Douglas daily dispatch., 1927-04-22
GENERAL MOTORS
SCORES ADVANCE
IN STOCK MARKET
(By the Associated Press)
elk market averages:

| Low, 1917 ........ IfI,Z1 -j 125.5S
Total stock sales 2,242,500 shares
| NEW YORK, April II H0.-A sensa-
! tional last hour advance of over I
! points in General Motors common to a
! new record high at 1875 overshadowed
all other developments in today's stock
market Early Irregularities was fol-
lowed by a period of strength in which
| speculative interest Veered from the
| industrials to the rails, but the late
outburst in General Motors induced
heavy profit taking in other quarters
leaving closing quotations irregular.
Contrary to expectations in many
quarters, the New York federal reserve
bank rate was announced as unchanged
at per cent, despite the reduction in
the Bank of England rate earlier in
the day from to 15 per cent. Banks
called about SIS, 900 in loans during
the day, but plenty of call money was
available at the renewal figure of 4
per cent Inasmuch rs a large portion
of American funds in London are in
vested in government and other long
term securities rather than short time
paper, no immediate return flow of
! funds is expected as a result of the
lower interest rates in England.
Rails gave a fairly good demonstra-
tion of strength with buying influenced
by reports of large current earnings
and prospects of special dividend dis
tributions. Despite reports of heavy
property damage by recent storms and
floods in the middle western and
southw estern sections of the country,
CT of in that eriOn w
in good demand. Another long list of
new high records was established in
Guiding Atchison, Union Pacific, Mis-
souri, Pacific common and preferred,
Denver and Rio Grande Western pre-
ferred, Chicago and Eastern Illinois
common and preferred, Rock Island
common and per cent preferred,
Katy" preferred, st. Louis and South
western and Erie common and second
preferred. Steels, particularly the in
dependents were inclined to heaVine
as a result of the recent slackening of
business and the relatively unfavor-
able first quarterly reports of the
Republic and Youngstown companies:
| Other motors did not follow the lead
of General Motors, although Chandler,
I1QuSOH dIiU Mash 1SCSlNGu 1dlIly SOOu
support. Dodge Brothers issues were
heavy on reports of poor earnings.
Sugars rallied in response to stiffen-
ing. commodity prices. American Sugar
! Refining and South Porto Rican
reached new high ground.
Rubbers, which had been bid up
recently on talk of an early advance
IN tire prices, sold off on the announce
lnent of 4Tirestone officials that no
! increase was warranted at this time,
! although Kelly-Springfiel was again
/ bid up to a new high level. Houston
! Oil showed Independent strength, but
the other oils We're sluggish. Wool
worth responded to the report of
heavily increased sales by running up
| 4 points to new peak, and the estab-
! lishment of new high by Mont
gomery- Ward revived rumors of a pos
sible merger with Sears Roebuck.
Money and commercial paper rates
were unchanged
A jump of over 50 a bale in cotton
futures based on unfavorable crop re-
| ports and gain of 1 to cents q
bushel in wheat options featured tiie
commodity markets. Refined sugar
| prices were firmer, but raw sugar and
coffee quotations showed little change.
A wide open break in Japanese yen
TO Il new low around 1850 cents AMI a
further rise in Italian lire to the high
est price in several years above SIS
cents We're the contrasting features Of
the foreign exchange market. Demand
sterling held firm around $4.S5$s de-
spite the reduction in the British bank
rate and French francs ruled prac-
tically unchanged above 3.9l cents.
| out that todays prices for May wheat
at Liverpool We're the highest in
months.
Selling out of corn against buying of
wheat to close spreads had a bearish
effect on the corn market. Cash de-
mand for corn failed to improve. Oats
were responsive to unfavorable wea
ther and to some export business at
higher prices
In the provision market lard was
firm, but meats were lower. Grain
strength partly offset weakness of hog