New Britain herald., 1928-08-08
WALL Street HAS
AN ERRA1IC DAY
Amusement Stocks Unsettle
Entire Market
BY STANLEY w. PRENOSIL

New York, Aug. 5 R1Violen
and erratic fluctuations in tn
amusement stocks unsettled today
stock market, Previously the mar
ket had shown a disposition t,
head upward in the face OF an In
crease from 6i2 to per cent in cal
money. coincident with the calm,
of about $20.oo0,0o0 in bank loans
Outside the stock market, chic
speculative interest centered in tn,
sensational rise of $3.50 bale ir
cotton on the publication of tn.
government crop report showing al
estimated yield of 100000 bales les.
than had been generally expected.
Weekly Steel Trade Reviews re,
ported that the high July demand
had been maintained In the frs
week in August. Private estimates
however, indicated drop of l00,.
900 tons in the untitled orders Of
the United States Steel Corporation
on Friday. Most of the days earn.
ings reports We're favorable.
features in the amusement group
nearly doubling in price overnight
Pathe common advanced from yes.
terday's close of SIS to 3 and the
A stock from 1914 to S3. but they
slipped back to and 24l.. respec-
lively. in the early afternoon selling
movement. Keith Albee ran up {
points to new peak at 26 y. Loewz
com. advanced I points and Stanley
company IS. The brisk rise in these
issues represented the driving in OF
an over-crowed short interest
which had been built UP on reports
of poor current business and fall
prospects.
When a wave Of selling swept
through the general list, Dupont
broke s points, Case Threshing 8,
General Motors ss., Natinal Tea
So and Wright Aeronautical, Mont
gomery- Ward. General Electric and
Johns Manville down 3 points or
more. Dozens of other i~ues, many
of which had advanced l to points
in early trading, were carried down
a point or more below yesterdays
final quotations.
Further irregularity developed at
the opening of today's stock mar
ket. Rails, which staged a. tenn
porary rally yesterday again started
forward under the leadership of ST.
Louis Southw estern, up Ia points.
The demand for the mail order
shares continued unabated. Mont
gomery- Ward and Sears Roebuck,
each opening a point higher. Heavi-
ness developed in such popular indus
trial as American Can. Am. Linseed
and L. s. Steel common.
Confused price movements con-
tinued throughout the early trading
with stocks in the same group NOV
ing in opposite directions. For IN
stance, u. $. Steel preferred advanc-
ed IA points and the common
fell back 1. Continental Can moved
up 3 points and American Can drop
ped /. Fox Film and Warner Pic
lures A each advanced about a point
and Paramount Famous Lasky fell
back I.
Selling pressure was again effect
i've against the motors. General
Motors opened with block of g.
900 shares at the split price" of 49,
to lS6 IL, and extreme loss Of "a
points on selling presumably influ-
enced by the rumored resignation of
Pierre s. Dupont as chairman of the
board at Thursdays meeting of di-
rectors. Hupp and Chrysler also fell
back point or SO.
Standard Milling was in brisk de-
mand. quickly rising 6 points. and
a renewed demand developed for
Schultz Stores, which has been lag
ging behind the other chain store
issues. National Dairy Products.
Radio and Lambert also pointed up
ward.
Another advance of 13 points In
Spanish PesataS. which were quoted
around 1888 cents. marked the for
cign exchange market. Sterling
Cables ruled unchanged around
1856 IL.
Stocks which are reputed to have
the strongest financial backing were
in the van of the decline in the
morning when the selling was in
tense enough to cause number of
3 to 6 point losses. Spectators
seemed to have a sudden change of
heart regarding the dividend pros
poets in certain stocks and money
trends. Judging by the broad char
acter Of the selling. 4 Few groups
received valiant support including
several of the tobacco, public utility
and food issues.
The renewal rate for call loans
was raised from 6 to IL per cent.