Douglas daily dispatch., 1928-03-23
BULL MOVEMENT
is CHECKED ON
STOCK MARKET
Total stock sales 4,0073O0 shares

NEW YORK, March % ZAP The
wild bull movement in prices which
had been underway with little inter
ruption for two weeks was abruptly
checked today in the first 4,00000U
share session in stock exchange his.
! tory. Prices shot upward during the
] morning and more than q score o..
( issues led by General Motors and Gen
eraf Electric reached new high ground.
| A bad break in Radio around midday
started q reaction which continued
! through to the close despite sporadic
rallies in few stocks. Total sales
reached 4,007 300 shares, or nearly co.
! 900 above the previous high record es-
| tablished March 13.
! Nee declines in the active issues ran
I from l to 3 points although final quo
tations also disclosed a Sprinkling ot
gains, lew of which ranged from 5
to 14H points.
: Se.;E which originated with bear
traocl... c.esumably was based on the
speculative belief that stocks had pass
/ ed from strong to weak hands in the
recent violent upswing and that the
rapidity of the rise had weakened the
q huge increase in federal reserve
broker loans also were an important
factor in the liquidating movement.
The actual figures published after close
! of the market, showed an increase of
$32 ,65O,00O bringing the total to $3,-
| 778, ,Tl4,0O0. In view of the wild specu-
lation last week the gain was much
smaller than was generally expected.
Other reasons brought forward to
explain the sudden wave Of liquidation
were the advance in the call money
renewal rate from Az to Az per cent,
| followed by the calling of about $15,-
10000 in loans and the statement by
secretary Mellon that he expected the
new treasury estimate to show small
er margin of revenues available for
| tax reduction than was originally fore
cast last December. The delay of 20
to 80 minutes in the stock ticker which
made for widespread confusion in
brokerage houses, also was used to ad-
| vantage by bear traders.
General Motors set another new high
| at 181A, broke to TITS and rallied to
| 179, up Ia net. Radio broke from a
high of 15714 to 146 and rallied to Isl,
eff points net. General Electric,
after establishing new high of 148A,
sold down to 144Ts, closing at 145B
| for small net gain. u. S. Steel COM
| mon touched 152, or within u OF the
/ years high, slid to 1471a and closed at
/ l48A, off 124 net.
| ! Similar recesSionS from the high
! levels took place in other active issues.
/ Dupont dropped from 372 to S64, In
! ternational Nickel from 98A, Interna-
| tional Match preferred from 1161s to
/ s1l2A, U. S. Cast Iron Pipe from 1854
! to 258 and Greene Cananea Copper
! dropped to 1924, but partial recover
les developed in each case. Rossia IN
surance. collapsed from 215 to 2O1%
j and rallied to 206A, off ia net. Air
| Reduction, A. M Byers, Collins and
Aiknan, General RefractorieS, Mathle-
son Alkali and Mackay companies
| showed net losses of A or more points.
Case Threshing scared 1914 points to
! BOG and retained all but points OF
/ its gain. Christie Brown closed nearly
| 8 points higher at 124A. Independent
/ strength also was shown by Savage
| Arms, Spicer Manufacturing, General
Cigar preferred and Dunhill Interna-
| tiOnal
Heavy buying of Frisco common
which advanced more than 4 points to
a new record high at 120 was the out
standing feature in the railroad group.
Texas and Pacific also attained new
top at l2812, but sold down points
from that level for small fractional
net loss on the day.
There was no change in time money
or commercial paper rates.
/ Foreign exchanges were Slightly
easier with sterling cables quoted
around $4.8s 3-l6.
/ Commodity markets again moved
within narrow and irregular limits.
Grain futures we're slightly firmer and
cotton showed practically no change.
coffee prices dropped to points and