Douglas daily dispatch., 1927-01-19
Low 1927 ...... 1929 1855
Total stock sales, 1,G21,400 shares.

NEW YORK, Jan. IS. lP = Heavy
selling of Baldwin Locomotive, which
broke from 14SA to 143A, was one of
the few features in today's irregularly
jlower stock market. Renewals of sell
ling pressure against the other standard
industrials appeared to meet with
stronger resistance, although u few
iweak spots developed among the high
priced specialties. In the absence of
any definite news on Baldwin the
liquidation was attributed to pool
which recently had been operating in
that issue
Resumption of the advance in the
rail group sent nearly dozen issues to
new high records, but profit taking in
creased in volume and most of the
earlier gains were reduced or wiped
out and converted into small losses.
Speculation in that group continued to
center in the shares of roads men
toned as possible units in some of the
pending consultations. Baltimore &
Ohio, Frisco common, Reading, Bangor
& Aroostook, Erie first preferred,
Pennsylvania and Missouri Pacific pre-
ferred all sold at their highest levels
in years.
In. Recent public apathy. in the market
is widely attributed to the lack of out
standing news developments capable
of attracting heavy outside participa-
tion or giving some definite indication
of the trend of spring business Busi-
ness news of late has8 been mixed in
al,o -
value. Bearish DEVELOPMENTS probably
have shown a slight majority, explain
ing in part the recent heaviness of the
industrials, but relatively cheap money
rates and an apparent abundance of
loanable funds on securities collateral,
have tended to keep short selling in
check. Weakness of Baldwin did not
extend to all the other railroad equip
ments. Revival of strength and ac-
tivity in Pressed Steel Car, which
touched 42A, was. associated with re-
portA that the company was being
sought by one or two other concerns
in the same field. General Railway
Signal showed an extreme gain of
three points by touching 81.
Renewal of selling pressure against
the American Woolen issues was be-
lieved to reflect speculative disap-
pointment over the company's earnings
and the slow recovery of the textile
industry in general from the period of
postwar depression. South Porto Ri
can Sugar broke nearly seven points
to 161 and several other sugars yielded
a point or SO in sympathy with the
lower commodity prices
20
States Steel common, General Motors,
Allied Chemical, American Smelling,
American Can, Hudson, Mack Trucks,
Erie Steam Shovel, Barnsdall IA,
NJ arl a nd and Phillips Petroleum
showed only mixed fractional changes.
Elsewhere in the industrial list the
strength of Houston Oil, r. H. Macy,
North American Company, Remington
Typewriter and Wick Chemical con-
trasted with the weakness of Christie
Brown, Commercial Solvents "B",
Loose Wiles common and second pre-
ferred and Schultz Retail Stores.
In the railroad list, Wheeling &JI1ake
Erie preferred one of the recent
strong spots, dropped over three points,
while Baltimore & Ohio moved up over
two points to a new peak at 112A
Call money held steady at Az per
cent all day. Time money and COM
mercial paper rates were unchanged.
Except for profit taking in Spanish
pesetas and Norwegian kroner, which
broke and 20 points, the foreign ex
change held steady Demand sterling
was quoted just under $4:S5, and
French francs around 3971a cents.
In the commodity markets wheat and
cotton futures went moderately higher
while coffee and sugar prices lost
ground.