Douglas daily dispatch., 1926-09-28
net LOSSES in
MARKET EXCEED
GAINS OF DAY
Stock market averages:

NEW YORK, Sept. 27.- (AP) = The
stock market today failed to give any
indication of a definite price trend, al
though final quotations. disclosed that
net losses exceed net gains. The mar
ket lacked leadership despite occas-
ional demonstrations in special stocks
obviously staged for the purpose of in
fluencing the main trend. Trading was
largely one of professional character,
the days sales again falling below one
and one-half million shares.
Uneasiness over the credit situation
was again apparent. Some encourage
ment was derived from the large in
crease in bank reserves shown in last
Saturdays. clearing house statement,
but it's effect was nulliffed when the
call money rate was marked up from
/ 5 to 5h per cent as Blanks began to
withdraw funds in connection with
weekend requirements After the close
of the market the federal reserve bank
announced a decrease of nearly $685.
900, 900 in BROKERS loans for the week
ended last Wednesday, reviving hopes
that the stiffening in the money mar
ket was only temporary.
u. S. Steel common closed nearly a
point lower at 14815 despite hardening
prices for steel and pig in some middle
western districts, and the circulation of
, vague rumors of some special develop
ment on October 8, which incidentally
is Chairman Garys S0th birthday. The
regular quarterly meeting of the cor
poration does not take place until the
last Tuesday of the month.
Railroad shares developed several
points of strength on the publication of
another batch of favorable August
earnings reports. The first SO roads
to report for that month show com
bined net railway operating income to
be nearly 16 per cent above the same
month last year, Atchisons net jump
ing from $5,O54,S65 in August, 1925, to
$S, ,4O77 1853 last month.
Equipment shares took on a new
lease of life in response to more press
ing inquiries for rolling stock from
some of the large carriers. Baldwin,
in which a powerful speculative clique
is reported to have been recently or
ganized, was bid up about five points
to 2512. closing at the top.
General Motors resumed it's advance
by closing over a point higher at 159 "a,
but the other automotive issues were
spotty.
Selling of some of the minor issues
was accompanied by rumors that some
companies might be forced to cut or
omit their dividends before the end of
the year, due to the damaging competi-
tion of the large organizations in all
classes of cars. A further decline in
American Smelling probably reflected
another drop in the price Of silver, the
market for which has been practically
demoralized by the prospect of India
switching from the silver to a modi-
fled gold monetary standard.
Farm implement shares were under
pressure, Case Threshing breaking five
points. Advance Rumely pr erre d
dropped 3h, and International Har-
vester 1h. Heavness also developed
in Foundation Company and Warner
Pictures.
Cotton failed to respond to reports of
damaging weather Raw Sugar held
steady, but the futures market was
firmer. Coffee showed little change
With the exception of the Chinese
exchanges which broke to new low
levels in sympathy with the further de-
cline in silver and the failure of the
Russo o-Asiatc bank, the foreign ex-
changes held steady. Demand sterling
was slightly easier around $4.S4 11-16
while French francs advanced almost to
2S0 cents and italian lire jumped above
375 cents for weekend gain of near
ly eight points.