Douglas daily dispatch., 1927-11-29
MONEY MARKED
UP, BREAKS in
MANY LEADERS
Stock market averages:



NEW YORK, Nov % tH9-The stock
market underwent sharp reaction to-
day in which many of the leaders lost
/ to \ points, and some of the high
priced Specialties as much as 5 points,
but. independent strength was never
tf1eless shown by a score of widely as
sorted issued. Wall street was inclined to
attribute the reaction 10 the mark
ing up of the call money rate from
3l4s to AZ per cent, the first change in
about month, and to the publication
of the first official announcement Of
the new Ford car, but in banking cir
cleS. the setback was regarded as a
correction of temporarily over
bought position following the recent
sustained advance in prices.
General Motors, which profited most
by the Ford shutdown and is there
fore expected to feel KeenesG the COM
petition of the new Ford car, was
rather freely supplied throughout the
session, but received strong support
just above 125, closing at 125a for
net loss of 215 points. On the other
hand, Tirnken Roller Bearings, which
is reported to have received large Ford
orders, was run up nearly 6 points to
122M, closing at the top. Most OF the
other motor and accessory issues were
reactionary, net declines of a point or
SO being recorded by Hudson, Mack
Trucks, Hupp, Pierce Arrow preferred,
Gabriel Snubber and Jordan. Stude-
baker crossed SO and then fell back to
581s, up to II net.
II. S. Steel common also yielded
readily to selling pressure, breaking 5
points to IA ard then recovering
about third its loss.
American Smelling, Radio Corpora
ton, Woolworth, American Sugar Re
finiIlg, international Business Ma
chimes. Matheison Alkali, Pittsburgh
Coal and Union Carbide yielded or
more points, while Allied Chemical,
American Tobacco issues, Atlas Pow
der, Brooklyn Edison, Rossla InSur-
aYlce. Shubert Theatres and Warren
Brothers lost to 5 points.
American Republics, which sold as
low as s49 last week, was run up 10
points today to a new high record at
1914. Kresge Department Store pre-
ferred also jumped 10 points to 90,
while sAir Reduction, Macy and Co.,
Pacific Coast common and second
preferred, Peoples Gas, Twin City
Rapid Transit, and Westinghouse Elec-
trio first preferred, showed net gains
of to 6 points.
Publication of relatively part OF Octo-
Der earnings reports by the New YORK
Central, Pennsylvania, Baltimore and
Ohio and other large systems brougnG
fresh selling into the rails, although
the losses were held to point or two.
st. Paul issues were quick to respond
to the announcement of the United
States supreme court decision favor
able to the reorganization plan which
now only awaits the approval OF the
interstate commerce commission SOC"
preferred and New Haven preferred
attained new peak prices -for the year.
Call money renewed at 3lA per cent,
advanced to 4 and thence to AZ, as
banks called about $50, 100000 in loans
in preparation for month-end de-
naandss Time money and commercial
paper rates were unchanged
In the commodity markets, cotton
broke about $3.50 a bale on reports OF
further mill curtailment and a poor
SPOT demand, the active months touch
ing the lowest levels since last August,
but part of the losses were recovered.
Wheats coffee and sugar futures also
were slightly reactionary.
Foreign exchanges were mixed, VIII
a firning up in demand sterling TO
$4.87 5-16, and 10-point jump IN
Japanese yen to $3.50 cents were the
only features.
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