Evening star., 1928-11-24
ORGY
SWAMPS MARKETS
Stock and Curb Exchanges
Closed to Catch Up
With Business. =
By the Associated Press.

BY the Associated Press.
NEW YORK, November 24-Wild
speculation in stocks, which piled up a
series Of record breaking sessions, again
dominated all financial markets this
week. Price movements developed in
creased irreguIarity, but the main
tendency was again upward with rather
definite indications that many stocks
were passing from the hands of strong
financial interests 10 a small army OF
SPECTATORS throughout the country.
Stock Exchange officials, confronted
with virtual Generalization OF their
price recording machinery, were forced
to eliminate all sales volume from the
this proved inadequate. Total sales
Yesterday fell just short Of the 100000
share mark, with the ticker 50 minutes
late in recording the final quotation.
All Markets Affected.
Even the record breaking increase of
$l76, ,000, 900 in Federal Reserve brokers
loans failed to check The speculative
orgy which apparently has spread to
all the security markets of the country.
The New York Curb Market and the
Chicago Stock Exchange we're among
those which established new high rec
ords, for sales volume this week. So
great was the congestion of work in
the brokerage houses, and so weary
many. of the brokers and clerks, that
special holiday was declared today.
While the market seemingly pays lit
tie attention to day to day news develop
mentS, most of them continue favorable.
Steel reviews reported the usual sea-
sonal slackening in output but en-
phasized the firm price level and The in
creasing inquiries for first quarter de-
livery next year. Except for violent
advance in Midland Steel Products pre-
ferred, based on rumorS of stock split
up, and a brisk rsie in Canadiun1, the
Steels did not participate extensively IN
the weeks upswing.
Oils displayed a somewhat flrmer un-
dertone as "a result OF. few extra
dividend distributions and stock split
ups and reports that storage stocks
we're being heavily drawn upon. Cop
pers gave an impressive demonstration
of strength in response to the increase
in the Greene Cananea dividend and
the resumption Of payments on In
spiration Copper.
Airplane Stocks Active.
Airplane stocks were the real high
flyers" particularly Wright Aeronauti-
CAL which scared to a new high rec
ord at 2S9, or 61i2 points above last
weeks close, and then dropped back
to 255. Radio. Victor Talking Machine,
American Railway Express, Interna-
tional Harvester, Case Threshing Ma
chine and Commercial Solvents were
among the many other issues to sky
rocket, some of them probably at the
expense of an overcrowded short in
terest.
Buying of the rails was rather selec-"
tive in character, with Erie common,
New Haven, Canadian Pacific. Pere
Marquette and Norfolk & Southern
lifted to new high levels for the year
or longer Motors were mixed, but
Nash and Packard moved into new
high ground and General Motors staged
a brisk recovery on Friday. Wall Street
heard reports that the ChrySler Cor
poration would acquire an electric re-
frigerator concern and that Hupp and
Chandler were to be merged.
Outside the stock market, chief in
terest centered in the outflow of gold
to Canada, the rise in sterling ex-
change above the gold import point"
the earmarking of $43,000,000 in gold
by the Federal Reserve Bank of New
York. presumably for the account OF
France, and the relative steadiness Of
call money around s per cent In
the tace of the violent fluctuations in
stock prices.