Douglas daily dispatch., 1928-02-19
Total stock sales l,83l ,9OO shares.

NEW YORK, Feb. 10 GA new
high record for Saturday trading was
established in the declining movement
Of prices in today's stock market. Total
sales for the tWo-hour session were l.
$4,000 shares, against 100000 on De-
cember II last, will, the ticker 35 min
utes late in recording the final quo
tation despite the abbreviated quota
ton system
There was nothing in the days news
to influence the selling movement
which was generally accepted as a
further correction Of the top-heavy
speculative position created by pool
manipulation in recent months. While
! most observers were agreed that the
setback was warranted, a sharp diff
ference of opinion exists as to whether
the current decline spells the end ot
| the Coolidge bull" market. Time
alone will supply the answer.
AS in the sharp break OF yesterday
/ selling pressure was directed chiefly
against pool specialties Offerings OF
/! bear traders were swelled by the liqui-
dation of impaired marginal accounts
and the profit-taking of investors who
had built up large paper profits.
Short-covering and possibly some
bargain hunting" tended to lessen the
force Of the declining movement
Standard industrials which have not
been the objects of recent pool opera
tions offered good resistance to sell
ing pressure, as did the rails, which
had been freely hquidated, earlier in
the year as result of the poor earn
ings and traffic reports for the lat
ter part of 1927
Midland Steel Products preferred
which advanced from 106 last April
/ to 315 in December, broke 1874 points
, to 1879, and then rallied l. American
Machine and Foundry and Vanadium
Steel fell ~ and 61s points, respec-
lively and closed at the bottom.
Freeport Texas fell nearly points
to 661s as against high of 109h on
January IL. Other stocks to show net
declines of points or more included
Abraham and Straus, Borden, Bur-
roughs Adding Machine, A. M. Byers,
Calumet and Arizona, Greene Cananea
Copper, International Business Ma
chimes. National Distillers, Peoples
Gas, RosSia Insurance Snider Pack
ing preferred and Warren Bros. u S.
Steel common dipped below 140 for
the first time this year, but the net
loss for the day was less than a point
General Motors sold down to 1922 and
then rallied to 1874 for small frac-
tional gain. 3na
There were q few issues to move
against the current trend, the most
conspicuous of which were Mullins
Manufacturing and Standard Milling
which closed at net gains of AS and
3h points, respectively. Union Pa
cific closed 11k points higher.
Foreign exchanges hold steady i'll
quiet trading. Sterling cables were
quoted around $4.8715.
The weekly clearing house state
ment showed a deficit in reserve for
the third consecutive week, but it was
considerably smaller than the preced-
ing two, amounting to only $5,534, 500
as against $18,100,51O week ago.
Aggregate reserve totalled $639, ,437, ,O00
The detailed statement of actual con-
dition this day showed decreases in
most of the principal items. Loans,
discounts and investments dropped
$50,564 900; cash in own vaults, ST.
$4,000; net demand deposits, $36844,-
600, and time deposits, $10,382,000. Re-
serve in federal reserve banks of men,
ber banks gained $6,223;000.