The Washington times., 1928-09-15
HEAVY TRADING
CONTINUES ON
MARKET
BY w. 8. COUSINS
INteTnnt tioDaI News Service

NEW YORK, Sept. 15.-Among
the important financial news items
OF the week was the announcement
Of the resumption of gold shipments
from London to New York. This was
plainly foreshadowed by the decline
In sterling quotations to around
&4.S5, the theoretical gold shipment
point, but the movement was as
sisted by the attitude and activities
Of the Federal Reserve Bank heads.
Despite the $96, 600, 900 increase in
brokers' loans as revealed in the re-
serve boards weekly statement, and
the huge volume of cash settle
ments" to be made at the banks. the
money market displayed an easier
tone near the weekend and the call
rate returned to Z per cent.
Most of the settlements referred
90 were related to the United States
I'reasury's sale of short term notes.
iefunding and retiring of Third
Liberty loan bonds in the amount
Of approximately 81 900 ,000. 900 and
receipt OF third-quarter installments
on income taxes.
Trade i'm Enormous Volume
Speculative stocks were turned
over in enormous volume on the
stock exchange and while individual
stocks and groups forged ahead
aensationally to the highest prices
OF the year and the averages in
most statistical compilations re-
corded new peaks for all time, the
general level of prices was only
moderately higher than at last
weeks close.
confirmation of the completion
OF plans for the merging Of I'M
portant moving pictures and ainuse-
Iaent corporations stimulated wide
Dublic buying OF the stocks Of
Warner Brothers. Stanley Company
Keith Albee and other well-known
shares at record breaking prices,
but these consultations had been
20 accurately foreshadowed that
the stocks were in position for
profit taking shortly after their
cOnsummation.
Heavy trading also was con-
tinued in the motor stocks. the
motor accessories, the railroad
eouipnents, coppers and near the
week-end. the oils and tonaccos.
United States Steel common led
Q brillia,. forward move in the
Ateels. based on the gratifying ex-
mansion in steel consumption and
the firminE UP of steel prices at
the principal manufacturing centerS.
Auto Stocks Appeal
Strength and activity OF the
popular motor stocks reflected the
huge increase in the public demani
Far the new models of automobiles
which have the double appeal Of
fine appearance and high class per
formance with economic operation
ChrysIer forged ahead spectacu-
IalIy to a new high price for all time
around I07; Studebaker topped the
best previous record, and new gains
were recorded for Hupp, Nash, Hud-
son and other well-known shares in
this group. Briggs Manufacturing
In the motor accessory list was the
scene of turbulent trading as the
price climbed steadily in a large
turnover.
The succession of 1000 ,000-share
DAYS, with pronounced strength in
a few of the market leaders while
other stocks were unable to pass
resistance points" suggested to
many of the market experts the we'll
known signs of disturbing market.
Sell Out to Public
This is the period when the pools
and professionals sell out their hold
ings of highly touted stocks to the
general public at more or less in
flated prices. the ballyhooing ceases
for the time being and the public
finds itself hung up" with stock
prices which are not likely to be du-
pIicated for many moons.
Favorable reception was accorded
this week to a good volume OF new
bonds sold in our markets by the
investment houses, and this has
encouraged the bankers to resume
to long interrupted distribution OF
bonds held on their shelves in an
ticipation of better public demand.
Commodity markets were generally
steady. with narrow price changes