Douglas daily dispatch., 1928-03-17
STOCK MARKET
Sees Wild ORGY
OF SPECULATION

Low 1928 ... 1884 1885
Total stock sales 3,897,5O0 shares.
x-Ex-dividend Is,
xx-Ex-dividend 0875.
NEW YORK, March 16 P)-Disre-
garding an increase of more than $780,
100000 in broker loans, the stock mar
Ket leaped forward today in another
mild orgy of speculation which car
ried scores Of issues to record high
levels The buying movement embrace
ed both the ilidustrials and rails with
General Motors and New York Central
up 6 and 7H points, respectively, in
the forefront of the advance. Total
sales were $780,, 500 shares, or less than
1900 below Mondays record break
ing total. A
Flurries of selling swept through the
market at frequent intervals in re-
sponse to liquidation by investors who
apparently were frightened at the ter
rifle pace and profit taking by profess
sional traders who desired to, convert
at least part of their paper profits into
cash Price movements bore little re-
lation to the days business news al
though publication of several favorable
annual reports had a cheerful effect
on sentiment. Circulation of rumors
by one large commission house that it
had trustworthy information that
President Coolidge. would again be .
candidate also may have been factor
The demand for the motor shares
received impetus from the Unexpected
1y large increase in February and
March sales reported by some of the
leading companies. General Motors
was run up to new record high at
S6I69. closing at the top with operators
Tor the rise meeting much less resist
ance than they did below the $50 level
Hudson attained a new peak at 99%
and then broke to 94lA on unconfirm-
ed runiorS of a disagreement among
POOL members. Chrysler and WHY'S
Overland common established new high
prices at 65ss and 2Sa4, respectively.
Rossia Insurance, which pays only
$6 a share, scared 16 points to a new
maximum at 199ls, and closed within o
traction of the top Fidelity Phenix
Insurance advanced more than points
TO 213A
Weekend realizing sales cut down
the gain in number OF other spec
iaItkes, but American Machine and
Foundry, American Railway Express,
case Threshing, Continental Insurance,
international Harvester, 81 tie VIA r t
Warner Speedoneter and National
Tea all closed to 9 points net higher
Erratic fluctuations took a place in
American I.inseeG which opened at
iOl advanced to 1861, broke to 951s
and rallied to 1875, where it was prac-
ticaliy unchanged on the day. Gem
eraI Gable dropped 5 points and Ma
tional Surety 8.
Heavy buying of Sinclair Oil which
,sIvanced more than points to a new
top at 251s, attracted widespread at
tention. Among the many other new
highs were Brooklyn and Manhattan
Transit. international Telephone, Ma
4ional Cash Register, Savage Arms and
International Match preferred. Buy
inc of New York Central, which touch
ed 1884,, apparently was in expecta-
tion that the road would benetit
through the proposed realignment OF
eastern trunk line systems WABASH
advanced 21s points to new high at
76 but lost all but a fraction OF its
Gain. Jersey Central jumped 1879
noints to a new top at 3191s. st. Louis
Southwestern, Southern and Great
Northern preferred also eclipsed previ-
ous 1928 highs.
Cali money held steady at AZ per-
rent. Time money and commercial
paper rates were unchanged.
Sharp advances in Spanish ana
Portuguese rates featured the firm Tor
seign exchange market. Sterling cables
held steady around $4.87 15-16.
Commodity markets displayed q
sfnSnp l1ndertone. Wheat futures adj
vancsd on reports of improved export
demand. Cotton rallied $15O to 81 on
renorts Of unfavorable weather ana
coffee gained Z to % points. Raw sugar
futures were firmer.