Douglas daily dispatch., 1927-04-09
FUNDS CONTINUE.
FLOW TO INVEST.
in STOCK MARKET
(By the Associated Press.
Total stock sales 1,981,7O0 shares.

NEW YORK, April s (P.-The stock
market developed pronounced irregu-
larity today, the continued flow of in
vestment funds into seasoned dividend
paying securities being offset by the
renewed weakness of a number of
shares of companies where the trade
outlook is not very promising Higher
money rates and slackening in steel
mill operations had a dampening effect
on bullish enthusiasm, although some
new leaders were brought forward in
both the rails and Industrial groups.
The weekly mercantile reviews again
called attention to irregularities in
business but stressed such favorable
factors as the stability of commodity
prices, record breaking freight traffic
and increased chain store sales. Both
bank clearings and bank debts ran
above the corresponding week last
year, due to unusually heavy April
settlements.
A compilation of February earnings
of class one roads by the bureau of
railway economics shows aggregate
net railway operating income of $7O,-
O45,S86, as against $63,377,761 in Feb
rudTy, IJAO. bdScu Oh AOSIOS wv
valuation of their property investment,
February, 1927, figures are equivalent
to return of 493 per cent, as against
4.58 per cent last year.
General Motors, which crossed 1874
for the first time, led another long list
of new high records in today's market.
other industrials to reach new high
ground were Commercial Solvents b,
Freeport Texas, American Waterworks,
Consolidated Textile, Hudson and Man
haitian preferred and Reynolds Tobac-
co B.
New York Central was again the
leader in the rail group, crossing ISL
to the highest level in nearly 25 years.
Baltimore and Ohio, Southern Pacific,
Kansas City Southern, st. Louis South
western and Denver and Rio Grande
Western preferred also reached new
high ground. While recent wage in
creases are expected to cut heavily
into the net earnings of some roads,
hope is still held out that these will be
offset by higher freight rates in some
sections of the country.
Talk of higher tire prices effective
either April Is or May l accompanied
the rise in rubber shares, which was
led by the Kelly Springfield issues, all
of which attained new high levels for
the ayear Motors held up fairly well
in view of another cut in automobile
prices by one of the smaller manu-
facturers.
Weakness again cropped out in such
issues as American Woolen preferred,
Electric Refrigeration, Continental
Baking A, Great Western Sugar,
Southern Diaries A, Tobacco Products,
Ward Baking preferred and Wilson
company preferred, several of which
touched new low records.
Wheat prices were a shade easier,
but the other principal commodity mar
kets were firm. Cotton ruled to IL
points net higher, coffee advanced 81
to IL points and raw sugar advanced
1-32 of a cent a pound
Call money renewed at Az per cent,
as against an opening rate of 4 per
cent yesterday, and then advanced tol
AZ. Time money rates also stiffened,
being quoted at 41a to AZ instead of
Az to Az. Prime commercial paper
was unchanged at to Az per cent.
Foreign exchanges held steady in
quiet trading Demand sterling ruled
around $4S5 5-16 and French francs
around 391 cents Japanese exchange,
which has been heavy recently as the
result of bank failures in that country,
received good support and was back at
the 49-cent level.