Douglas daily dispatch., 1927-02-03

NEW YORK, Feb. 2.-(F9-Specula-
tors for the advance regained control
of the price movements in today's
stock market in which the rails were
again the feature. Final quotations
disclosed long list of net gains rang
ing from one to nearly seven points,
with only a sprinkling of losses of a
point or more.
Trading showed a substantial in
crease in volume with commission
houses reporting a gradual re-awaken-
ing of public interest.
The days trade news was largely
favorable in character, one of the most
interesting developments being the in
auguration of dividends on the COM
mon stock of the Rock Island at the
annual rate of $5.-.. Freight car load
ings in the third week, of January
showed substantial increase over the
same week last year. and the daily
average Of crude oil production fell off
considerably last week, which was
construed as bullish on the oil situa-
ton. The weekly steel trade reviews
reported a further expansion in opera
tions, but stressed the fact that busi-
ness was .IlISHiya Will tiiO
price tendency still downward.
Unusually favorable credit conditions
reflected in easy money rates the
prompt over r-subscription of new bond
offerings which already have exceeded
$3.50, 100000 this week, and the large
imports of gold provided the back
ground for the advance in stock prices.
With most high grade bonds selling
on a relatively low yield basis, it was
natural that investment funds should
find their way into the stock market,
which explains the demand for sea-
soned dividend paying rails and indus
trials Pools were again active, as
evident from the fact that over two
dozen rail and ihdustrials issues We're
marked up to their highest prices in a
year or longer, some of them to the
highest levels in a decade, the list in
cludng Wheeling & Lake Erie COM
mon and preferred, Western Maryland
common and preferred, Erie common
and second preferred, Pere Marquette,
New York, Ontario & Western, Denver,
Rio Grande & Western, Peoria & East
ern, Canadian Pacific, Missouri Pa
cific preferred, Rock Island common,
Colorado Fuel, Phillips Petroleum,
Texas Gulf Sulphur, American Railway
Express and Columbia Carbon.
AT the close of the market the aver
age of the 20 leading railroad shares
was at the highest level since 1917.
Canadian Pacific scared over seven
points to 177h, closing near the top,
and Chesapeake & Ohio, New York
Central Union Pacific, Norfolk &
western, Pere Marquette and Della
ware & Hudson all closed 2h or more
points higher. Strength of the Van
Sweringen issues was based on eXpec-
tations that the Cleveland financiers
would make known their plans for the
revised Nickel Plate merger .at the
conclusion of conferences now in
progress in this city.
Outstanding strong spots among the
specialties included Consolidated Cigar,
Eureka Vacuum Cleaner, National
Cloak & Suit preferred and U. S. Cast
Iron Pipe, all up three to five points
Call money held steady at per
cent Time money and commercial pa
per rates were unchanged.
Cotton and wheat prices advanced
steadily raw sugar quotations We're
unchanged and coffee prices yielded
slightly.
Spanish pesetas touched another new
top at around 1873 cents, but the other
foreign ex hang es showed few
changes Demand sterling was slight
Iy firmer around $4,S4 11-16, and
French francs held fairly steady
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