Douglas daily dispatch., 1927-03-04
MARKET SHOWS
R RECUPERATIVE
POWER in TRADE
(By the Associated Press1
.ock market averages:

NEW YORK, March [P)-The stock
market gave an impressive demonstra-
tion of it's recuperative power today by
rallying sharply under the leadership
of the priced industrials. Spectators
for the advance, apparently convinced
that the markets weakened technical
position had been sufficiently correct
ed for the time being by yesterdays
sharp reaction, started to bid up stocks
from the opening, overcoming rather
strenuous opposition in the middle of
the session Trading showed a mark
ed contraction in volume compared
with most recent sessions.
Call money held steady at 4 per cent
despite the calling of about $15OOO,-
900 in loans. In fact, funds were re-
ported available in the outside mar
ket' as low as ga. The Bank of Eng
land made no change in it's per cent
rediscount rate, and the New York fed
eral reserve bank also announced
continuance of the per cent rate,
private Washington advances indicat-
ing that no immediate change was
looked for by treasury officials Fur
ther heavy shipments of gold were
reported from Canada. The recovery
in prices was all the more Impressive
because of the collapse of Cities Serv-
ice common, on the curb, which was
attributed at first to the illness of the
president of the company, and later to
the expiration of the marketing syn
dictate. A few weak spots also de-
veloped in the big board" notably
Stromberg Carbureto, which slumped
to another new low at 353s; American
Beet Sugar, American Linseed and
Union Oil of California, but selling of
of the list. Non-ferrous metal shares
gave one of The best demonstrations
of group strength. Buying of these
issues was stimulated by the reported
reduction in copper output the adj
vance in lead prices and the raising of
the annual dividend from 60 to so
cents on Park Utah, common, which
touched a new high level for the. year
American Smelling crossed 153 to
within an eighth of the years high for
an overnight gain of more than 8
points; Greene Cananea was run up
over points to new peak at SO %,
points to new maximum at 1861.
Commercial Solvents B. continued it's
advance on reports of rec
ord breaking earnings, soaring 13
points to a new high record at 27O and
closing within point of the top.
American Chicle, Baldwin, Burroughs
Adding Machine, Case Threshing Ma
chine, Crucible Steel, Dupont, Federal
and Smelling, preferred; Kelly
Spring per cent, preferred; Reming-
ton Typewriter, Republic Steel, U. S.
Cast Iron Pipe and Westinghouse Air
Brake all closed to nearly points /
higher.
General Motors showed a net gain |
of AZ, at 1854, and U. S. Steel, COM
mon, closed 1as higher.
the ground lost yesterday, but there i
we're few features in that group Atchi-
son, New York Central, Wabash, COM /
mon; Baltimore and Ohio, and Reading |
all showed substantial gains. GEN
eral Railway Signal scared nearly 8 !
points to new record at 112%.
Time money and commercial paper !
rates were unchanged.
The principal commodity in Japanese I
ven to 1928 cents was the only change |
Of consequence in the firm foreign ex-
change market. Demand sterling held /
steady around $4.S4 1916, and French /
francs above $50 cents