The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1928-11-03
MARKET
SALES SHOW
DECLINE
By w. s. COUSINS
1mternational Nsws Service NSnancaal


Editor
NEW YORK, Nov. s.--The stock
market this week exhibited the
usual prediction nervousness and
uneasiness, violent fluctuations In
the high priced stocks at mid.week
being followed by sharp rallies In
the later sessions, for which the
running in Of the shorts" was held
partly responsible.
Stock trading In three Of the SEES
sions feIl 1 ,0OO, 900 shares below the
average full day trading record OF
4.5OO 900 shares established between
the middle Of August and the last
week in October, and the interest
IN the demand for the better grade
OF inveatment dividend paying
stocks showed conclusively that the
''bargain hunters" were ready 20
accumuiata their favorite stocks at
conclusions or q few points.
Loans Increase
The new increase Of S1sS,O0O. 900
in brokers loans for the week was
not surprising, In view OF the
sweeping advances that have taken
place in q number Of the high.
priced speculative favorites since
last Wednesday. But Wall Street
has adopted the view that lncreass
ing brokers' borrowings do not
mean anything at q time like this.
when countrywide speculative
frenzy is at its height and millions
of new traders are actively partlci-
pating IN the activities Of the mar.
ket.
The Federal Reserve Boards
weekly report showed that the
banks were still purchasing bank
ers acceptances in the open market
az q method OF experimenting the
hanks credit supplies, but bankers
look for 4 curtailment II not q dis.
continuance Of this policy by the
end OF November, after which time
the credit requirements Of the agft.
cultural districts win be smaller.
Call money was in good supply at
75k per cent, with outside sources
furnishing the same amount a. the
New York banks Withdrew.
The extremely favorable reports
OF industrial and business corpora
lions particularly the steel. copper
and motor car companies stimu-
lated q powerful buying demand
for the stocks Of representative
corporations and, when prices ~
cIined on short selling to the low
levels Of the week. the brokers with
buying orders struggled with each
other On the floor Of the Exchange
to pick up stocks on the most
favorable basis.
stock market activity centered IN
In the steel, copper, oil, motor,
equipment, and : number Of fhe
well.IsnOwn railroad shares.
international Nickel was driven
forward brilliantly TO = new high
price above 194 as merger and con-
soIfdation plans with the Mond
Nickel Company reached an ad-
yanced stage. Assurance Of q new
naelOn-cutting for General Motors
stockholders on November u was
the important factor behind the
buying of that stock this week,
and by far the smallest proportion
OF the stock sold changed hands
at the low prices Of the week.
Oils Advance
Following the announcement Of
the election Of Arthur Cutten a. =
director OF the Sinclair Consolidated
Company, that stock was in ex.
tremely heavy demand and sold
above ~ for the first time in seven
years.
The popular Standard Oils and q
number OF the weli-known inde'
pendets doomed along with the re-
ported Improvement in the petroleum
markets.
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