Douglas daily dispatch., 1927-02-04
TRADING STARTS
AT BRISK PACE
But SLOWS DOWN
(By The Associated Press)
-ocIx ,1,oY.lyat oxraro one.
Total stock sales, 1,796,OOO Shares.

NEW YORK, Feb. 3.-R-Renewal
of speculative operations for the ad-
vance encountered stiffer resistance in
todays stock market, but over a score
of issues elevated to the highest prices
since 1925 or longer. Trading started
off at a brisk pace, but slowed down
in the afternoon, the volume of sales
falling slightly below those Of yester-
day Final quotations showed irregu-
lar changes. Widespread rumors of a
decrease in the New York federal re-
serve rate again failed to materialize,
the rate being announced as unchang-
ed at per cent after the close of the
market. The fact that the official
rate of the Bank of France was re-
duced today aroused hopes of a cut in
the local charge by traders who fig
ured that such action jewould have a
bullish effect on the stock market.
There is feeling in some we'll in
formed quarters that reduction here
will follow one by the Bank of Eng
land, whose rate was announced as
unchanged at per cent before the
local market opened, or else that it
will be delayed until such time as it's
chief effect will be to stimulate busi-
ness activity rather than speculation
in securities Call money was again
in plentiful supply at 4 per cent all
day, and time money and commercial
paper rates held steady.
About the only other news of conse-
quence during the day was an increase
from SO to 81 in the annual dividend
on Congress Cigar and reports of a
further recession of semi finished steel
prices in the Pittsburgh district.
Highly erratic fluctuations devel-
oped in the merger rails" although
the average of 20 leading issues
touched new record high.
Wheeling & Lake Erie common broke
from 681a to 63, and then rallied to a
new high record at 1871 on the an
nouncement that the stock was loaning
at the unusually high premium of "
per cent, closing near the top. After
the close the loaning rate to short
sellers was reduced to half of one
per cent.
The preferred touched a new high
at 79% and then sagged to 7S West
ern Maryland common dropped from
342s to 305s and then snapped back to
80, off ,1% net. The second preferred
recorded a similar net loss at 341k
after having sold three points above
that figure.
Baldwin was the sensational feature
in the industrial group, soaring nearly
nine points to 16O% on an urgent re-
treat of an overcrowded short interest.
U. S. Steel common closed point
higher at 15S, and General Motors
moved up 3s to 1861, buying of the
latter being stimulated by unconfirm
ed reports that the stock would be.
placed on an So annual dividend basis
at the next meeting of directors.
Among the specialties, Case Thresh
ing stood out with gain of IL points
at 145 w. The list of new highs in
cluded Barnsdall "B", A. M. Byers, CO.
lumbia Carbon, Houston Oil, julius
Kayser preferred Maytag, Phillips Pei
troleum,s .Timken Roller Bearing and
Warner Brothers, American Linseed
common and preferred touched their
lowest prices in over year on selling
based on expectations of poor 1926
earnings report. In the railroad list
the few highs included Canadian Pa
cific, Chicago Great western, Chicago
& Northwestern preferred, Iowa Cen!
trail, Pere Marquette preferred and
Reading.
In the commodity markets active
wheat futures showed practically MOI
chanpa NcottOn OntiOnS advanced T tol