Douglas daily dispatch., 1927-11-03
PRICERECOVERY
DEVELOPS ON
STOCK MARKET
Stool market averages:
tai stock sales l,674,9OO shares.


NEW YORK, Nov q oR-The rally
in stock prices today was one of the
most impressive since the recent sharp
decline in prices. Some irregularity
developed at the opening when few
new weak spots cropped out, but the
recovery which followed continued to
gain momentum as the session prog
reSsed, final quotations being around
the highest Of the day. Net gains of
to 4 points were quite common with
the advances in a few high priced Spe-
cialties running as high as II points.
In the absence of any important
news developments, the rally was gen.
orally considered ais a correction of a
temporarily oversold market position
Active short covering in a number of
recently weak rails and industrials
testified to the nervousness of short
interests, although the days trade
news failed to disclose any marked
improvement in current business.
Weekly steel trade reviews emphas-
lied the smaller October business as
compared with the same month a year
ago, and held out little hope of any
sharp upturn in the closing months of
the year, although private reports
from steel centerS indicated mOder-
ate increase, was well supported, clos
ing 2 points net higher at 1884.
Motors developed few points of
weakness in the early trading on sell
ing inspired by fears of Ford COMPETE
ton and falling off in last quarter
sales, but they later turned upward
under leadership of General Motors,
which closed rs points higher at
1925 and Hupp motors, which ad-
vanced 214 points to %. Mack Trucks
rallied from an early low of 97A to
995s, and Hudson from 64% to 663s.
Lower crude production and higher
gasoline consumption provided ground
work for an advance in the oil shares.
Houston, General Asphalt and Atlantic
Refining all showed net gains of more
than points while Marland, Texas
Corporation, Phillips and several 9TH
ers advanced point or So Sugars,
which were weak yesterday, received
better support, American Sugar Re-
filming closing more than 3 points
higher Renewed weakness cropped
out in U. S. Rubber common, but the.
Kelly Springfield issues recorded sub
Stantial gains.
american Tobacco issues scared !
about IL points each to their highest
prices since 1920 in expectation of a
record breaking holiday trade. Other
tobaccos, p particularly Reynolds
Tobacco Products, advanced in SYM
pathy Brooklyn Union Gas, Midland
Steel Products preferred, Radio Cor
No eli 10
Brown and international Harvester
were other outstanding industrial
strong spots.
Speculative interest in the rails was
divided between the point jump in
Chesapeake and Ohio to 21O and the
advance of 81 points in Southern
Railway
Call money renewed at 81 per cent
and held steady at that figure all day.
There was no change in time money
and commercial paper rates.
The commodity markets displayed a.
firm undertone. Cotton advanced
about So bale in early trading on re-
ports of cold wet weather over the
belt, but more than half of the gain
was lost Grain prices showed only
fractional changes. Coffee advanced 5
to 10 points and spot raw sugar was
unchanged.
Foreign exchanges were slightly re-
dictionary. Demand sterling ruled
1882 of a cent lower around $486 1882
and French francs held fairly steady
around $3.91A cents. Recessions in
the other continental rates were
nominal.