Douglas daily dispatch., 1927-03-10
STRENGTH MARKS
RAILS. MOTORS
IN STOCK PRICES
by the Associated Press)

NEW YORK, March stock prices
gave an impressive demonstration of
strength today under the leadership of
the rails and motors. With the tech
meal position of the market strength
ened by the recent reaction, and the
terms of the new U. S. government fl
nancing furnishing indications of con-
,tinued easy money rates for some time
to come, spectators for the advance
resumed their operations with confi-
dence, being aided by urgent short
covering in number of popular is
sues.
There was no change in the money
situation, call loans holding steady at
per cent all day with an apparent
abundance of funds at that figure The
Boston federal reserve bank rate was
announced as unchanged at per cent
and no immediate change in the New
York rate is looked for. While brok-
ers' loans are still well below those of
last year, it is reported that the per-
centage of loans on stocks as against
bonds has measurably increased.
Weekly steel trade reviews reported
steady demand for the product, with
prices displaying a firm tendency Mill
operations of the United States Steel
corporation were reported at 81 per
cent of capacity, an increase of about
IL per cent over last month, one of the
sharpest upturns in recent years. U.
S. Steel, common, sold as high as 100,
and then eased to 159A, up / Il on the
day Republic closed ~ points higher
and Bethlehem, Crucible and Youngs-
town Sheet and Tube showed net ad-
vances of 1 to points.
While recent crude oil and gasoline
price cuts have resulted in rather ex-
tensive liquidation of the oils during
the past week or so, rumors of an
early Inauguration of dividends on
Mid Continent Petroleum and an in
crease in the Barnsdall payments tend
ed to revive bullish enthusiasm for
some of these shares. General Asphalt
closed rs higher, but Houston showed
q small fractional loss at 120B after
having touched 174.
General Motors and Hudson touched
new 1927 high levels at 172 and TAN,
respectively, both showing net gains
of more than points on the day and
selling more than 25 points above the
years, low. Other motors moved with
in fractional limits. Shubert Theatres
led an advance in the amusement
group based on reports of large cur
rent earning. Cocoa Cola, Interna-
tional Harvester, Pullman, U. S. Cast
Iron Pipe and Westinghouse Air Brake
were conspicuously strong, while
American Linseed, preferred; Austin
Nichols, preferred; Continental Baking
A., and Stewart Warner We're weak.
Rejection of the Reading railroads
application to lease the Lehigh. and
New England railroad by the interstate
commerce commission revived interest
in the so-called merger rails" Wa
bash, Pittsburgh & West Virginia, At
chison Atlantic Coast Line, Gulf, Mo-
bile & Northern, Kansas City Southern,
Katy" Missouri Pacific, Norfolk &
Western, Chesapeake & Ohio and I'm
ion Pacific all showed net gains of 2
points or more.
Wheat prices held fairly steady, but
futures dropped 10 to 16 points.
Coffee and sugar quotations showed
little change.
Another sharp upturn in Spanish pc
setas, which touched a new high level
for the year, above 17B cents, featured
the firm foreign exchange market. De-
mand sterling was quoted around
$4S4% and French francs just above
$50 cents.