Douglas daily dispatch., 1928-03-26
VIOLENT BUYING.
FOR ADVANCE IS.
MARKET FEATURE.
TotaI stock sales 4,l76,2OO Shares.

| NEW YORK, March 2S CH9-Setting
| another new high record fow single
days trading at 4,176,200 shares, the
stock market today witnessed a re-
sumption of violent speculation for the
advance under leadership of General
Motors, which scared 3 points to q
new high record at 199 and closed
! within small fraction Of the spec
| tacular gains Of to nearly 13 points
| took place in about score of specialt-
les, but these were interspersed with
shrinking of rather substantial de-
clineS.
One of the most significant devel-
opments Of the day to which the mar
ket paid no heed was the stiffening in
time money rates, the first advance i'll
weeks. The short maturities were
quoted at AS per cent instead Of Az
and the longer rates at as TO Az in
stead Of Az to As. Call money held
steady at Az per cent with a plentiful
supply of funds available at that fig
ure. 1 M
The only other financial or business
| development Of Importance was the
| announcement that l.. F. Loree'S re-
| yised Southwestern merger plan had
been approved by directors of Kansas
| City Southern and Missouri Kansas
Texas roads and was under considera-
ton by the st. Louis Southwestern
with indications of its early submis-
sion to the interstate commerce COM
mission. Meanwhile the l. c. G. filed
a. second complaint charging viola
ton of the antitrust law against the
Missouri Kansas-Texas claiming it
had acquired a large block of st.
Louis-SouthWestern stock illegally.
Heavy buying of General Motors was
again reported by houses previously
identified with the market operations
of William c.. Durant, who also was
reported to be active in Chrysler, which
advanced nearly 9 points to new
high record at r. Other automotive
issues rallied in sympathy. Hudson
advanced 81 points to within a frac-
ton of the years high and new peaks
were recorded by Hupp, Packard, Elec-
trio Auto Lite, Briggs and Murray
Bodies, Eaton Axle and Reynolds
spring. MERCHANDISING issues moved up
under leadership of Sears Roebuck,
which advanced 1875 points to no. Net
gains of 5 points or more were re-
corded by American international,
American Machine and Foundry, Dul
Pont, Lambert, Montgomery Ward and
Radio. Strength of these specialties
was used as screen to cover liquida-
ton in other quarters. Midland Steel
Products preferred and U. S.. Cast Iron
Pipe each broke about 8 points and
net declines of or more points were
recorded by Adams Express, Calumet
and Arizona, Case Threshing, SloSs-
Sheffield and Victor Talking Machine
Convertible preferred.
Extensive switching from industriais
to rails also was reported during the
day. New York Central and Penn
syIvania established new highs at
175as and 70ss Delaware and Hud-
son, Lackawanna, Wabash, New York
and Harlem and Seapoard Air Line
preferred advanced 2 points or so.
Except for jump of AZ points IN
japanese yen to new high at 4763
cents, there were no changes of i'm
portance in the foreign exchange mar
ket. Most rates ruled a shade lower,
sterling cables quoted around 4.88 3-l6.
Commodity markets ruled higher.
Distant wheat options advanced more
than a cent a buShel on reports OF