Douglas daily dispatch. [volume] (Douglas, Ariz.) 1903-1961, 1927-01-15
LEIGH VALLEY
AT new HIGH;
COPPER GAINS
(By The Associated Press)

NEW YORK, Jan. 14-P9-Spectacu
lar bidding for the common stock of
the Lehigh Valley railroad, which
scared 1874 points to new record
high at 121 and then eased to 1852
on what was described in brokerage
circles as open market buying for con-
troll featured today's stock market.
Rails pointed upward, but industrials
disclosed considerable irregularity,
with net declines exceeding net gains
in that group.
Marking up of the call money rate
from to Az per cent, incidental to
the calling of about $15.OO0,000 in loans,
was believed to be the main reason for
the liquidation of the industrials, de-
spite the fact that the higher rate was
generally regarded as temporary. The
days business news was largely bull
ish in character. the chief develop
ments including the announcement of
plans for the gigantic northwestern
railroad merger, higher Pennsylvania
crude oil prices, an increase in copper
wire and the prompt oversubscription
of the $27.OOoOOO Argentine govern
ment bond offering.
Weekly mercantile reviews reported
no significant changes in the business
situation. Bank clearings for the sec
ond week in January fell below those
of the previous week and the cores
ponding week a year ago.
Revival of activity and strength in
the Wheeling & Lake Erie issues, the
preferred jumping four points to 56A,
the highest price on record, also was
accompanied by merger rumors, with
the Pittsburgh & West Virginia mem
toned as a possible purchaser.
/ Great Northern, Northern Pacific,
Chicago & Northwestern, Colorado &,
Southern second preferred, Delaware
! & Hudson, New York Central and
Texas & Pacific, all sold a point or
two higher, while Colorado & Southern
common jumped over seven points to
92%. Rock Island and Great Northern
preferred reached new high ground.
Fractional recessions were recorded
by such recent favorites as U. S.
steel common Baldwin Locomotive,
General Motors, Barnsdall a. Phil
lips Petroleum and Union Carbide. A
bear attack against Eureka Vacuum
sent the stock from 6614 to So II, but it
snapped back to 64B on the appear
fance of strong buying support. Bull
fish demonstrations were successfully
conducted in Great Western Sugar,
Julius Kayser, Postum Cereal, Pressed
Steel Car, Reynolds Tobacco ''B" and
Tobacco Products.
I; Time money and commercial paper
crates were unchanged.
/ Commodity markets were mixed,
| wit hthe heaviness of wheat and the
I firmness of cotton as the contrasting
features. Wheat options yielded a
fraction of a cent a bushel, while cot
ton closed 8 to IA points net higher.
! Coffee prices held steady, but raw
sugar futures were inclined to heavi-
| ness.
/ Foreign exchanges were firm De-
mand sterling sold above $4.S5 and
French francs approached closer to the
! four-cent level. Spanish pesetas jump
ed 10 points to around 1906 cents, the
4 highest price in over six months.
Heavy trading took place in United
/ States governmental issues, but prices
were irregular. The fourth liberty
AIS were especially in demand.
i Prompt oversubscription was re-
government per cent bonds, and the
$1,000, 900 province of Mendoza, Argen-
tine republic, externan ~ per cent
bonds.