New Britain herald. [microfilm reel] (New Britain, Conn.) 1890-1976, 1928-08-24
WALL Street HAS
ANOTHER UPHEAVAL
Today's Rivals Those Of Last
Spring

New York. Aug "a R-An up
turn in prices. rivalling those in the
100000 share markets last spring,
took place in today's stock market
as result of the bread buying
movement set in motion by the IN
expected drop of nearly $4,000, 900
In brokers loans last week. Gains
IN scores OF the most active issues
ranged from to II points, and
were fairly we'll maintained despite
the waves of protit-taking which
swept through the market at fire.
quent intervals. Total sales in the
first three hours ran close to $500
600 shares
Pools, encouraged by the loan
figures and optimistic earnings and
business reports, bought stocks in
tremendous volume. and apparent
ly succeeded in attracting a large
outside following. Bear traders
who sold stocks heavily in the last
few days in the belief that loans
would increase t100,000.000 or more
were driven to cover. High records
were established in rapid succession
nearly two score being chalked W
by early afternoon.
High priced specialties recorded
the most spectacular advances
Adams Express scared II points
Wright Aeronautical 10I2, American
Smelling 10 IL, Ward
9h, Case Threshing and Midland
Steel Products preferred Z Ia each
and Allied Chemical 612, many Of
them setting new peak prices. Cur,
tiss, Lambert. Sears Roebuck, Gen
eral Motors and Purity Baking ad
vanced points or more. Pittsburgh
e. West Virginia rallied points and
several of the other high grade rails
moved up points or more.
Wall Street Opening
A wild outburst OF strength
ushercd in the opening Of today's
stock market. Chrysler opened with
a block OF 10000 shares at 100. uI
31a; National Cash Register with Q
block Of 10000 shares at - IT'S, ur
rs, and Armour A with a block Of
10000 shares at 81 SIS UP frac-
tionally. and all new high records
General Electric opened 31r points
higher, Greene Cananea Copper :
and holster Radio ?.
Tho sensational demand for stocks
was inspired by the reduction OF
nearly s23,Oo0,000 in brokers' loans
In view of the sharp rise in prices
during the last week, an advance
which had carried the Associated
Press industrial average up nearly {
points, Wall street had expected q
substantial increase in loans, some
of the estimates running above
100000, 900.
General Motors opened with q
block OF 5000 shares at the "split
| price of 100 to 1907 and Their
climbed to 191, an extreme gain OF
points. The first sale of L. s
Steel common was block of $500
shares at l52, up 3-S. American
Can opened with block of 1000
shares at 109, up 3, and Studebakel
with a block of 5000 at IS IA, III
112.
Adams Express scared IA points
Case Threshing Machine IA, Mid
land Steel Products preferred 81;
and Sears Roebuck, Atlantic Rein
ing, Gold Dust, Wright. Radio anc
Rossia Insurance showed early gain
of points or more.
Foreign exchanges opened stead,
with sterling cables slightly firme
at SASS sic.
| The upward fight OF prices di,
not falter throughout the forenoon
save for realizing here and Their
which was absorbed without an,
serious setbacks. Purchasing order
for both accounts tumbled out OF
the floor in a steady stream, causin,
aggregate dealings for the first hou
of nearly 100000 shares. Stock
which were reputed to be sponsore,
by strong pools or were expected t,
make more liberal distributions I,
shareholders made striking ad
vances. Montgomery Ward ran II,
sA to I'll IA and American Smelt
ing 10 IA to 240. both new tons
The renewal rate for call loans owe
the weekend was continued at
per cent.
THE MARKET At c:3O p. ".