Ogden Standard-Examiner | 1927-08-08 | Page 8 | Reaction in Wall Street

REACTION IN INWALL WALLSTREET WALL STREET Losses Encountered As High Priced Indus Industrials l trials NEW tw YORK Aug 8 By By The As Associated As As- Press The Pres The stock market turned decidedly reactionary today on heavy selling for both accounts Sell sell- Selling sellIng SellIng ing pressure was most moat effective c against the high hl h priced industrials several everal of which broke 4 to 8 points Rails yielded with the Industrials al although al- al although although though the losses were not not as large COTTON STRONG I The weakness of the stock market contrasted contrast d with the strength of the thc cotton market which advanced 10 II a bale on publication of II a bullish gov gov- government crop report showing pros pros- prospective prospective yield about one million bales less than expected In the absence of any emy definite news developments the selling of stocks was vas of ofa ofa construed as a further correction a a. weakened technical position De De- Despite Despite spite rumors of o a substantial extra distribution to stockholders Du Pont broke more than n 8 points and Gener Gener- General al 1 Motors 4 Collins Aikman Tim Tim- Timken Timken ken Roller Bearing International Harvester Han Case Cese Threshing General Railway Hallway Signal Houston Oil United States Cast CaU Iron Pipe and Manhattan Electric Supply all sold down 5 or more points point STEEL GOES UP UPA UPA UPA A few Issues moved mond against the current trend Bethlehem Steel crossed 60 to a 2 new 1927 1921 peak on buy- buy buyIng buying Ing influenced by the belief that the company would profit prom through the ex expected ex- ex expected poet poet-ed increase In natal nasal tonnage as a result 01 ot the failure of the Geneva Genc naval I conference to reach an agree agree- agreement ment International Nickel and Con Con- also showed evidence of strength The closing dosing was weak The market failed to show any recuperative pow pow- power power er late Inte in the day when wh n professionals ordinarily even eHn up their contracts Federal Mining Smelting slumped 10 points and Union Pacific United Drug National Tea Allied Chemical American Smelting and Eastman Kodak were among other shares which sustained large larse losses Total sales approximated shares