Douglas daily dispatch., 1926-05-18
High O926) -. 1867 1873
Low (926) ..... 1871 105.SS
Total stock sales 1,076,7OO shares.

Total stock sales 1,076,700 shares.
Stock prices rallied briskly this
afternoon after an earlier period of
heaviness, 'both the rail and indus
trial averages closing higher on the
day. Trading continued to be largely
of a professional character the. day. S
sales barely exceeding 100000 shares.
In the stock market, bear traders
endeavored to unsettle the general
list by hammering the motor, rubber,
merchandising and picture shares.
Several of these crumbled to new low
levels for the year, but the standard
industrials and rails offered good re-
sistance to pressure, and steady ac-
emulation was noted throughout the
day in the oil group, presumably in
response to the recent stiffening of
commodity prices.
Hudson again bore the brunt4of the
selling in the motor group, being de-
pressed to a new low level for the
year at 55K. Shorts scrambled to
cover during the late rally, however,
the price being run UP to S. Other
automotMe issues to touch. new low
|
Chandler Cleveland preferred -Contin-
entail Motors, Dodge Brothers A and
preferred, Hayes Wheel, Jordan, Mo-
tor Wheel, Stewart Warner, Strom-
berg Carburetor,, Studebaser and
WHY'S Overland common, but some of
these closed at net gains of, point
or more.
Further reports of backward re-
tail trade probably accounted for the
liquidation of the merchandising is
sues Woolworth was hammered down
nearly 4 points to a new low for, the
year at 1864 and then rallied to
1881 Montgomery Ward also touched
a new low.
Failure Of the directors of the
Standard Oil company of New Jersey
to increase the regular dividend was
disappointment to speculative
cliques, operating in the oil group.
However, Atlantic Refining was bid
up 1A to 117M; Lago touched 21, the
highest price since it was listed last
week, and most of the others showed
fractional improvements.
The declaration of an extra cash
dividend of 81 on Dupont apparently
had been discounted as trading in
that issue was quiet, the stock clos
ing 1as higher at 2OS. Allied Chemi-
cal, American Sugar Refining General
Electric, General Motors and IHterna-
tional Paper were among the score or
so issues to close a point or more
higher on the day. Rails were rather
quiet with a point gain in Erie first
preferred as one of the few features.
One of the interesting. trade develop
ments of the day was the report of
increased inquiries for railroad equip
ment. R
The principal commodity markets
lost ground. Wheat futures pointed
upward during the morning but sold
off sharply after noon, closing l to 2
cents .bushel net lower. Cotton
yielded 8 to 16 points on Favorable
weather reports with trading restrict
ed pending the balloting on the pro-
posal to limit speculative activity.
Raw sugar was unchanged but fu-
lures displayed an easier tone. Coffee
eased to 16 points.
Call money held at 3Ag per cent all
day despite the calling Of about $10,-
OOO,O iii loans. Time money and
commercial paper rates were un-
changed. Foreign exchanges were -ir-
regular. Demand sterling held fairly
steady around $4.S6 3-16. Belgian
francs broke below cents in SYM
pathy with the weakness of the
French rate but Italian lire rallied 13
points to around 1856 cents.