the stock ex-
change was investigating reports of
a technical corner" in that issue
following it's sensational advance
from a low OF 53ls this year to a
high f132 a few weeks ago. The
stock closed last night at 100 L.,
fluctuated erratically within s
point range in the first hour, then
broke precipitously to rs, rallied
above so and then collapsed again
to "a IL early in the afternoon.
Houston Oil dropped IS IA
points to 12S and rallied to 1876;
Timken Roller Bearing dropped 10
to 1928 IL and snapped back to 1870,
and Dupont. Commercial Solvent r
and Delaware and Hudson sold
down points or more.
Violent fluctuations Of this nature
invariably scared away many ira
market, and resulted In heavy liqui-
dation throughout the list. Little at
tention was paid for the time being
to outside news developments. A
further shading in time money rates.
bringing the shorter maturities be-
low 4 per cent for the first time this
year. indicated that there was no
strain on the credit situation. Call
money was in plentiful supply at
3N per cent. Failure Of the direc-
tors of the Southern Pacific to in
crease the dividends caused specu-
lative disappointment in some quar-
tiers although the regular payment
was all that was expected in bank
ing quarters. In the first wave of
buying. new peak prices were estab-
lished by American Express, Con-
solidated Gas, General Railway sig
nal and several other issues.
Wall Street Opening
Local public utilities were again
in demand at the opening Of today's
stock market. and other prices in
the main tended upward. especially
the Pivotal Industrials. Brooklyn
Edison duplicated its high price of
yesterday, 1874 and Consolidated Gas
reached a new high of ia. Dupont
opened points higher and Southern
Railway 1 SIS.
their activities In a number of is
sues the increase Of more than
$4,000 tons in United States Steel
untitled orders had a stimulating in
| fluence. as 1t was regarded in some
speculative quarters as a sign that
the Industry had turned the cor
ner." Preliminary expectations.
however, discounted the gain to
some extent. General belief that a
two for one split up of General
Motors stock was due was again eX-
pressed in connection with the
meeting of directors this afternoon.
Bulls" were interested. too, in the
government crop report, although
estimates OF excellent wheat and
oats harvests were tempered by pre-
dictions Of a poor crop of corn. The
local gas shares were buoyed on a
continuation OF merger rumors.
| Eastman Kodak and American En-
press gained and Ia points re-
spectively, the latter reaching a new
top and Baldwin, General Railway
Signal. Deroit Edison. Reynolds To-
| bacco. "B" Radio and New York
Central gained point or more.
Mack Truck and General Asphalt
reflected further selling pressure.
and there was continuation of yes
! terdays selling of California Petro-
/ Ieum on the reduction of the divi-
dend. Foreign exchanges opened ir-
regular. Demand Sterling ruling
! close to $4S5 11-16 and French
! francs around 3.91 ga cents.
Prices of many industrial shares
f! tumbled fast after a number of new
J high marks had been made, when a
sensational slump occurred in Man.
haitian Electrical Supply which got
down to 10, compared with 120 IL,
/ yesterdays final price. Baldwin, Du-
pont, Thinker Roller Bearing and
! Houston Oil. which frequently move
within a wide radius, dropped 3 TO
points. The renewal rate for stand
ing loans was continued at SM per
cent