Douglas daily dispatch., 1926-05-19
INV Dispatch A. P. wire)


The line of least resistance was
again downward in todays stock
market With the general public ap-
parently taking little interest in the
proceedings, professional operators
met with little opposition when they
renewed selling pressure against the
motors, rubbers and public utilities.
The days sales fell just short of one
million shares.
The continued weakness of French
and Belgian francs, which crashed to
new low records for all time at 2.73
cents each, had a depressing effect
on sentiment in financial circles but
it is doubtful whether it actually
caused any liquidation of stocks.
French and Belgian bonds, however,
were heavy. Except for further
extension of recent gasoline price ad-
vances publication of private report
that the daily average of crude oil
output crossed the 1000, O,000-barrel
mark last week for the first time
this year and few earnings re-
ports, there was little in the days
trade news to attract attention. March
shipments of tires totaled 3,458,445,
as compared with 3,562,S12 in the
same month last year, according to
the Rubber Association of America
representing about rs per cent. OF
the industry copper deliveries in the
first quarter were reported to be Is
per cent above those of the corre-
spending period last year.
Thirty-five individuals stocks sank
to their lowest prices of the year.
The list included such diversified is
sues as American and Foreign Power,
American Home Products, American
Radiator, American Zinc and Lead,
Bethlehem Steel, Childs company,
Cuba Cane Sugar preferred, Electric
Refrigeration, First National Pictures
preferred, Hayes Wheel, Montgomery
Ward, Moon Motors, National Dis
tillers, Standard Plate Glass, Stude-
baker, u S. Cast Iron Pipe, U. S.
Ribbon and Ward Baking "B.'
Except for the heavy selling of the
Chicago and Alton issues, which were
depressed to new low levels for the
year in anticipation of a stiff assess
ment under the pending reorganiza-
supported, the average of 20 leading
issues actually closing higher on the
day. Net gains of point or more
were recorded by Atlantic Coast Line,
Canadian Pacific, Lackawanna and
Norfolk and Southern.
Heavy accumulation of Lago Oil,
which advanced over a point to pm,
the highest price since it was listed
about a week ago, featured the oil
group.
Buying of this issue accompanied
of the company's 5Sth we'll, the last
SIS of which have been brought in
without the development of a dry
hole. Marland crossed 81 for the first
time in months, and PanAmerican
crossed 81, but both fell below those
levels at the close on profit taking.
Commodity markets were quiet and
irregular Active wheat and cotton
futures closed practically unchanged.
Raw sugar was quoted 1-16 of a cent
a pound lower and the futures also
showed an easier tone, coffee ad-
vanced 16 to 80 points on buying for
prices advanced 20 to II points to
new high records for the year on
buying influenced by the bullish CEN
sus bureau report indicating April
consumption of 2SS,OOO barrels, or
considerably above local expectations.
Call money renewed at 81 per cent
and held steady at that figure all
day Time money and commercial
paper rates were unchanged.
Renewed weakness of the French
and Belgian francs overshadowed all
other developments in the foreign ex-
change market Demand sterling
ruled about 3-16 of cent lower
around $4.S6, but Italian lire rallied
another 10 points to around 4.7S cents.
Norwegian krone advanced points
to around 21.75 cents but changes in
the other important European rates
were small and generally unimpor-
tant.