Douglas daily dispatch., 1927-06-07
RAILS CONTINUE
LEADERSHIP In
STOCK MARKET
lBv the Associated Press
,tal stock sales 2,057, 400 shares.

NEW YORK, June 6 P.-Railroad
shares resumed the leadership OF the
stock market today, which continued
under control of spectators for the
advance. Heavy selling for both
accounts broke out in a number Of the
induStrials and specialtieS. But offer
ings generally were well absorbed,
Trading fell off perceptibly in volume,
the days sales running just above two
million shares.
From stock market standpoint, one
of the most important developments OF
the day was the announcement OF
brokers loans after the close Of the
session TI.u lew YORK stock exchange
figures showed an increase of $116,659,-
1872 in May, bringing the total at the
end of the month to $3,457, 1863 ,029, as
against the record of $3,535, ,590,321 at
the end of February, 1926. The federal
reserve bank statement showed an in
crease of $97,211,O0O in the week ended
last Wednesday, making the total
$3,O61 ,891 900 against the peak figure
of So, ,141, ,125, 900 in the first week OF
1926.
Banks called about $10,0O0,0O0 or
more in loans during the day. probably
to repair the deficit shown in last
Saturdays clearing house statement.
Call money held steady at AZ per
cent. In view of the unusually large
increase in loans, it is now regarded
as doubtful whether the early decline
on day to day loans, which was gen.
orally expected a week ago, will
materialiZe.
western Maryland commons was the
sensational feature in the rail group,
soaring 81 points to new high record
at 6519, an appreciation of more than
400 per cent in quoted value above the
low level of the year. with a CORE
spending gain in the second preferred.
Delaware and hudson jumped more
than points to new peak at 230 on
buying influenced by revival of
rumors regarding an early segregation
of the Goa" properties, but President
L. F. Loree declined to comment.
New peak prices also were attained
by nearly dozen oJner rails, including
st. Paul preferred, Chicago and East
ern Illinois preferred, Chicago north
western Hooking Valley, Texas and
Pacific and Perio and Eastern In
addition, substantial gains also we're
recorded by Nickel Plate" common,
Pittsburgh and West Virginia and
LackaWanna.
General Motors was again in the
forefront of the industrials, touching
another new high record at 20215. Pub
lie utilities and railroad equipments
also presented several points of
MORE than two score indus
trials reached new high ground, the list
including such diversified shares as
Gabriel Snubber Safety Gable, West
inghouse Air Brake, American Water
Works, Colling and Aikman, American
International corporation, Mathieson
Alkah, Wright aeronautical, EndicoUt
Johnson and Brooklyn Union Gas.
There were few soft spots, the most
conspicuous of which was U. S. Rubber,
which sank below $43 a share to the
lowest price in four years. Interna-
tional Nickel fell back about points on
what appeared to Oe temporary with
draWal OF pool support.
Time money and commercial paper
rates were unchanged.
Reactionary price tendencies devel-
oped in the principal commodity mar
kets. Active wheat futures fell about
11a cents bushel with selling in
fluenced by reports of better weather !
in the northwest and limited export
demand because of the observance Of /
the Whitsuntide holiday abroad. Cot !
ton options broke 40 points or more.
Foreign exchange trading was quiet
with rates holding 1airly steady. De-
nand sterling was quoted around I
S485 5-16 and French francs around /
39115 cents.