Douglas daily dispatch., 1927-12-13
BRISK RECOVERY
in PRICES SEEN
ON N. Y. MRAKET

NEW YORK, Dec. IL F1-Establish-
ment of new high since December,
1914 by sterling exchange and a brisk
recovery in stock prices divided specu-
lative interest in today'S markets.
Sterling cables sold at $48815, or with
in about 3s Of l cent Of the generally
accepted gold export point" The
rally in stocks, which embraced prac-
tically all groups, ranged from l to z
points in some of the more active is
sues.
Upon more mature consideration of
the federal court decision in the ST.
Louis and OFallon case which in
wolves the determination of methods
regarding railroad valuations, Wall
street was inclined to take a more
hopeful view that the final adjudica
ton of the suit by the United States
supreme court would uphold the rail-
roads contention or that changes
would be made in the transportation
act itself. Rails, as group, showed
a small net decline on the day al
though Canadian Pacific, Missouri
Pacific preferred and few others
ClOS6u L W A72 DO14AOO A4ASA4OAs
Bullish sentiment in the stock mar
ket undoubtedly was created by the
unexpectedly large increase in the No
vember untitled orders OF the United
States Steel corporation, which SEEM
ed to bear out current reports OF
good inquiry for materials for early
1928 delivery, and by the optimistic
view taken by Secretary Hoover of the
American Petroleum Institutes efforts
to conserve the oil resources of the
country Credit conditions were again
watched with intense interest, but no
changes were discernible during the
day, call money ruling in plentiful sup
ply at 4 per cent while time money
and commercial paper rates held
steady at last weeks prevailing quota
tiOnS.
Hupp motors, in which William c..
Durant is reported to have large
interest, was one of the individual fea-
lures of the session. The stock adj
vanced slightly more than 2 points to
a new high at 35M on total sales OF
nearly 10000 shares, two blocks OF
10000 shares each changing hands at
35. Nash touched a new 1927 high at
80, and Packard at 581s, Pierce Arrow
preferred advanced 81 points and
General Motors, Hudson, Chrysler and
a few others advanced point or more.
U. S. Steel common, which sold
down to 1873 last week, changed hands
above 145 today, closing just below
that figure for a net gain of 2A.
American Steel Foundry scared more
than 7 points to 68A and American
Machine and Foundry advanced near
ly 5 points to 184. Lindbergh's pro-
posed flight to Mexico revived inter-
est in the airplane stocks, Wright
soaring IL points to 881A, as against
low of 241a earlier in the year, the
Curtis advancing 2 points to new
top at 58%
More than score issues reached
new high levels for the year or longer,
the list including American Agricul-
tural Chemical common and preferr-
ed, Manhattan Shirt, U. S. Industrial
Alcohol, Reid Ice Cream, Jewel Tea,
Calumet and Arizona, Life Savers,
Porto Rican Tobacco A and B and
Fidelity -Phenix Insurance, Interna-
tiOnal Machines and Continental Can.
Commodity markets were reaction
ary. Cotton dropped $3.50 to nearly
SO a bale on selling inspired by un-
favorable foreign trade adVices, in
Guiding reports of depression in the
Lancashire cotton mills. Wheat yield
ed nearly a cent bushel in reflec-
ton of favorable Argentine crop re-
ports. Coffee and sugar prices eased
slightly
Except for a jump of 16 points in
Spanish pesetas to around 1915 cents,
and the new high in sterling, there
were no changes of Importance in the
foreign exchange market.