Douglas daily dispatch., 1927-01-25
REACTL0NAR
TENDENCY, Note
OF n. Y. MARKET
(By The Associated Press)

NEW YORK, Jan. "a. - up = Pro-
inounced reactionary tendencies devel |
oped in todays stock market despite
the ease of money and the resumption
of aggressive bullish demonstrations
in several of the low PRICED rails.
Selling has been inspired, i'll part, byI
the collapse of pool issue on the,
New York curb market, several such
breaks having Immediately precededl
the drastic reaction last March. I'M
the absence of any unfavorable bust
ness news developments of Importance
the weakness of the eindustrials wasI
attributed in some quarters to the All
sence of several large operators who
had been prominent on the. upside forI
the past two years. -
Money was in fairly plentiful sup
ply at the renewal rate of 4 per cent.
The weekly federal reserve statement
of brokers' loans, ISSUED after the
close of the market, showed shrink
age of over $2O,O00.O 900 last week. The
Superior Steel company omitted the
usual so per cent quarterly dividend.
Southern Pacific and Kansas City
Southern, two of the first railroads
to report their December earnings,
both showed decreases in net compared
with the same month of 1925.
Wheeling & Lake Erie issues were
again the individual features of the
railroad list with the purpose behind
the buying still surrounded in mys-
terry, but with speculative Wall streets
opinion leaning to the theory that It'll
was for the account of Pittsburgh &
West Virginian railroad interests.
Wheeling. common scared nearly
nine points to 57A, or over 25 points
above last weeks low, and then eased
to 81 The preferred touched a new
top at 50, but later broke to 6415, off
81 net Western Maryland common
jumped over five points to 301A, and
the second preferred moved up over
two points to 34A, the highest price
in about ten years. Pittsburgh g.
West virginian closed five points
higher at 1874 after touching 1861, a
new peak for all time All three Erie
issues, New York, Ontario & Western
and Gulf Mobile &, Northern also
touched their highest prices in a long,
period. On the other hand, several of
the high grade investment shares were
heavy, Atchison, Chesapeake & Ohio,
Lehigh Valley, Delaware & Hudson,
Lackawanna and a few others sold
down a point or two.
Publication Of relatively poor
earnings report by the Hudson Motor!
Car company furnished a new excuse
for selling pressure against the mo-
tors, General Motors, Mack Trucks, |
Pierce ARROW common and preferred,
Studebaker and WHY'S Overland ALI
closing a point or more lower. Hudson
closed q lower at 1875, after having
sold down a point below that figure. |
P. r. Jackson of the Hudson company
explained the lower earnings were due
in part to the cost of making altera-
tions and additions to provide for the
Increased plant capacity and new de- i
signs, characterizing the outlook for
the present year as excellent.
Superior Steel broke over five points
to 20 on the omission of the dividend, !
and then rallied slightly. Extreme i
weakness also cropped out in the Burns
Brothers issues, the "a" stock break
ing over seven points to new low,
and in Commercial Solvents "B'', which
dropped over five. Consolidated Gas
lost over two points on the announce
ment of new stock financing On the
other hand, Colorado Fuel, Producers
e Refiners common and preferred, !
Douglas Pectin, Orpheum Circuit and
Columbia Carbon sold at their highest
prices in year or more
Time money and commercial paper
rates were unchanged
Commodity prices were slightly cas-
ier, cotton and wheat showing little !
change. Coffee dropped 10 to III
points and raw sugar declined % of al
cent a pound.
Foreign exchanges were heavy de-
mand sterling ruling around $4.S4 1s |
and French francs around 3.96 cents.
panish pesetas jumped over 20 points