Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-09-05
STOCKS UNSTEADY,
LOSSES RECORDED
Huge Turnover Causes Wide
Fluctuations in Prices.
Motors Forced Down.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, September 5.-Specula-
tors for the advance collided violently
with those working for decline in to-
days stock market and the result was
huge turnover, rapid fluctuations in
prices and great irregularity in net
changes.
The market had the Unexpectedly large
increase in brokers' loans in the monthly
summary of the stock exchange to ap-
praise. 1t brought good deal OF selling
at the start, but most Of 1t was well alb
sorbed. Then there followed a series OF
spectacular upturns In the amusement
stocks, in many cases to be Cancelled IN
the later trading coincident with pres
sure on the so-called pivotal industrials.
The rails we're uniformly firm.
Tape Falls Behind.
The tape was % minutes behind in
midmorning and quotations as they ap-
peared on the ticker gave little 1nforma-
ton as to what was happening on the
floor This was particularly true with re-
gard to the theatrical stocks. For in
stance, Warner Brothers Pictures class
"A" which had a rise of over 81 points
Tuesday, ran up more points today
and then reacted TO- There were similar,
but not quite so sensational fluctuations
in Fox Film "a" in Stanley Company
of America and Keith-Albee- Orpheum,
while Paramount Famous went to new
high for the year.
The selling movement affected the
motors severely. General Motors was
forced down points almost to 200, but
net support around that price. Hupp lost
more than points, Packard, Studebaker
and Chrysler were lower. White Motors
was in supply and yielded. No one al
legged that these losses were due to any
change in the automobile trade. Business
conditions we're not factor in the
market at any stage today.
Numerous specialties were bid up to
record heights despite the irregularity
in seasoned stocks. Victor Talking
Machine above ia was higher than at
any time since listing. Lehn & Fink
made a new top Barnsdall "A" set a
new high for the year
Rails Active.
Realizing came into the copper stocks.
One block of 10000 shares of Cerro de
Pasco changed hands at 80i2, down a
point International Harvester sold of
points and Montgomery-Ward more
than 2. Columbia Gas, which had been
SO strong Tuesday. lost part of the gain
today. On the other hand. Radio was
higher most of the time. United States
Steel ranged about point under the
preceding close.
Kansas City Southern was the leader
of the rails, active and strong, up over
two points Delaware & Hudson was
In demand at higher prices. Southern
Pacific, Union Pacific and Nickel Plate
gained ground, the last named above
129. at new high on the movement.
Money renewed at IA per cent and
was firm at that rate. The banks had
called $l5.000,000 in loans before noon.
Sporadic bear raids continued through
the afternoon, but they did not make
much impression. A block OF 1000
shares of American Smelling and Re-
filming sold down to 243, off nearly 6
points, but after the pressure was lifted
the stock rallied. General Motors and
Steel, especially the former, made a
better showing In the afternoon.
Chrysler came back sharply to show a
gain on the day. WHY'S Overland was
strong in striking contrast to the rest
of the motor stocks.
Film Issues Rally.
Warner Brothers Pictures, both classes,
rallied when the general list hardened.
In the railroad group Kansas City
Southern increased its forenoon gain
and in the oils BarnSdall "A" did the
same. The largest gain. however, was
made by Radio, which at 222 was up
points on the day.
The market was still very active. but
the tape partially caught up, so that
in the fourth hour 1t was only some
II minutes behind.