Douglas daily dispatch., 1927-03-01
STOCK MARKET
RESUMES UPPER
TREND MONDAY
Stock market averages:
(By the Associated Press)

NEW YORK, Feb. 28 P-Specula-
tive operations for the rise, which have
been under way, with few Interrupt
tions, for nearly five consecutive
weeks, gained increased momentum to-
day when aggressive bullish demon
strations were staged in number of
nigh priced industrials. Trading
showed a further expansion in volume,
running above two and one-half mil
lion shares. The average of 20 leading
industrial shares touched a new high
record for all time.
Banks called about $4,000 900 in
loans, but the call money rate held
steady at A. per cent. The sharp in
crease in excess reserve shown in the
clearing house statement last Satur-
day was accepted as proof that the
banks had fortified themselves to meet
the heavy month-end and March Is
payments. Brokers loans reported by
the New York federal reserve bank,
which were made public after the mar
llet closed, increased $43,52OO0O in the
week ended last Wednesday, but were
still nearly $25O,OOO,OOO below the to-
tai in the corresponding week last
year.
General Motors resumed it's role as
market leader by climbing 6 points
to 169, the highest price since the
declaration of the so per cent stock
dividend. There were a few gains
even larger, Houston Oil soaring II
points to a new high record at 120h,
and closing within a small fraction of
the top price, while Commercial Sol
vents "B" jumped 16A points to 257 ",
Dupont sold 73s points higher at 194B,
new peak for the present issue.
Mullish sentiment in the stock mar
ketl was created by the more en-
couraging nature of the weekly busi-
ness reviews; the excellent 1926 earn
ings reports now being published, the
American Smelling and Barnsdall COM
panies recording sharp gains over 1925;
stiffening non-ferrous metal prices;
the firmness of the cotton market in
face of the presidential veto of the Nc
Nary -Haugen bill and the prospects of
special dividend action in the near fu-
ture on several railroad and indus
trial shares Extension recent gasoline
price cuts and the United States SUI
preme decision cancelling the Do
heny naval oil leases, practically were
disregarded, the only apparent effect
of the latter being 4 point drop in
Pan American Western B, half OF
which was later recovered.
Nearly 80 railroad and industrial
shares touched their highest price
since 1925 or longer, the list including
Frisco, common; Wabash, common and
preferred B, Rock Island, Canadian Pa
cific, Pure Oil, General Asphalt, COM
mon and preferred; Crucible, Vanadium,
Republic Steel, Oppenheir-Collins, S.
II. Kreske, International Harvester, U.
S. Industrial Alcohol, American Suma-
ira Tobacco, Great Western Sugar,
American Water Works, Collins and
Aikman and Texas and Pacific Land
Trust (new). Time money was lit
tie firmer, being quoted on a flat a rs
per cent basis, instead of II to AS.
Prime commercial paper rates were
unchanged.
Cotton closed unchanged to II points
higher, but the other principal COM
modify markets lost ground, active
wheat declined about half cent
bushel, coffee sagged II to Is points,
and raw sugar was unchanged but fu-
lures eased 8 to 4 points.
Except for moderate gains in the
Norwegian and Spanish currencies, the
foreign exchange rates showed little
change on the day. Demand sterling
ruled around S4S4 SIS and francs just
above $50 cents.