Douglas daily dispatch., 1927-04-08
CONFUSING PRICE
CHANGES MARK
STOCK MARKET
,(By the Associated Press)
7otal stock sales 2,318,1OO shares.

NEW YORK, April (P.-Establish-
ment of the highest prices in over 20
years by American Telephone and New
York Central featured the highly con-
fused price movement in todays stock
market. The general tendency was
upward during the morning, but the
marking up of the call money rate
from to 4 h per cent in the afternoon
induced rather heavy selling for both
accounts, which gave the market a re-
dictionary appearance in the final deal
ings. Several stocks which We're weak
in the morning turned strong in the
afternoon and vice versa.
The firmness of the 5call money rate
was believed to be due to the heavy
weekend demand for funds. After the
close of the market the New York fed
eral reserve bank rediscount rate was
announced as unchanged at per cent.
The days news was mixed in char
aeter. Another cut of Is cents a barrel
in mid continent crude oil prices
tended to check the recovery in the
oils William c. Durant's announce
ment of his plans had no apparent
effect on the motor shares. General
Motors, after moving up to within a
fraction of the record high established
yesterday sold down to 1919, off l
point net, despite the announcement
that March sales to dealers exceeded
$4,000 cars, a new monthly record,
and more than $4,000 cars above the
previous record established last Sep
tember.
U. S. Steel common also closed about
a point lower, although the monthly
report of the American Iron and Steel
institute, issued after the close of the
market, showed that March production
of steel ingots totaled 1859. 400 tons,
the highest of any month in either 1926
or 1927.
March untitled orders, which will be
made public later in the week, are
expected to show decline of $4,000 to
100, 900 tons, instead of 100000 or more,
the figures quoted in preliminary esti-
mates q week ago.
During the day $50 issues were
traded in, new high record and four
more than the previous high estab-
lished April 5.
Belief that other class one roads will
follow the example of the Pere Mar
quette in declaring stock dividends or
making other special distributions to
stockholders was a factor in the
strength of the high grade rails. New
York Central touched 1904 and then
sold down to 14SA, up l $s net. New
Haven was heavily traded in during
Il - I, ,icy1,a
at 953s Atlantic Coast Line jumped
points but lost nearly half it's gain,
While Baltimore and Ohio, Lackawanna,
Illinois Central, New York, Ontario and
Western and Southern Pacific closed a
point or so higher.
Fox Film A broke nearly ) points to
a new low at 555s on the announce
ment of new financing by one of it's
affiliated companies. Famous Players
duplicated the years low of 1862 and
then snapped back to los with early
selling based on unconfirmed rumors
of an adverse decision by the federal
trade commission in proceedings pend
ing against the company. Southern
Diaries duplicated the years low on
the omission of the dividend. Wilson
Baking preferred also sank to new
low, as did Pierce Arrow preferred,
Electric Refrigeration, Armour of Hi
nois preferred, Continental Can, Peer
less Motor and several others.
On the other hand, Corn Products,
Dupont, international Shoe, LagO Oil,
Orpheum Circuit, United Paper Board
and Woolworth reached new high
ground.
Time money and commercial paper
rates were unchanged.
Commodity markets were mixed, cot
ton and wheat losing ground while cof-
fee and sugar advanced.
Except for a drop of Is points in
NOrW egian kroner to around 25.S2
cents and a rally of almost similar pro-
portions in Japanese yen, which We're
quoted just under 40 cents, fluctuations
in the foreign exchange market were
rather narrow and Irregular. Greek
drachmas touched d new high for the