Douglas daily dispatch., 1927-11-05
COPPER Shows
Much STRENGTH
ON n. Y. MARKET


x-Ex dividend 0875.
NEW YORK, Nov. tP)-Alternate
periods of weakness and strength
characterized todays stock market
with final quotations disclosing con-
siderable irregularity. Special strength
in number of the coppers, tobaccos,
biscuits, Goals, cans and drugs was
offset by the weakness of a number
of steels, motors and specialties. Total
sales crossed the 100000 share mark
for the second time this week.
Banks called about $l5,000,000 in
loans, but call money continued in
plentiful supply at the renewal figure
of 31b per cent. The increase in brok-
ers' loans proved disappointing to
spectators for the advance, although
financing of recent new bond flota-
tions was generally held to be respon-
sible.
The weekly mercantile reviews pro-
yided little ground for encouragement
in their analysis of the trade situation.
Copper shares however, responded to
the report of improvement in that IN
dustry. Calumet and Arizona was bid
up more than S points to 95ss, the
highest price in more than ten years,
but lost half its gain on realizing.
Magma reached new high ground at
81 and substantial gains also were
recorded by American Smelling, Howe
Sound. Anaconda and Cerro de PaSco.
Revival of activity and strength IN
the American Tobacco issues which
sold at new high records, followed the
announcement that cigaret sales were
breaking all records With unusually
favorable prospects for holiday trade
New peak prices for the year or longer
also were established by American
Linseed common and preferred, Amer
ican Home Products, Radio Corpora
ton common and preferred, United
Drug, Burroughs Adding Machine and
several others.
Renewal of selling pressure against
the motors was attributed in some
quarters to the unofficial reports Of
new plan of financing for Ford cars,
General Motors, Hudson, Mack Trucks
and Pierce Arrow preferred being the
hardest hit. SteelS were liquidated as
q result of the recent softening tend
ency in commodity prices Ind the
disappointing character OF fall busl-
ness. Bear traders succeeded IN Ter
reting out number of weak spots
among the minor specialties. New low
prices for the year or longer were
registered by Electric Refrigeration,
Foundation, United Cigar Stores, Amer
lean piano, Remington Rand, Ameri-
can Beet Sugar preferred, Cuban
American Sugar and Cuba Cane pre-
ferred.
Rails drifted lower but the declines
sas a rule were not large. Northwest
ern shares were strong in the early
trading, but. lost most of their gains
Time money and commercial paper
rates were unchanged
Commodity markets were mixed.
Cotton sold off at the opening and
then rallied briSkly, closing to 70
points higher VIII the days operations
largely devoted to an evening up Of
accounts preparatory to publication OF
the government crop report. The
average guess of 81 members of the
Exchange estimates indicated produc-
tio1 at 12,555,O0O bales. Wheat de-
clined 11s cents a bushel. Coffee and
sugar showed little change.
Foreign exchange trading was quiet
with changes narrow and irregular.
Dutch gGuilders attained a new peak
for the year above 1880 cents, and
sterling cables sank below $4.87
* I