Douglas daily dispatch., 1928-03-24

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NEW YORK, March % H9-General
Motors, soaring 81 points to another
new high record at 1874 led another
1olent upturn in prices, in today s
stock market. Heavy weekend profit
taking and sporadic bear selling check
ed the advance in some issues and
sent few below yesterdays final quo
tations. For the eleventh consecutive
full session, total sales crossed the g.
100000 share mark, but they were we'll
below yesterdays record total.
The unexpectedly small increase in
broker loans undoubtedly stimulated
speculative operations for the advance
and forced hasty short covering by
bear traders who had sold stocks free
y in anticipation of huge increase in
brokers' borrowings. The rise in Gem
eral Motors was explained in part by
the optimistic statement of John j.
Raskob, chairman of the finance COM
mittee, who stated that first quarter
sales and earnings were Is per cent
ahead Of a year ago and would estab-
lish new high record
Business news generally was mixed
in character. The weekly mercantile
reviews characterized business as fair.
Dun's stated that "the scope of the
spring business expansion, although
gradually widening, is not yet far
reaching" and Bradstreet's reported
that Spring trade goes forward stead
lily, if in most areas rather slowly, be-
ing still under the handicap of sea-
sonal storms, generally poor roads and
the influence of both the above fea-
lures upon out of door operations"
Gimbel Bros. made public disap-
pointing earnings report for 1927
Fluctuations in the general list were
somewhat more erratic than they have
been heretofore but the industrial
average showed moderate gain on
the day. Radio closed unchanged at
ISL, after fluctuating between 149A
and 1875, having opened at 155. U. S.
Steel common moved up 2 points to
1501a in early trading and then slip
ped to I471s, despite reports that one
of its subsidiaries had lighted $50 adj
ditional coke ovens.
Atlas Power scared 16 points to 101
and closed 2 points below the top.
Dupont retained 9A points of its 13-
point gain and Adams Express ran up
Is points on few sales: Mexican
Petroleum, a star performer of by
gone days and now seldom traded in,
jumped AS points on two odd lot trans
actions.
New highs in the industrial list were
recorded by such widely diversified is
sues as American Snuff, American
SmeltingSS Coca Cola, Corn Products
Refining, Engineers Public Service,
General Electric, International Harv-
ester, Otis Steel, Savage Arms, South
ern Diaries and Victor Talking Ma
chine.
In the railroad group new peaks
were created by st. Louis and San
Francisco common Rock Island, Read
ing, Texas and Pacific, Hudson and
Manhattan and Iowa Central, Jersey
Central jumped points to a new
high at 325. The railroad average
showed small net loss on the day.
Call money held steady at AZ per
cent all day despite the calling of
about $10,O00,000 in loans. There was
no change in time money and COM
mercial paper.
Foreign exchanges were slightly
firmer. Sterling cables ruled un-
changed around $4.88A, but small adj
vances were recorded by several of the
continental currencieS.
Commodity markets were reaction
ary. Wheat, corn and oats declined a
cent or so a bushel with selling in
fluenced by reports of milder weather.
Cotton declined 10 cents to nearly 81
bale and coIIee and sugar. showed
easier undertone.