Douglas daily dispatch., 1927-06-18

NEW YORK, June II QD-The re-
covery in stock prices today sent nearly
a score issues, including General Mo-
tors, to record high levels, but was
checked later by the usual heavy week
end profit taking. Final quotations
were irregular, with fairly long list
of gains ranging from l to 6 points
interspersed with number OF net
declines of l to 4 points. Total sales
again crossed the two million mark.
Easy credit conditions were again a
factor Call money opened at per
cent, the lowest renewal figure since
May %, and was in plentiful supply all
day at that figure. While the retention
of the per cent federal reserve redis-
count rate was generally expected, the
further increase in gold holdings, which
are now the largest on record, caused
some surprise.
There were several unfavorable
factors in the days news, but they
failed to exert much influence. The
sharp drop in freight car loadings in
the week ended June as compared
with the preceding week, which covered
the observance of the Memorial day.
and the corresponding week last year,
was interpreted in some quarters as an
indication of a falling off in general
business. The weekly mercantile re-
views were rather colorless, although
Dun'S reported that the seasonal
Slackening in commercial lines was
not as marked this week as it was a
year ago. Directors of the American
Brown Boveri company passed the
preferred dividend and the stock broke
IA points on few sales.
Gossip concerning the possibility of
an extra cash or stock dividend con-
tinued to accompany the rise in Cen
eral Motors, which touched record
top at 2O512 and then sagged to 2O3as
off 5s net. The further rise in Yellow
Truck, which touched a new high at
1914 and then lost the days gain, was
somewhat of a mystery in view of the
reports of poor current earnings and
the sharp reduction in the surplus ac-
count in the last two years. WHY'S
Overland also was heavily traded in,
closing fractionally higher.
Among the Specialties which were
listed to new high ground were Jones
Bros. Tea, National Tea, Vivadou, r.
Hoe, Sears Roebuck, ITansco ontineI1taI
Oil, u. S. Distributing (new), American
Bank Note, Erie Steam Shovel pre-
ferred, u. S. Cast Iron Pipe preferred
and White Sewing Machine. A few
odd lots of Texas and Pacific Land
Trust (old stock) changed hands be-
tween $500 and 3,510, the final and top
figure representing a gain of 260 points
over the preceding sale.
Heavy short covering took place in
the rubber shares, the Kelly Spring
field and U. S. Rubber issues closing
2 to nearly 4 points higher. Federal
Mining and Smelling broke 10 points
on a couple of sales Substantial gains
also were recorded by General Re-
fracterieS, Pittsburgh Coal and some
of the baking and amusement shares.
Unusually heavy buying of New
Haven common, which closed rs points
higher at 334, based on unconfirmed
reports that refunding of the roads
debt to the government was being ar
ranged through the issuance OF notes
or preferred stock, featured the rail-
road list. st. Louis Southwestern had
a quick run up to a. new top at SO
on runors that shareholders would be
offered two shares of "Katy" common
for one of ST. Louis Southwestern in
merger plan reports to be pending
but it later sold down to 9O7s. New
York, Ontario and Western and ST.
Paul preferred certificates also reached
new high ground
Time money and commercial paper
rates were unchanged.
A drop of about 2 cents a bushel in
wheat prices featured the commodity
markets. Cotton sagged 10 to 16 points
A sharp rise of about 25 points in
Japanese yen to around 46A cents
believed to be due to Chinese short
covering, was the only incident of note
in the foreign exchange market.
French francs and demand sterling
ruled slightly easier around 3.911a
cents and $4.85A, respectively.