Douglas daily dispatch., 1928-03-02
GENERAL PRICE
TREND UPWARD
ON N. Y. MARKET

NEW YORK, March QP1 - The
stock market continued today to move
within a relatively narrow trading area
but with major speculative activity on
the side of rising prices. Resumption
Of pool activities in number OF Spe-
cial stocks which were marked up 2
to points was offset by the cropping
out of new weak spots. Apathy Of
many professional traders was reflect
ed in the reduced volume of trading,
the days sales again falling well be-
low 100000 shares.
Credit conditions were unchanged
Call money was in plentiful supply all
day at the renewal rate of Az per
cent and the other monetary accom-
mediation held steady. The New York
federal reserve bank announced no
change in the 4 per cent rediscount
rate which is now in effect in all re-
serve districts. Considerable interest
was manifested in the weekly federal
reserve statement of brokers loans is
sued after the close which showed a
decrease Of $6,4S2,0OO, bringing the
total down to $3,721, 1884, 900. Early esti-
mates ranged all the way from a drop
VI P1O3OCOJONO " q S5pAAA VA VAAS NSSAAAN
amount. u
Monthly bank reviews reported IL
regularity in the general business sit
uation, but most of them were inclin-
ed to take an optimistic view on the
course Of spring business. The con-
tinued falling off in railroad car load
ingS was disappointing and tended to
restrict trading in railroad shares.
Some fresh buying came into the oil
shares as a result of further extern
sion of recent advances in gasoline
prices, but the poor 1927 earnings re-
ports of most oil companies has made
bullish operations in that group diff
ficult.
u. S. Steel common closed unchang-
ed at 1895 after fluctuating within a
range of 11a points on more than 2O.-
600 shares, General Motors closed
5s net higher at 1879 after having
sold a point above that figure Bald
win advanced more than points to a
new 1928 peak at 2581a, but converted
the gain into loss at the close.
American Can closed fractionally high
er and American Smelling and Gen
eral Electric lost ground.
The hurried retreat of an over
crowded short interest in Internation-
al Nickel carried that stock up more
than, 2 points to 84%, or II points
above last weeks low, but part of the
gain was lost on realizing. Radio also
was bid up at the expense of the bear
crowd, rallying from a low Of 937s to
963s, and closing within a fraction OF
the top. Outstanding strength also
was shown by American Encaustic Til
ing, American Safety Razor, Bayuk
Cigars, Dupont, S. S. Kresge, Mont
gomery- Ward, Union Carbide, Univer-
sal Leaf and the Western Diaries is
sues.
General Railway Signal was the new
weak spot discovered today, crashing
points to new low at 981s, or %
points below the years high. Further
weakness developed in Continental
Baking issues all reaching new lows.
Calumet and Arizona, international
Silver. Motometer A and Federal Light
and Traction were conspicuously
heavy.
Except for moderate gain in Frisco
common coincident with the announce
ment of nearly $15OO00,O0O in new fl
nancing, there was little of interest in
the rail group.
Foreign exchanges showed no i'm
portant changes with sterling cables
steady just under $4.80 m
Commodity markets were irregular