Douglas daily dispatch., 1928-03-01
MORE RECOVERY
MADE In PRICES
ON N. Y. MARKET
IotaI Stock sales 1896, 400 Shares.
x-Ex dividend .0875.
xX-Ex- dividend 10.

X-EX-dividend 0875.
Xx-Ex-dividend TO-
NEW YORK, Feb 20 R Stock
prices made further recovery in to-
days market on resumption of pool
activities and short covering. Bear
traders succeeded in uncovering q few
new weak spots but the general list
pressed forward with gains of l to 3
points IN many popular industrials and
advances OF s to nearly is points in a
few specialties Trading was on a
larger scale than yesterday, total sales
running close to 100000 shares.
Call money held steady at the re-
newal rate of Az per cent despite
heavy month-end demands for funds.
There was no change in other none
tary accommodations. Wall street
was inclined to place bullish inter-
probation on the sale of New York
City Corporate 4 per cent stock on a
yield basis of about 3.S7 per cent, the
lowest in 20 years, as evidence of ur-
derlying ease in the money market.
The senate hearing on brokers loans
which started today, also was expected
to develop favorable information on
that subject
Revival of activity and strength in
the oil shares, presumably based on
Secretary Works announcement that
governors OF Oil producing states would
be asked to cooperate in federal con-
ServatiOn plans, was one of the days
features. Rumors of impending favor
able oil developments in Mexico also
were heard in the street, but they
lacked confirmation. Houston, Pan
American issues and Sun Oil =
q to 3 points and Mexican Seaboard
moved to new high ground for the
year.
U. S. Steel common, which sold eX-
dividend today, closed at 1895. vi.
represented a net gain of nearly a
point. General Motors ran up more
than 2 points to 1874 but lost nearly
half its gain on reports that William
c. Durant. who has, been active in
that stock, was leaving shortly on an
extended vacation Hudson Motors,
another Durant favoritd, closed Ia
higher at 85a, and Hupp advanced
Ia to 1875. @
Bullish activities were quite pro-
llounced in Allied Chemical, American
Power and Light, Bayuk Cigars, A.
M ByerS, Case Threshiiag, Commercial
Solvents, Cudahy Packing, Dupont,
Eaton Axle, General Electric, Greene
Cananea Copper international Com
.bustion and F. G.. Shattuck National
Distillers and Porto Rican Tobacco is
sues, which have been weak, made
good recovery Midland Steel Products
preferred was the individual feature,
soaring 1415 points to- 219&. Warren
Brothers jumped nearly 10 points to
173 Kresge Department Stores pre-
ferred climbed to a new peak at SO,
while the common advanced 5% to a
new top at 27A, but both issues lost
part of their gains. Acute weakness
of Continental Baking A, which broke
8as to 4O1s, aroused fears for the safety
of the 81 annual dividend. National
Lead dipped 31a points to a new. low
at 1874 on publication of disappoint-
ing 1927 report.
Railroad shares, measured by the
average of 20 leading issues, lost
ground due largely to fresh liquidation
of some of the southern carrier stocks
on reports of poor earnings. Atlantic
Coast Line sagged points to new
1928 low at 1874 and then rallied to
169%. Louisville and Nashville dupli-
Gated the years low OF 146 on one SALE
Seaboard Air Line common touched a
new bottom at 1915, or less than half
of the years high
Atchison also touched new low at
1929. Canadian Pacific and Missouri
Pacific preferred were among the few
issues to show gains of a point or
more.
Foreign exchanges were slightly re-
dictionary. Spanish peSetaS lost their
S point gain of yesterday and sterling
cables were quoted a shade lower at
$487 1916.
Commodity markets were mixed.
Cotton rallied about 81 bale. Grain
prices improved on buying influenced
by Secretary Jardine's prediction OF
better prices for agricultural products,
rye making the best showing. Coffee
futures forfeited 20 to 80 points on
their recent advance and sugar quota
tons held steady