Douglas daily dispatch., 1927-06-01

NEW YORK, May 81 B.-Prices
moved upward in impressive fashion
today in response to cumulative evil
dence Of easy credit conditions for some
time to come. Speculative interest
shifted quickly from one group OF
stocks to another with more than SO
issues, led by u S. Steel common,
touching new high records. Trading
while largely professional in character
was again in large volume, the days
sales running above two million shares
for the ninth consecutive full session.
Call money held firm at AZ per cent
all day, but with about half billion
dollars to be distributed tomorrow in
the form of dividend and interest pay
ments lower rate is looked for before
the end of the week. Banks called
about 20,000,000 in loans during the day
to meet the. heavy lnonth-end demands
for currency. Brokers loans reported
by the New York federal reserve bank
increased $S3, 3,767,000 in the week ended
last Wednesday, bringing the total to
$2,964, ,650,000, new high record for the
year. Barring q sharp reaction in the
next two days, another large increase
is looked for next week, due to the
settlement of when issued" contracts
in new U. S. Steel common.
Frequnt flufries of selling swept
through the hist today as 'bear" traders
tested the market. "A few weak spots
developed here and there, some of
the more conspicuous being American
Brown Boveri, Continental Baking "A,
Corn Products Refining. General Re
fractories, Murray Corporation, Pitts
burgh Coal, Stromberg Carburetor and
United Fruit, some of which sank to
new lows. Net losses ran as high at 6
points.
The unexpected month-end improve
ment in the steel trade brought fresh
buying into those shares. U. S. Steel
common touched a record high for all
time at 176 and the when issued
stock at 1855, but both reacted from
their high levels. Baldwin attained a
new peak price at 1854. Public utilities
responded to reports of steadily in
creaSing earnings and prospects of
higher dividends, new peak prices being
registered by. American Water Works,
Detroit Edison, International Tele-
phone, Public Service of New Jersey,
Standard Gas and Electric and few
others.
Motors also attracted a large follow
ing despite the price cuts on Oldsmobile
cars. General Motors closed rs
higher at 1877, and Chrysler closed
nearly a point higher at 467z, one
block Of 1000 shares changing hands
at Al. Gabriel Snubber, Timken RoI-
Ter Bearing and Marlin Rockwell also
reached new high ground.
Despite the fact that the first "a
roads to report their April earnings
show an aggregate decline of nearly Is
per cent in net operating income COM
pared with the same month last year,
the demand for the railroad shares
continued unabated, with buying in
fluenced by the belief that recent
accumulation of carrier stocks presaged
important changes in the railroad map
Jersey Central Soard 10 points to new
peak at 335 and then fell back 2 points
New tops also were registered by Pere
Marquette, Reading, Texas and Pacific,
Chicago and Eastern common and pre-
ferred, "Katy'' common, Wabash COM
mon and a few others.
Time money and commercial paper
rates were unchanged.
Cmnodity markets were mixed. May
wheat broke about cents bushel on
the last minute evening up of accounts,
and the later options sold down cent
or two. Cotton futures were in brisk
demand, closing 25 to 38 points higher
in response to the advances scored
yesterday when the local market was
closed in New Orleans and Liverpool.
Foreign exchanges held fairly steady
with demand sterling quoted around
$485 7-16 and French francs around
3.915s cents.
No Breakfast Complete Without
The DjSDatch