Douglas daily dispatch., 1927-03-15
BULLS MAINTAIN
MARKET CONTROL
ON N. Y. CHANGE
(By the Associated Press)
,oly M a V.lx nf n
'otal stock sales, 1.S15.7OO shares.

NEW YORK, March IA R.-Specula-
tors for the advance retained control
of the price movement in today's stock
market, which was featured by the
spirited bidding for General Motors,
which crossed IT'S to the highest price
ever recorded under the present capi-
talization. Total sales in this issue
ran close to 100000 shares, or more
than one-tenth of the entire business,
with the closing quotation of 175A
representing a net gain of A B points.
Renewal of selling pressure against
some of the oils, textiles and special
ties caused some irregularity.
Preparations for the record breaking
turnover of funds tomorrow resulted
in the calling of about $10,000,000 in
bank loans but new funds were quick
ly forthcoming,i and the call money
rate was unchanged at 4 per cent. A
slightly stiffer tone was apparent for
some of the long maturities in the time
money market. The federal reserve
banks weekly report of brokers' loans
showed an increase of $6,066,00O.
The sudden demand for the motors,
following the uneasiness caused by
rumors of price cuts last week, was
attributed to predictions of unusually
favorable first quarter earnings by
manufacturers of several popular mod
els. Hudson, Packard, Chrysler and
Mack Trucks all showed moderate i'm
provement. Studebaker and Dodge
were heavy, while Stewart Warner
Speedometer slumped to the lowest
price in several years at 549s, later
rallying about point above that fig
ure.
Rubbers continued to respond to pre-
dictions of higher tire prices. Ajax,
which sustained temporary proportion
ate smaller losses last year than all the
other large companies, suddenly burst
into activity, and was lifted to new
high at 12%. U. S. Rubber common,
closed about point higher and Kelly
Springfield 8 per cent preferred, cross
ed 67 to a new high. Baldwin, which
has been quiet for some time, started
upward again at a brisk pace, touch
ing 1913 and then easing to 1914, where
it was up about points on the day.
Air Reductions, American Chicle, Bon
Ami, Coca Cola, Congress Cigar, Doug
las and Pectin, Dupont, Eureka Vac
uum, Freeport Texas, international
Business Machines, Lambert Company,
Mathieson Alkali and Texas Gulf Sui
phur were among the many issues to
break into new high ground for the
year Renewal of selling pressure
against the American Woolen Issues,
which sold at the lowest price in more
than a decade, followed the announce
ment of further curtailment of opera
tions, due to poor business. Weakness
also cropped out in International Agri-
cultural Chemical prior, preferred, con-
tinental Can, Federal Mining and
Smelling issues and Liquid Carboric,
most of which touched new 1926 lows
Rails quieted down considerably and
were inclined to drift downward, with
selling again attributed to rumors of a
possible adverse decision in railway
valuation case.
Foreign exchanges were firm with a
sharp jump in Italian lire and the es-
tablishment of a new high record by
Spanish pesetas, around 17as cents as
! the chief features.
Demand sterling ruled around $4.S5,
the highest since early January, and
French francs just above $50 cents.
With the exception of the sugar mar
ket which held firm, all of the prin-
cipal commodity prices lost ground.
Wheat options lost fraction of a cent
a bushel and cotton declined II to 20
points.