Douglas daily dispatch., 1928-03-07
GEN. MOTORS In
ANOTHER FURRY
ON N. Y. MARKET
otal stock sales 2,403,800 shares.

NEW YORK, March 6 RD-General
Motors led another spirited advance in
prices in todays stock market, touch
ing new high record at 150, up 3k
points net on total turnover of
more than 100000 shares. Gains in
most of the other active issues ran
from 2 to points although u S. Steel
common, Consolidated Gas, Paramount
Famous Players and few other re-
cent favorites showed sng II recessions
on profit taking Business wpls not
in as large volume as yesterday, al
though the days sales ran well above
2B million shares.
Except for the continued ease of
money rates, there was nothing in the
outside news to explain the rise in
stock prices The sluggishness of the
market last month had resulted in the
creation of large short interest in
many issues which was taken advan-
tage of by "bull pools plentifully sup
piled with funds to carry on their OPP
erations. The rapidity Of the rise re-
suited in the touching off of a number
of stop loss" orders placed by short
interests, putting them in competition
with the fresh buying which poured
into the market from all sections of
the country. Customers rooms in the
principal commission houses, which
were practically deserted week ago.
have been crowded during the last
few days, testifying to the increase in
public interest.
The general market suffered a tenn
porary sinking spell around midday
when weakness developed in several Of
the rubber Shi.res on rumorS of large
inventory losses as result OF the re-
cent drop in crude rubber. U. S. Rub
ber common and first preferred touch
ed new low levels for the year at 42A, ),
and 88al, respectively, selling of the
last-named reviving fears for the safe
ty of the dividend. Goodyear Lost 2
points and Kelly Springfield IN. U.
S. Steel common closed fractionally
lower at 1927, after having touched
143%.
TNading in General Motors started
off at fairly slow pace, COMPARED
with the two preceding sessions. In
the noon reaction, the stock dipped
down to 145A, but started up by early
afternoon and closed right at the top
with gigantic outburSt of buying in
the last few minutes, one block Of
$4,000 shares cftanging hands at l5O.
The daily turnover in steel was less
than 10000 shares Hudson, Hupp,
Packard and Willys-O Overland common
also reached new high ground, but
failed to maintain all their gl!inS.
Among the specialties, gains of 4
points or more were recorded by the
American Tobacco issues, Bayuk
Cigars. Calumet and Arizona, Cluett
peabody, DUPONT, Greene Cananea
Copper, International Harvester, Llq-
uid Carbonic and Warren Bros.
u. S. Cast Iron Pipe ran up points
on talk of Ia 10 for split-up. H. K.
Mallinson issues mounted to new nigh
levels on buying influenced by the be-
lief that the silk industry had TUNED
the corner, and that current earnings
were running far above those of the
corresponding period last year.
Railroad shares held firm in rather
quiet trading. Sea Board Air Line
common, which touched 115s a few
days ago, rallied 118 points to l5 and
Canadian Pacific closed point high
er at 2O8H, having sold 112 points
above that figure.
There was no chNnge in time money
and commercial paper rates.
Except for a drop of 10 points in
Spanish pesetas to 1879 cents, there
were no changes of consequence in the
foreign exchange market. Sterling
cables ruled steady just under $4.S8.
Commodity markets were irregular
with no changes of Importance in
either wheat, cotton or sugar