Douglas daily dispatch., 1927-04-27
STOCK MARKET
RECEIVERS MUCH
OF MONDAY Loss
(By the Associated Press)
ok market aVera PeS.


NEW YORK, April &c (P).-fmpres-
sive recoveries took place in today's
stock market after an opening interval
of heaviness presumably resulting from
the liquidation of impaired marginal
accounts. While not all of the ground
lost in yesterdays drastic reaction was
recovered, net gains of to 51s points
We're quite numerous at the close.
President Coolidge's expressed hope
of peaceful settlement of difficulties
with Mexico was seized upon by oper-
ators for the rise as a Abullish factor
Despite the growing seriousness of
the Mississippi river flood damage,
speculative Wall street was inclined to
take a hopeful view of the situation,
some commentators emphasizing it's
supposedly bullish market features
Call money held steady at per cent,
despite the calling of about $10,0OO,OOO
in loans. A temporary tightening of
rates incidental to-vthe heavy month
end demand for funds would not be
surprising.
The quarterly report of the United
States Steel corporation, issued after
the close Of the market, failed to come
up to expectations, showing only $S.93
share, as COMPARED with $4.6S in the
preceding quarter and $S.SS in the first
quarter of 1925.
The 40 per cent stock dividend was
formally approved and the new stock
placed on an annual 81 basis, as Chair
man. Gary indicated in his talk to
stockholders earlier in the month.
Some buying came into the steels dur
ing the day on talk of higher steel
prices in the next quarter U. S. Steel
common moved within range of 2
points, closing y higher at 17OB.
Pierce Arrow preferred broke 10
points to GA on the publication of a
report showing only 43 cents a share
earned on that stock in the first quar-
ter. General Motors received better
support, closing 2h points higher at
1911. Mack Trucks recorded similar
gain at 1922. Lima Locomotive was
run up over 4 points to a new top at
769s but lost more than half it's gain
on realizing. Net gains of 3 points or
more were recorded by Air Reduction,
American Radiator American Woolen
preferred, Brooklyn Union Gas, Com
mercial Solvents B, Dupont, Hudson
and Manhattan, National Lead, Pathe
Exchange and South Porto Rican
Sugar.
In the rail group, Texas and Pacific,
Missouri Pacific and St. Louis South
western were freely sold on reports of
extensive damage to their property by
the flood. Bangor and Aroostook, on
the other hand, jumped s points to 79
on unusually high first quarter earn
ings, and Delaware and Hudson
touched the highest price in 20 years at
215% and then eased nearly 8 points.
Time money and commercial paper
rates were unchanged Practically all
of the important commodity markets
lost ground. May wheat declined
fractionally, but the more distant
futures showed moderate Improvement.
Cotton futures fell back 16 to %
points on the belief that reports of
crop damage were exaggerated. Coffee
prices sagged Is to 20 points and sugar
quotations were practically unchanged.
A sharp drop of nearly 20 points in
Italian lire, which again sold below 5 "
cents, was the only change of conse-
quence in the foreign exchange market.
Demand sterling ruled firm around
$4.85 5-16 and French francs were firm
around 3.91 cents.