Douglas daily dispatch., 1927-04-07

NEW YORK, April Pl.-Specu-
lators for the advance maintained con-
troll of the price movement in today's
stock market, in which u. S. Steel COM
mon, General Motors and flock of
other issues scared to new high rec
ords. Continuance of easy money rates,
the announcement of n proposed dec
aration of a 20 per cent stock dividend
on Pere Marquette and the crossing of
the million car mark by freight car
loadngs for the third successive week,
all helped TO create bullish sentiment.
Total sales, while falling below those
of yesterday, were we'll over the 2,000-
600 shares mark.
The days trade news was not en-
tirely favorable, however The Stan
dard Oil Company of New Jersey an
nounced another reduction in gasoline
prices, with the cut met by it's principal
competitors, and sharp reduction in
prices was announced on Pierce-Arrow
motor cars The Iron Age reported
that pig iron production in March was
exceeded only in one month-April-
last year, and that April gives promise
of continued heavy operations. The
Iron Age trade review says some
March production records were made
at the expense of April specifications
and a sequel is a slight easing up
Steel shares displayed a strong un
dertone, with U. S. Steel common
touching another new high at 172%.
Bethlehem was heavily bought on
President Grace's prediction of early
dividend payments, moving up 3k
points to 155h the best price in about
two years. Republic Ludlum and Gulf
States each advanced about points.
Oils displayed a firm undertone in
the face of gasoline price cuts and
unfavorable dividend rumors, but this
was explained by the excellent char
acter of the 1926 earnings reports now
being published. Outside of General
Motors, which advanced a point to a
new peak at 1874, then sold down to
1921, and Pierce Arrow preferred,
which broke 3 points to "a, the motor
shares moved within relatively narrow
and irregular limits.
Realizing sales wiped out a substan-
tial part of the early gains in the rail-
road equipments, which were bought in
expectation of increased demands for
rolling stock and other material. Gen
eral Railway Signal jumped over 5 i
points to new high at 1904 and then
fell to 116$; Baldwin reacted from
1904 to 1871, and Westinghouse Air
Brake lost a point of an early 3-point
gain.
Continental Baking A was run upl
5 points at the expense of an over |
crowded shergiffterest. and sharp gains
also We're recorded by Freeport, Texas, !
Gimble Brothers, Marine preferred,
Manhattan Shirt, National Supply,
Texas Gulf Sulphur, Western Union1
and Woolworth, several of which
reached new high ground for the year.
On the other hand, renewed weakness
developed in American Agricultural
Chemical preferred, Electric refrigera-
tion and Fox Film A, all of which sold
at their lowest prices of the year.
The general railroad average was
elevated to another new high level.
Southwestern carriers made the bestl
group showing, with new peak prices
since 1925 or longer being registered
byby Kansas City Southern and katy" !
common and preferred.
Pere Marquette rallied over points
on the directors proposal to declare
stock dividend but lost part of the gain.
New York Central was heavily bought
in the late trading, duplicating the
years high of 1473s. Call money held