Douglas daily dispatch., 1926-02-19

Low 1926 - ....... ..139.42 112O8
Total stock sales 1852, 900 shares.
The main body of stock continued
to drift within narrow and irregular
limits in today's market, but sharply
contrasting movements took place i'll
number of specialties. Buoyancy
of American Can, General Electric
and Texas Gulf Sulphur was offset
by the weakness of marine preferred
and other shippings. Total sales Of
1,362,9OO shares were only slightly
larger than those of yesterday.
Stiffening of the call money rate
from Az, the renewal figure, to five
per cent, checked the strong rally
which started in the last hour Of
trading. Time money and commercial
paper rates were unchanged
Several favorable dividend advances
were made during the day, the Texas
Gulf Sulphur company raising it's an
nual rate from So to $40; the Railway
Steel Spring company placing its new
stock on 81 basis, equivalent to $12
OH the old which paid $40 including
an extra of 50 last year; and United
Paper Board declaring quarterly
of SO cents, the only payment since
last July. Texas Gulf Sulphur stock
closed nearly five points higher at
lao, railway steel spring showed a
net gain of points at Sc and United
Paper Board yielded u of point
to 3S1a.
American Can showed a net gain
of liz points at 331 after establish
iY1o
at 331A. General Electric scared
nearly II points to a new top at
1854 ON persistent rumors that the
directors would authorize a stock
splitup at their meeting in Boston
next week but it settled to 382 at the
close. Net gains of three points or
more were recorded by Burroughs
Adding. Machine, and Tobacco pro-
ducts, Nash Motors
Heavy accumulation of the tide
water oil issues was based on rumors
of impending developments involving
the Associated Oil company, but
whether it involves u merger of
those properties was not revealed.
Tidewater common closed III high
er at 1874 and the preferred scored
Oil S1AI1 Cillc gam VI liAOI6 Lndn d
points at 1915 yielding fractionally
from the high at the close. Assoc
lated Oil showed a small fractional
gain at 585s.
Shorts were again driven to cover
in some of the motor shares. Jordan
was run up nearly 4 points to 63A
and then eased nearly a point from
the high and Hudson closed IL high
er at 118A on total transactions of
nearly 100000 shares.
Heavy selling of Marine preferred
which broke Z points to 81 followed
the publication of statement by
President E. A. S. Franklin that the
freight Situation is not at all en-
couraging and by the circulation of
unconfirmed rumors that the com
pany failed to earn enough to cover
its depreciation last year
Selling of Pan-American petroleum
issues reflected speculative uneasi-
ness over the Mexican situation
Rails held barely steady with a
brisk demand for the Seaboard Air
Lige issues based on the proposed
construction of the new Florida Rail-
road
Most of the commodity markets
pointed upward. Wheat futures ad-
vanced cent bushel on reports
that the American carry over of COM
modify would be small Cotton was
Z points higher to five lower with
final quotations off from the best on
realizing.
The establishment of another new
high record by Japanese yen at 46as
cents and the further weakness of
French francs, which broke several
points to a new years low around
S57 cents We're the outstanding de-
velopments in the irrigular foreign
exchange market Demand sterling.
held steady at $4.86 but several of
the continental rates showed small
recessions.