Douglas daily dispatch., 1927-07-12
STEEL ORDERS
BOOST PRICES
ON n. Y. MARKET
(By the Associated Press
Stock Market Averages
Tnd11ctria1c % Rails

NEW YORK, July IL, tR-The un-
expected increase in the June unfill-
ed orders of United States steel cor
poration, the improvement in the Gre
dit situation and the expanding
chain store and mail order sales pro-
vided background for another adj
vance in prices in today's market. Buy
ing spread over fairly broad list
with final quotations disclosing a long
list of net gains ranging from to
101A points.
Banks called about $12,O0O,OO0 in
loans but the call money rate held
steady at per cent, with the rate
again shaded in the outside market.
The weekly clearing house statement
last Saturday. showing substantial ex-
cess reserve after five successive de-
ficits, was believed to reflect the
passing of the strain incidental to
midyear settlements. Time money and
commercial paper rates were unchang-
ed.
Railroad shares attracted a good
! following, Atlantic coast line leading
the seasoned dividend payers with
jump of 71a points, while Kansas City
Southern again led the so-called mer-
ger issues by moving up over points
| to a new top at 69A. Chicago and
Eastern Illinois common and prefer
red, st. is-Southwestern and
Louisville and Nashville also reached
new high ground but Lehigh Valley
was heavy.
Standard Industrials displayed
| Io,,+ I,o
were rather narrow, specialties again
providing the widest swing. Bear
traders succeeded in opening up a
few "air pockets" In such stocks as
Collins and Aikman, Pittsburgh coal,
General Outdoor Advertising certifi-
Gates and Manhattan Electric supply
and in forcing electric refrigeration
and a fe wother minor specialties to
new lows, but this selling did not
have a disturbing influence on the
rest of the list.
Baldwin was run up AZ points to
another new high at 2411a and West
inghouse Electric at 81%, but both
yielded about a point on realizing
Among the many other issues 20 reach
new high round were Union Carbide,
AOAA4AcS NNOIAAclAAA 1AOo1CA Ays
Air Reduction, Sterling products, Elec-
trio Auto Lite, Market Street railway
prior preferred, and National Tea, the
last named soaring more than ten
points
Paramount Famous Players appar-
emily had anticipated the adverse
federal trade commission decision in
the film booking case closing frac-
tionally higher at 95 after having dip
ped to 93H. U. S. steel common failed
to make much response to the favor
able tonnage statement, closing
point higher at 121% on total sales of
slightly more than 10000 shares.
Strength of Bethlehem was believed
to anticipate resumption of divi-
dends at the July meeting.
A further rise of 80 to 40 points in
cotton futures in reflection OF the
governments acreage report featured
the commodity markets. Grains drift
ed slightly lower with trading light,
pending the publication of the gov
ernnent report after the close.
With the exception of a ten point
slump in Spanish pesetas to around
t7.18 cents an ola drop of similar pro-
portions in Japanese yen to 4715
cents, there was little of interest in
the foreign exchange market. Demand
sterling held steady around $485 3-16
and French francs around 391 TIC.