Douglas daily dispatch., 1927-01-27
HEAVY BUYING
CHECKS STOCK
MARKET TREND
(By The Associated Press)
Otal stock sales, 1,412,1OO shares.

NEW YORK, Jan. 26.-[P)-The re-
dictionary price movement which has
been under way in the stock market
for several days was checked tenn
porarily today by moderately heavy
buying for both accounts Early gains
of one to six points were not main
tanned, however, being reduced or
wiped out in a renewal of selling
pressure in the late trading. Total
sales fell below 100000 shares, as
against more than 100000 yesterday
The unexpectedly good earnings re-
port of the U. S. Steel corporation for
the final quarter Of 1926 reports that
the revised Nickel Plate merger plan
would be made public on the conclu-
sion of conferences snow in progress
with minority stockholders of the
Chesapeake & Ohio, and the prospects
of a cut in the NewIYork federal re-
serve rediscount rate at tomorrow S
meeting, all. We're regarded as influ-
ences for the more cheerful speculative
sentiment.
Call money was in plentiful supply
at 4 per cent, time money rates were
unchanged, but prime commercial pa
instead of on a flat Az per cent basis.
Directors of the Boston federal re-
serve bank met today and announced
no change in rate, but close attention
will be paid tomorrow to the Bank of
England rate, as there is a rather gem
eral feeling in the financial district
that cut in the British rate will be
the forerunner of similar action here.
Aside from the disquieting Chinese
developments there was little in the
days news capable of a bearish inter-
probation. The ordinarily good effect
of an increase in the steel bookings
reported by the weekly trade reviews
was offset by al further easing of
prices. The action Of the stock mar
ket in the final Hour disclosed the
presence of several weak spots sug-
gesting the likelihood of further liqui-
dation.
Despite the largest peace time quar-.
ter earnings in it's history, U. S. Steel
closed fractionally lower at
1545s, after having touched 1856 on the
early trading. Uncertainty over the,
dividend rate to be inaugurated on the
larger volume of stock outstanding
after the distribution of the 40 per
cent to stockholders in April, has
tended to restrict trading in that issue.
Bethlehem was heavy on reports that
only the preferred dividends would be
declared at Thursdays meeting of the
directors
Extreme weakness cropped out in
he Southern Diaries issues in the late
,rading, the "a" stock breaking over
i've points to 37A and the "B" drop +
ping 31a points to IA, the lowest prices
n over year. Heaviness also was
lpparent in Continental Can, Moon Mo-
ors, Fidelity Phoenix Fire Insurance,
Postum Cereal and Texas Company
Pittsburgh & West Virginia jumped
even points to 1877 on reports that
he annual dividend would be increased
rom Sc to $S at tomorrow's meeting
# the board Bangor & Aroostook
.lso touched a new peak despite re-
ent official denials that a higher divi-
end was under contemplation. Erie
irst and second preferred issues also /,
old at their highest prices in years. I,
Foreign exchanges were slightly re-
ctionary
/ Commodity prices were higher, with
further advance in wheat as the
ay's feature. Cotton futures rallied
3 to Is points. Raw sugar advanced
-32 of a cent a pound and coffee
rices ruled four to six points higher.