New Britain herald. [microfilm reel] (New Britain, Conn.) 1890-1976, 1928-09-13
WALL Street HAS
downward ACTION
Ioday's Dealings Complete Re.
Ieral Of Wednesdays
By STANLEY w. PRENOs1L

By STANLEY w. PRENOSlL
(Associated Press Financial Editor
New York, Sept. Is LRNThe stock
| market displayed complete re
versal OF form today. selling off
sharply In the morning and then
rallying briskly after midday. Ea.ly
declined Of to points in the gen
eral list, and to II points in the
amusement issues were cut down,
or wiped out and long list OF pool
specialties bid up l to points
above yesterdays final quotations.
Trading showed q tendency to turn
dull on the declines.
Lowering Of the call money re-
newal rate from ~ to per cent,
coupled with the circulation OF an
optimistic statement on business
conditions by Secretary OF the Treas
ury Mellon, helped to revive bullish
enthusiasm. Shipment OF gold from
England to Canada and the estab-
lishment Of another new now level
by sterling exchange again aroused
hopes Of early gold imports into this
country. Otherwise, there was little
in the days news to influence the
price movement.
Early selling was inspired largely
by the belief that the recent rapid
advance had weakened the techni-
cal position of the market. and that
downward revision OF prices was
! necessary. This was particularly
true of the amusement stocks which
had been bid up to fantastic. levels
on the strength OF merger reports.
| Warner Bros. common broke l:2
points and the A stock II, but both
rallied about six points from their
low levels in the early AFTERNOON
rally. Fox Film dropped points and
recovered I. and Stanley dropped
nearly and recovered I. Curtiss
was hammered down points and
Keith Albee. Victor Talking Ma
chine, Briggs and Wright showed
extreme gains OF points or more.
Several new leaders were brought
forward in the afternoon. Standard
Commercial Tobacco, directors OF
which have under consideration IL
per cent stock dividend in addition
to the regular cash payment, ran up
4 points to a new high record at
l37 rs.
New peak prices also were regis
tered by Chrysler, Packard. IRA
ham Paige, Dawson Chemical. Mid
Continent Petroleum and Cerro De
| Pasco.
Rails, which heretofore have
taken little part in the advance
presented several points OF strength
st. Louis Southwestern ran up
points and New Haven 2.
The market turned reactionary
soon after the opening on heavy
selling for both accounts. Selling
was inspired by the belief that tht
ra pidity OF the recent advance mac
weakened the markets technica
position. Fears Of large increase
in the federal reserve report or
brokers' loans after the close OF the
market also was q factor.
Pools, which had been taking
enormous blocks OF stocks at ad-
vancing prices. temporarily with
drew from the market or lowered
their bids with the result that quo
tations melted rapidly in several
highly speculative issues. Amuse-
ment shares bore the brunt OF the
early selling. Warner Bros. common
dropping 5,s points. the A stock Y
points. keith-Albee 3ls, Fox Film
2A and Stanley Co. of America
l 1-2.
Loose Wiles, General Electric
General Motors and Briggs also rar
into heavy selling. Radio moved
against the current trend. rallyine
from 205lz to 2o9. Purity Bakeries
moved up more than points to a
new peak at 1872 rs before the ad-
vance was halted by proft-taking
New York Central. Internationa
Telephone and American Bank Note
also received good support.
Foreign exchanges opened steady
with sterling cables shade lower a,
a new low for the year at SASS 1-32
Bulls were timid for a while about
carrying on. fearful that other
speculative structures would also
topple over, after the crash in the
amusement shares as stop loss or
ders were caught. Some pools never
theless stuck manfuliy to their guns
and were pushing their favorites into
new high territory at midday wher
a general rally was in progress. As
the flood Of selling orders overrar
the Amusement group. Warner Bros
Pictures A went down to lis. l,
closed yesterday at 129 Is. and as
recently as Tuesday made its record
price of 1879 IA. The common shares
at 113. Fox at los and Stanley Co
of America at IS. were down 10 IA
10 SIS and IL "a points respectively
from their recent best figures
Standing call loans held at IL pei
cent.
TIN. MARKET AT 2:3O p. NJ.
FURNISHED by Putnam & Coz
High Low Close
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