Salt Lake Telegram | 1928-12-06 | Page 8 | Stocks Develop Acute Weakness

STOCKS DEVELOP ACUTE WEAKNESS Call Money Rate Jumps to 12 Per Cent Copper Issues Hit Hard Markets at a Glance NEW YORK Stocks Stock weak Radio tumbles tumble more than 15 13 points point Bonds dull Andes Copper 7 Mr ag 3 poInts point S 'S Foreign exchange steady Japanese Japa Japa- area nese 3 en Jump 16 points Cotton loner weak stock mar ket Sugar easy Increased spot offer offer- r- r inge Coffee weak European selling CHICAGO heat bullish acreage es eS- eS Corn steady i firm foreign markets Cattle S Hogs strong By STANLEY W. W NEW YORK Dec 6 AP AP Acute weakness developed in today's stock market after bulls had bad made an ineffectual attempt to rally the general gen eral list by marking up a few high priced specialties to new high rec rec- Early gains which ran from 1 to nearly 14 points were cut down or wiped out alIt and a long list of issues sagged 4 to 15 points be belOW below be- be low yesterdays yesterday's final quotations Trading was only moderately heavy in In volume Hacking Macking up of tIle the call money rate from 9 to 10 per cent In the face of earlier predictions of easier rates and the firmness of the time money market at 7 4 1 per cent was an important factor in the change in speculative sentiment Wall street expects that call money will average aver aver- ago age 7 2 1 per cent or higher for forthe forthe the month of December and predictions PrO pre dictions of temporary rates of 13 12 to 15 pot per cent and oven even higher are heard in some banking tars because of the heavy holiday demand for funds coupled with th the December 15 tax tac payments The market recently has lacked backed the vigor of the share sessions sessions ses ses- which followed the national election and there appears to have been an increasing volume ot of stock offered oh on all rallies This has oilS dis discouraged many bull traders and stimulated short selling by operators operators opera opera- tors who felt that the market was was' entitled to a sharp technical reaction i tion after its recent spirited ad ad- ad vance Early buying operations centered largely in the merchandising and motor issues tile the former responding respond respond- ing to tp reports of record breaking holiday trade and th the latter batter moving moving ing up in anticipation of the the bull bull bullish lob ish demonstration which precedes the opening of the automobile shows Packard ran lip UP S S' S points to a new new- high at 4 1 and then slumped to 1 2 Chrysler advanced 4 points to 4 3 and dropped back to 3 Indian Motorcycle fell 6 points Mack Trucks sagged 4 points below yesterdays yesterday's final quotations quotations quo quo- and other motors fell back appoint or 1 more J Coppers Copet also were uia reaction Greene Cananea Anaconda and Cerro de Pasco slipping back 4 to 5 2 1 points before buying support support sup sup- port became effective Radio dropped 16 15 points Ward 12 1 2 Rossia Insurance 9 and Victor Talking Machine Warner Bros Commercial Solvents Allis Chalmers Goodyear Mexican Serf Serf- board and National Bellas He s dipped 4 to 7 points A. A M. M Byers ran up nearly Bearly 6 points to a a new high at 4 and then tumbled to Wright Aeronautical soared 13 4 3 points tp 4 3 and then dropped back to t New high records were established estal- estal in the early trading by Atlas Powder National 3 Tea The Fair FaJr American Snuff and a sprinkling a-sprinkling of low and medium priced issues The call loan rate advanced to 12 per cent the highest figure since 1920 when it reached 25 23 per cent Prices of important Issues dropped sharply In III tile the last hour when d- d d dines of 1 point or more were cons conj noon mon between transactions Mont Mont- Ward gomery-Ward extended its loss to 17 2 1 points while U. U S. S Steel General Electric Canadian Pacific Woolworth Allied Chemical Westinghouse West West- Electric U. U S. S Industrial Alcohol and Commercial Solvents fell 4 to S points The closing was weak Total sales approximated shares S