Douglas daily dispatch., 1927-03-12

NEW YORK, March II (R.-Railroad
shares resumed the spotlight in today s
stock market Simultaneous bidding
up on such seasoned payers as Atchison
and New York Central, with such spec
ulative issues as Gulf, Mobile & North
ern and Norfolk & Southern, detracted
interest from the general run OF IN
dustrials which were inclined to lose
ground on intermittent selling for
both accounts. Trading showed fur
ther expansion in volume, total sales
again crossing the 100000 mark.
Continuance of favorable credit con-
ditions despite the calling of about
$15000,0 900 in loans, the more cheerful
tenor of the weekly mercantile review
and the precipitation OF a spring trade
boom by the head of one of the largest
chain store organizations, all tended to
create bullish sentiment. Rumors OF
a substantial price cut on Ford cars
which helped to unsett1e the motor
group, and the growing belief that the
recent rapid advance in many issues
was again weakening the technical
condition of the market, inspired rath-
err heavy selling by the professional
element.
Atchison, in which stock split-up
has been rumored and denied many
times in the course of the last two
years was bid up over points to 181,
the highest price ever recorded, clos
ing just a point below the top. Gulf,
Mobile & Northern scared over 1S
points, to 68, and then eased to 65, on
top Of 5-point jump yesterday. The
recent up-swing in the stock has been
described in some quarters as buying
for control but officials of the road
are quoted as stating that they have
sufficient proxies on hand to insure
only a routine meeting of stockholders
in Mobile next Monday. Norfolk &
Southern, which is easily moved be
cause of the relatively small volume
of stock outstanding, jumped points,
to 52M. New Orleans, Texas & Mexico
and Norfolk & Western each closed 3
points higher and New York Central,
Rutland, Delaware & Hudson and a
few others moved UP points or so.
Wabash was heavy.
In the industrial group, highest
prices since 1925 or longer were at
tanned by Eureka Vacuum, LoeWs, Ma
tional Biscuit Dupont, Republic Steel,
common and preferred; Remington
| Typewriter, Federal Mining and Smelt-
ING. Eastman Kodak, Corn Products,
Sterling Products, Texas Gulf Sulphur,
Bush Terminal, S. H. Kress and Greene
Caramel.
General Motors, after touching 172B,
sold down to 17O9s. Hudson dropped
from 72 IL to II and then rallied to
70, and Stewart Warner, Studebaker,
Nash and Pierce Arrow, preferred, all
closed a point or two lower u 5.
Steel closed fractionally higher, at
100 1-2, but Baldwin showed net loss
of points, at 1853. Renewed weak
! ness of the American Woolen issues
was associated with trade reports of
| unsatisfactory earnings in the first
two months of the year. Call money
held steady at per cent all day Time
| money and commercial paper rates
were unchanged.
Norwegian krone rallied nearly 25
points to around 1920 cents in the To-
cal foreign exchange market, follow
! ing a similar advance lin London. De-
mand sterling was unchanged around
! S4S4 1916 but French francs We're
| slightly firmer, just below 1872 cents.
Cotton and wheat markets were
| again reactionary but the recessions
were relatively small The sugar mar
l<et held steady and coffee prices were
| slightly firmer.