Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-09-25
STOCKS TURN DOWN
AFTER EARLY GAINS
Heaviest Selling in Weeks
Follows Record Rise in
All Classes.
BY GEORGE T. HUGHES.

Special DlSpatCn TO Inc SLar.
NEW YORK, September 25.-Two
distinct movements characterized the
trend of prices on the Stock Exchange
today. Throughout the forenoon the
demand for practically all classes OF
stocks reached record proportions and
carried many issues to the highest at
which they have ever sold. Then in
the afternoon, without the slightest
warning, the market turned abruptly
about more than Wiping out the early
improvement.
Selling was the heaviest witnessed in
many weeks and it was almost lmpoSSl-
BILE to trade by the tape. When the
ticker indicated that the market was
at its height heavy selling orders were
being thrown into the early leaders.
The tape at one time was more than 40
minutes behind actual transactions on
the floor
Steel Carried Down.
Such issues as United States Steel,
General Motors, Chrysler, many of the
coppers, Montgomery Ward and others
were carried down sharply from their
early highs.
The renewal rate on call money was
again established at ~ per cent, but
midway through the afternoon the
rate was dropped to per cent.
Before the selling swept over the list
in the afternoon, there had been irdi-
cations of repetition Of Mondays
spectacular advance.
InaSmuch as the market had paid
little attention to recent fluctuations in
call money, it was difficult to under
stand why sentiment should have been
influenced to any appreciate degree by
drop of r per cent in the rate.
Nevertheless the market hardened all
around in the last hour.
Montgomery Ward above 26O COM
pared with the previous final of 24834.
international Combustion was at its
best price toward the end. A. M. ByerS
at 125 was up 10 points and Calumet &
Arizona led the coppers for an advance
of 5 points. Rallying tendencies were
still in progress as the session closed.
Coppers Strong.
No particular group monopolized
speculative attention. The demand was
broader than on previous days, and it
was evident that the market was in
the hands of speculative public, keyed
to high pitch of enthusiasm over all
that had TRANSFERRED recently in the
campaign for higher prices.
AS a group the coppers were pre-
dominantly strong, with the usual daily
new high records marked up in the
leaders. Anaconda surged forward to
its highest since 1917. CRANKY Con-
solidated, up some points, sold at its
best since 1919, while Kennecott sold
at its highest in history New highs
of one form or another also were
recorded in Howe Sound, Patino Mines,
American Zinc and American Smelling
q Refining, but in most instances
current movement. They were respond
ing, as they have right along, to the
improvement in the price situation and
the earnings outlook
The motors were led by Chrysler,
which reached its highest for the pres
ent share capitalization. WHY'S Over
land, however, shared leadership, ad-
vancing to its best above 80 on a huge
turnover. In its case 1t was thought to
be far behind other motor stocks. Pack
ard reached new peak, Hudson Motor
gained substantially, Chandler issues
were in better demand than they had
been in many months and Briggs was
carried to fresh peak.
Public utilities held a prominent
place in the operations for the rise, with
0CLN1CC VI lNcW OcISCy dIIu AOIl-
solidated Gas the favorites. The oils
were taken in hand at intervals reflect
ing successful endeavors on the part of
the leading interests to correct the I'M
healthy statistical position that has pre-
vailed for the last two years in the
industry. Barnsdall Corporation "a"
Houston Oil and Texas Corporation
were the favorites.
Chrysler Featured.
Operations for the rise were carried
on aggressively at the outset, with the
coppers and motors the outstanding
favorites.
Chrysler was feature for the latter
group, changing hands initially on
block of 5000 shares at new high for
the present capitalization at ia. Briggs
Manufacturing, also opening on a block
of 5000 shares, reached new top at
STA with the buying said to be for the
account of prominent automobile and