Douglas daily dispatch., 1927-12-28
TRADING SLOWS
DOWN AS MONEY
RATE GOES UP
Total stock sales 2,143,7OO shares.

NEW YORK, Dec. 27 (P)-Extensive
readjustment of speculative accounts
impaired much irregularity to the price
movement in today's stock market.
Marking up of the call money rate to-
51a per cent coincident with the call
ing of $25;008,O0O in loans while re-
garded as a seasonal development,
nevertheless had a. tendency to restrict
speculative operations Trading show
ed a rather substantial falling off in
volume, the days sales aggregatlng
slightly more than 100000 shares as
against daily average of nearly g.
100000 shares for the full sessions of
last week.
There were no weekend develop
ments 10 disturb speculative cont1d-
ence, although several commission
houses continued to urge tightening
of commitments on the theory that a
technical reaction" was likely after
the recent sustained advance. Offset
ting this profit taking was. the short
covering operations of bear traders who
were buying in stock to establish losses
under the income tax laws. With few
exceptions, this has been a bad year
for professional spectators for the de-
cline, as there has been no major re-
action to speak of all year.
Extreme nervousness characterized
the trading in U. S. Steel common be-
cause of uncertainty regarding the
market effect of proposed changes in
the personnel of the directing officers.
Rumors that j. P. Morgan would be
made chairman of the board and
Myron c.. Taylor chairman of the fl
nance committee, posts held by the
late Elbert H Gary, proved to be well
founded, as the official announcement
of such action was made after the
meeting of the directors late today.
James A. Farrell, president, becomes
chief executive officer. Steel common
closed fractionally off at 153 after
fluctuating between 1925 and 154B.
Despite the relatively poor Novem-
ber sales report published today, Gen |
eral Motors common was well bought, |
closing 2 points net higher at 1878.
While the buying demonstration in
that stock was regarded in some quar-
ters as the usual window dressing
on the eve of the opening of the New
York automobile show. Talk also was
heard of surprising features in the
introduction of the new Chevrolet
models on January l. Nash crossed
100 for the first time on expectation
of distribution of surplus next year.
Most other motors were inclined tol
heaviness Mack truck railing nearly 81
points.
Midland Steel Products preferred
was the individual feature, soaring 22h
to a record high of 272A, as against a
low of 1O6 earlier in the year.
! Collins and Aikman scared nearly Il
points to a new record high at 2O7H2
on revival of merger reports. Archer
Daniels Midland, the largest producer
of linseed oil in the country, ran up
to a new peak on expectations of an
early increase in the dividend. In the
fiscal year just ended Archer Daniels
reported sales of $41 1884 ,342 against
$50, ,513,G16 in the preceding year.
Pools were. again active in NUMBER
of specialties Substantial gains were
recorded by such issues as Abitibi
Power, BROOKLYN Edison Cerro Cor
poration, Davis Chemical, Otis EleVa-
tor, Pittsburgh Terminal Coal and U
S. Cast Iron Pipe On the other hand,
Cash Threshing, Chicago Pneumatic
Tool, Cainbel Bros, Montgomery-Ward
and Porto Rican Tobacco E were con-
spicuously heavy.
Call money renewed at 5 per cent
and then at 51a, closing at the top.
There was no change in time money
and commercial rates.
Foreign exchange trading was eX-
tremely quiet with rates nominal.
Sterling cables held firm around
$4.883s.
Commodity markets displayed a
WA NTEn