Stock Market Break

Stock market prices broke last week. It was expected. Many causes can be adduced. But the chief is the fact that speculators had abandoned thought of the relation of security prices to the earnings of underlying business ventures.

It is inaccurate to say that any one security issue started the break last week. But if one is to be set up as a black example it is the Bank of Italy. On the San Francisco and Los Angeles exchanges Bank of Italy stock broke 160 points--from 284 1/2 to 125. Related issues acted likewise. Bancitaly dropped 86 points--195 to 109; Bank of America 120 points --270 to 150; United Security 80 points--245 to 165. In New York the drops in these issues were as great.

Millions of paper profits disappeared. On one day New York Stock Exchange brokers handled 5,052,790 shares (a record number), New York Curb Market brokers 1,329,000.

The following table indicates where the worst breaks occurred:

Low High

(Last (This week) year)

Allied Chem & Dye 164 182 7/8

Amer International 90 1/4 125

Am Tel & Tel. .173J4 1/4 211

Baldwin Locomotive 235 285

Chrysler 66 1/8 88^ 1/2

Consolidated Gas 138 170 1/4

Curtiss Aeroplane 90 192 3/4

Dodge Bros class A 12 24^ 1/8

General Asphalt 68 94% 7/8

General Motors 175 210

Greene Cananea Copper 90 164 1/2

Hupp Motor 53 65

Internal Combustion Eng 51 72 3/8

Internal Tel & Tel 163 197^ 3/8

Murray Body 36 58% 3/4

Nat'l Distillers Products 29 1/4 58^ 1/2

Radio Corp 166 1/4 224

Stromberg-Carlson 46 74% 1/4

U. S. Steel 136^ 1/2 154

Universal Leaf Tobacco. ...... 60-Hi 3/8 85^ 1/2

Universal Pipe and Radiator. .. 15^ 5/8 28

Ward Bating class A 93 123

Wright Aeroplane 142 245