Douglas daily dispatch., 1927-04-29
net DECLINES OF.
/ TO s POINTS
NOTED in STOCKS
1By the Associated. Press

fotaE StOek SAFES %so1ts sYVV snatFgSs-9 i
NEW YORK, April 2S pP).ARe-;
dictionary price tendencies in today's
stock market were much more pro-
nounced despite, repeated attempts of
the general list by marking, up their
favorites. Net DECLINES of / to 6 points
were quite common at the close, al
though several issues had made mod
crate recoveries from their low levels
of the day. Trading showed a substan-
tial increase in volume, running above
$500, 900 shares. ass.
There. were no new developments of
an unfavorable character to influence
the selling, which appeared to repre-
sent further correction of topheavy
speeulativei position. The unsettled
condition of the market in the last few
days had resulted in the placing of a
number of stop loss" orders, which
when set off brought about quick
decline in quoted values, Liquidation
of the steels and motors probably was
stimulated by further reports of un-
satisfactory trade conditions.
.sThe credit situation continued satisr
factory, call money holding steady at
PEI. cent all day with a large volume
of funds available. in view of the
approach of month-end settlements.
After the close Of the market the New
York federal reserve rate was an
nounced as unchanged at per cent.
Time money was quoted at As to "
per cent and prime commercial paper
at 4 to Az.
The quarterly report of the Bethle-
hem Steel corporation, issued after the
close of the market, showed earnings
of $2.1S share, compared with $155
in the preceding quarter and $232 in
the first quarter of 1926. No action
was taken on the resumption of. divi-
dends on the common stock, which
have. been omitted since, October l.,
1924, and this apparently was antici-
pated, as the stock closed 5s lower at
49A after having sold down point
below that figure. The reports of an
advance IN sheet prices tended to keep
selling of the steels in check, although
United States Steel common showed a
net loss of 1a points at 167 after hav-
ing dipped to 166. g
Oils again sank to new low levels
as leaders of the industry pointed out
the dangers in the present situation.
Houston showed independent strength,
rallying from low of 11O to 116 and
closing just below that level for a net
gain Of nearly points on the day. 'tl5,
General Asphalt, which frequently
moves Independently of the other oils,
broke nearly points toe72k and then
rallied to "a ss. 's.@ Il
Commercial Solvents was the out
standing Individual weak spot, break
ing liz points to 319 and rebounding
to 322. Sharp losses also were recorded
by Allied Chemical, American Beet
Sugar, Dupont, General Motors, Lima
Locomotive, Mathieson AIkali, Pressed
Steel Car and u. S. Cast Iron Pipe,
ali off 3 points or more.
Rails yielded with the industrials,
although Bangor and Aroostook re-
ing 11% points to 80, a. new high
record
Missouri Pacific issues each broke
over points on selling inspired by
the growing estimates of Mississippi
river flood damage.
Delaware ard Hudson dropped 6
points to 204 and Atchison, New York
Central, Chesapeake and Ohio and sew
eral others sold down points or more.
All the principal commodity markets
displayed firm undertone, but the net
gains were small. May wheat closed
at s1S5 a bushel and May cotton at
1906 cents a pound. IS
Moderate recoveries in the Italian,
Spanish and Japanese rates featured
todays firm Foreign exchange market.
Demand sterling ruled around $4.S5as.
French francs around S.911k cents and
italian lire above $50 cents.