Douglas daily dispatch., 1927-03-09
STOCK MARKET
is IRRECULARLY
HIGHER TUESDAY
(By the Associated Press)
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NEW YORK, March 8 (P).-The stock
market displayed a complete reversal
of form today, selling off sharply on
a renewal of selling pressure in the
morning and then rallying briskly in
the afternoon. Final quotations were
irregularly higher, long list of net
gains ranging from ] to z points be-
ing offset by small number of / to
4 point declines. Trading, which had
been dull on the decline, picked UP
measurably on the rally, though total
sales were well below the dali yaver-
age of the past few weeks.
From stock market standpoint, one
of the most interesting developments
of the day was the decision of United
States treasury to retire the second
Liberty Az per cert bonds with an is
sue bearing a coupon rate of az per
cent. This proposal following soon
after the announcement of short term
financing on a ~ and 3A per cent
basis, was accepted as indications of
continued easy money for. some time
to come, and more than offset the in
creases in brokers' loans reported by
i
and the New York stock exchange.
Early selling was associated largely
with reports of a decline in current
gross railway revenues and the disap-
pointing White Motors report With
the establishment of new high records
by at least five different United States
government bonds, the prompt over
subscription of the $22, 900, 900 Pennsyl-
vania, Ohio & Detroit railroad bond is
sue and the official denial of rumors
of a Canadian embargo on further gold
shipments, increasing interest develop
ed in the credit situation, stimulating
the activities of pools which in turn
induced heavy short covering. The
decision of mid continent oil producers
to restrict production 20 per cent in the
greater Seminole area also was re-
garded as constructive development.
Houston Oil, which has been more
or less a mystery stock" for some
time leaped into prominence again to-
day when it rallied from low of 1121a
to 124%, and then eased to 1211s for
a net gain of 6% on the day. Buying
was credited to interests actively iden-
titled with recent moves in Texas Gulf
Sulphur. General Motors rallied from
164A to 16Sh, closing at the top for
a net gain of 29s Hudson showed a
net gain almost as large after touch
ing a new 1927 high at 71%.
United States Steel, common, closed
a point higher at 15S The February
report, due Thursday noon, is
expected to show a decrease of about
250,O tons in untitled orders Amer
lean Tobacco, preferred; Commercial
solvents b., Dupont, Loews, National
Lead and Simmons company all were
prominent in the recovery. Continent
tai Baking A, moved counter to the
general trend, rallying to 63as, when
the rest of the market was heavy and
then breaking to 5S for a net loss of !
more than points in the late rally.
Pittsburgh and West Virginia closed
; points higher at 1870, but most of the |
other rails were inclined to heaviness. !
Call money held steady at 4 per cent |
I'll day. Time money and commercial |
paper rates were unchanged.
The return of Argentine paper /
pesos to parity for the first time in |
nearly seven years overshadowed all
other Developments in tYe foreign
exchange market. Demand sterling !
1elG firm. around $4.S4 1916, and |
French francs just above $50 cents.
Wheat and cotton futures sagged |
slightly, but coffee and sugar were
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