Douglas daily dispatch., 1927-06-03

NEW YORK, June 2 QE9.-Opposlng
speculative forces staged plCCel
Struggle in today's stock market, WIFI
the DAYS advantage again resting on
the side of those working for hlgner
prices. A sudden Wave1of seillng III
the late morning was coNnUeracteo WY ~
a flood of new buying orders ana IN m Cile
Itconfusion which followed the Clchel iAsl
tape ran % minutes behind the maEKeV
|, and did not catch up until the rnlddie
of the afternoon Total sales ran just
over 2,7000Oo shares, the largest Isl since &c
I February 8,
( several reasons were brouglltt8 1orWalu =
to explain the selling movement puV
chief stress seemed to be laid on i tne n
belief that the TECHNICAL position OF
the market had been Weakened by the
rapidity of the recent advance in many
issues. The. passing. Of the Marland
end ssLorinard dividends, while gen
orally expected, and the Interstate -t com y
naerce, commission examiners recon-
nendation Of rejection OF the New
York Central's plan to acquire the Big
Four also tended to create bearish sen
timent. ,et an III, FT
i Call money held firm at Az per cent
but only "a normal amount Of loans
were called and funds appeared to be
plentiful at that figure. Time money
and commercial paper rates were un-
changed, and no change was an
nounced in the per cent rediscount
rate of the New York federal reserve
bank.
Another flock of new high records
were created in the railroad group, but
major speculative activity seemede to
center in Chicago Great Western pre-
ferred and the Missouri Pacific issues,
all of which are whirled upward at the
expense of an apparently oyercrowded
short interest. New York Central
closed more than a point lower on the
proposed rejection of its unification
! plan. Rock Island also lost point net
! after attaining a new peak at 108%.
/ Chicago and Northwestern advanced 8
points to 9l1a and was followed into
new high ground by Erie common and
first preferred. Colorado and Southerny
Chicago Great Western preferred,
Delaware and Hudson, Norfolk and
Southern, Reading and several others.
| Revival of activity and strength in
! General Motors stock sent it up nearly
: 3 points to new record high level at
2013s, but it lost more than half its
| gain. Baldwin moved within range
of 2 points and closed unchanged at
227. United States. Steel common was
sluggish, but closed only fractionally
lower at 125. Among many new high
prices in the industrial section were
] American Smelling, American Water
4 Works, Arnold Constable, Commercial
Solvents B, Detroit Edison, Gabriel
Snubber, Inland Steel, Intertype Cor
J poration, National Lead, National Tea,
| Park and Tilford, Standard Milling and
White Sewing Machine.
Weak spots cropped out in several
sections OF the list, but there were no
wide open breaks, few losses exceeding
IL points. I,
! A rally of nearly 10 points in Italian
/ lire; which again sold around $50
! cents, was the only development fof
consequence in the foreign exchange
! trading. Demand sterling ruled slightly
easier around $485A, and French
francs held steady at 39112 cents.
A drop of 2 cents bushel in wheat
futures and the establishment of new
high records by corn prices featured
the commodity markets. Cotton prices
: improved slightly.