The Washington times., 1928-09-29
LATEST NEWS OF FINANCIAL MARKETS
STOCK PRICES
At LOWER
LEVEL
BY w. S. COUSINS
n s. Financial Editor

BY w. S. COUSINS
IN. S. Financial Editor
NEW YORK, Sept. 2s,-Atter
reaching the highest level of prices
on the current move. industrial
stock settled down to lower level
this week as the result of profit
taking, liquidation and speculative
selling by the professionals in and
out of Wall Street. As before, the
steel, motor. copper and oil stocks
led the activity in the listed mSr.
ket, with brilliant performances in
a number of the speculative favor.
ties,
Despite the necessity for prepaTs.
ton at the banks for a huge vol.
ume of October settlements" be-
ginning next week, money market
conditions were more favorable.
though the big brokerage houses
paid more stiffly for collateral time
money than for call money. The
call rate declined to per cent near
the weekend with a subtantial
amount of money offered at 5ia
held more firmly at ~ and ~
per cent.
Business Encouraging
The testimony of the Federal Re-
serve Board, the mercantile agencies,
the manufacturing mouthpieces and
the economic agencies without ex-
ception pictured an unusually pros
porous period for important sections
of American business. The reserve
boards production index for August
was the highest on record for that
month. with automobile output
smashing the best records of the
past, a substantial increase I'm tex
tile production. gains in employ
ment and payrolls, favorable crop
forecasts and expanding corpora
ton earnings
The first 3s railroads to report
net earnings for August showed
gain of SIS per cent over the same
period last year.
Wall Streets diagnosis of the
stock market this week was that
of a tired market in which the
big bulls had temporarily rested on
their oars. while the little bulls and
outside traders again grasped the
opportunity for profit taking In
such a situation the professionals
were ready to help along the de-
cline in prices with general offer
tngs of stock, principally in the
sections of the market where the
advances in prices have been most
pronounced. On three of the SEES
sions Of the past week the hears
flooded the market with selling
orders shortly before the final gong
and closing prices were in strong
contrast with three o'clock tape"
Confusion in the market was in
fact mostly the result of the in
ability of ticker service to keep up
frequently falling 40 minutes behind
the market. Strength in the steel,
copper and oil stocks followed
logically. The continued improve
ment in the industries, copper
metal sold as high as 1914 cents
both for export and domestic
markets, steel prices were marked
up and number of the refiners
of petroleum were able to put
higher schedule of gasoline and
fuel oil prices into effect.
New High For Steel
United States SteePs new advance
70 1o4Rs the highest price IN the
27-year history of the giant cor.
poration was the feature of the
industrial list and its strength and
buoyancy was accepted as a clue
to price movement in other sections
of the market. The independent
steels were we'll bought at the
highest range of prices for the
year to date, on the expectation
of favorable dividend developments
in two or three of the well-known
companies. Though the move in
the oils did not carry very far. good
buying was in evidence in the
standard and independent oil shares,
with Sinclair a leader in the latter
group. Commodity markets were
generally firm, with cotton up
about S. bale and grain prices
about. a cent bushel higher.
Trading on the newly organized
silk exchange was in good volume.