Evening star., 1928-03-13
RADIO IS FEATURE
IN STOCK DEALINGS
FIuctuates in Dizzy Style.
Probe of Alleged Corner
Is Started.
BY GEORGE r. HUGHES.


Special Dispatch to The star,
NEW YORK, March l3. Radio again
was the feature today In the stock mar
ket. Activity In the general list wai
still on a large scale, sales In the first
hour being over a million shares, or at
the rate OF s.00O,O 900 shares for full
session. Many leading stocks were
lower, but the issues In which the short
interest was and still is, large moved
up by leaps and bounds in the now
familiar fashion.
The opening sale of Radio today was
l6O for a 25,OU0-share block. This was
a gain from the preceding close OF Zlt2
points and was the result OF overnight
orders from Shorts. who insisted on nav
ing the stock no matter what the price:
Then. when this initial den.ano nau
been satisfied, the stock came down
within 10 minutes to lao, or almost 10
where IL left Off the night before. Inere-
after 1t fiuctuated in dizzy style DetWeei!
l4O and l5O, with traders IN brokers
Offices utterly unable to do business on
the tape.
Probe Is Started.
The sensational performance IN Raalo
brought out questionnalre from ths
business conduct committee OF the stock
exchange to member houses requiring
them TO furnish daily until furthef
notice a statement of their position IN
radio. the number OF shares long or
short and the number loaned or bor-
rowed. This was not much comfort TO
shorts who had already taken their
losses. and 1t did not seem to nave
much effect upon the market.
On the other hand. this spectacle OF
soaring prices at the expense OF the
short interest did inspire feeling OF
| caution about the entire speculative
situation Standard stocks, including
both General Motors and Steel. weak.
ened perceptibly. The former dipped
below l54 for loss OF over points
and Steel sold down over point: with
other stocks showing proportionate
| losses. There was no actual break and
there was good support on the recession
but the bidding up process was checked,
for the time being at least. In those
/ leaders.
Shorts In Linseed Locked.
Meanwhile. conditions we're develop
| ing In other stocks somewhat similar
to those existing in ralio. American
Linseed was the chief of these. Here.
too. was small floating supply, a
locked in" short contingent and rapidly
mounting quotations. Closing yesterday
| at S3is, which was 6 points above
the last sale Saturday. 1t quickly ad-
vanced today to 90. Perhaps the rise
could be justified by improved business
conditions but the controlling motive
for the buying was certainly the desire
to retire commitments for the decline.
Other stocks which performed similarly.
although not so spectacularly. we're
Greene Cananea. International Nickel,
Texas. Gulf Sulphur and Houston Oil.
One feature OF the day which was
gratifying TO the conservative element
was the better demand for the rails. In
the lower priced group the buying GEN.
| tered about the Eries and Missouri Pa
| cific, and In the seasoned dividend pay
ing class about Canadian Pacific and
New York Central Special demand ap-
| peared for Southern Railway. II those
back of the present rise In stocks can
bring the rails into line their position
will be greatly strengthened.
The Market Hardens.
The market hardened all around in
the afternoon. with General Motors
coming back for a gain on the day and
the independents moving up corre-
spondingly Transactions In Chrysler.
| Hupp. Hudson and others were heavy.
Steel did not make so good showing.
but there was little or no weakness
anywhere.
The troubles OF the short interest in
creased as the day wore on. Particu.
| larly was this the case In American
Linseed which was pushed up above
SO for net gain OF about 10 points.
Westinghouse Electric was taken up.
General Electric above l42 was at a
new 1928 high American International
jumped nearly 5 points and General
Asphalt more than 6 points.
Money renewed at Az per cent. un-
changed and held there all day.