Evening star., 1928-05-17
MOVES CONFUSED
. ON STOCK MARKET
Rally, Sell Off Again. and
Then Start Another
Recovery.
BY GEORGE r. HUGHES.

Special Dispatch to The Star.
NEW YORK, May 1.-THE Stock
Market today went through a confused
series of movements In the forenoon
prices rallied. then shortly after the
money rate hal h0an raised from 81.
to per cent ?rc1nd noon there was
heavy selling aai . liking spell, and
finally in the las = =; there was sec
ond recovery 50 "a ne market left
off with Irregular u changes.
The volume was - Delow that oil
Wednesday. AT no - even Wncn
prices were under - test pressure
was there am y e, Tm. However,
there was - VousneSS, tne
speculative fiat. ays keeping IN
mind the fact tt ~ IrertCrs OF the
New York Fcae .t>nx. meeting after
the close, migl, 8 the rediscount
rate.
! Indepen6t.;' ci5c-s Recover.
In the fina Lpturn the independent
motors came back sharply under the
lead Of Studebaker. Steel shares were
also higher, notably Ludlum.
The carly recovery was most pro-
nounced in the airplane stocks. Wright
and Curtiss each gained about 10 points.
but they came down again when the
rest of the market weakened.
The late selling affected nearly all
grades of stocks. General Motors, Gen.
eral Electric. Steel and New York Cen
trail to mention only important leaders,
sold of and the independent motors in
which special operations for the rise
had been going on did the same.
The opening was moderately lower.
II. however. the bear party had expect
ed a food of out OF town selling orders
they were disappointed. There was no
sign of alarm on the part of the out
side public over the market break OF
the day before On the contrary, the
buying orders from this source predon1-
mated. and while the extravaganza
that has marked other recent sessions
was not in evidence, it was plain that
confidence had not been shaken.
Tel. g. Tel. Is Feature.
The feature today was American
Telephone 4, Telegraph. The market
action of the stock. showed that the
offering of rights TO subscribe to new
shares had not Ueen discounted IN the
price Starting in today slightly above
1877. which was a point gain over the
preceding close. the stock mounted un-
til. selling at 207. 1t was up nearly l3
points on the day and at the highest
in the history of the company. THIS
was. of course. a special case. When
the market value of the rights Is added
TO the regular So dividend 1t will be
seen that the investment return Is
still generous.
The airplane stocks. which had fiuc-
tuated so wildly Wednesday. recovered
today. They did not soar as rapidly as
they have done so many times In this
market hut they did make large gains
over the final quotations yesterday
Curtiss Aero CLOSED $50 before noon Tor
gain OF 10 points and Wright touched
229 simultaneously for an advance oil
almost 10 points. Radio came back
less amount.
Industrial Favorites Rally.
The same thing happened to most OF
the industrial favorites. Greene Ca
nanea and Calumet az Arizona rallied
sharply, while Kennecott and American
Smelling 81 Refining. the recognized
leaders of the investment coppers. were
taken at higher prices. Consolidated
Gas moved up and down with great ir-
regularity, The market for the motors
also was uncertain. Studebaker and
Nash recovered. but they failed to carry
the rest of the group along with them,
Sentiment In the street as to the I'M
mediate future was divided. Most trad
erS were content 10 let the tape itself
De their guide. II was admitted that the
market was no longer in professional
control and that anything might hap
pen.