Douglas daily dispatch., 1926-11-04
Stock Prices Fail to
Register Any Response
to Election Results
Stock market averages:
Stock sales, 1,O25,1O shares.

NEW YORK, Nov. 3.-(H0-The stock
market today failed to register any
positive response to the results of the
national election. Prices drifted down
ward in an extremely dull trading until
jus. before the close, when operators
for the rise staged a brisk rally which
wiped out many of the earlier losses
and sent a number of issues one to five
points above Mondays final quota
tons.
Judging by the action of the market,
the loss of several seats by the repub-
licans in both branches of congress had
been anticipated and, except for the de-
feat of Senator Wadsworth, caused no
surprise Bear traders made a feeble
attempt to unsettle the general list by
offering some of the leading indus
trials at concessions soon after the
opening, but they failed to bring out
any important liquidation, and. there
after confined their selling to suppos-
edly vulnerable specialties.
Further improvement in the credit
situation was reflected by another low
ering of time money rates, placing 60
to 90 day loans on a flat Az per cent
basis, and the longer maturities at ~.
The bond market was quick to re-
spond to this development, showing ex-
t, ceptional strength, with several of the
leading French and Belgian issues be-
ing elevated to new high levels for the
year. Call money held steady at Az
per cent as banks called about $12,-
OO0,O 900 in loans. Money was in plenti-
f,,I fnll ha nf
$50, 900, 900 in brokers loans last week.
General Motors regained lis position
as the market leader, rallying from a
low of 14S to 153 and closing just be-
low the top for a net gain of over four
points on the day. The buying appar-
emily was in anticipation of the optim-
istic statement of President Sloan, who
declared on his return from Europe
that the corporation could we'll afford
to pay another cash extra of IS on the
common stock. u. S. Steel common sold
down to 137% and then rallied to 141 Il +,
up a net, with late buying influenced
by a report that October untitled or
ders to bel made public next week
might possibly show an increase in
stead Of the general anticipated de-
crease.
The strength and activity of the To-
cal fractions, which advanced three to
five points, was associated in some
quarters with state election results,
but the connection was not made clear.
Oil shares again received fairly good
support in the face of another large
Increase in crude oil output last week
and rumors of further gasoline and
crude oil price cuts
Among the specialties, the weakness
of Air Reduction, Austin Nichols,
Burns Brothers a., Case Threshing,
Gotham Hosiery, National Tea and
Warner Pictures "a" contrasted with
the strength of American Brown Bo-
veri, American Linseed, Dupont Inter
national Paper, Ludlum Steel, National
Supply, Philip Morris, Union Carbide
and Weber and Heilbroner.
Rails fluctuated within rather mar
row and irregular limits, but net gains
exceeded net losses at the close.
Another break of 81 OF $1.50 a bale
in the cotton market, part of which
was recovered, featured the commodity
markets. Selling of the commodity
was influenced by favorable weather
reports and predictions of another up
ward estimate of the years crop. Wheat
futures showed practically no change
on the day Raw Sugar was unchang-
ed and coffee prices held steady. y
Mixed movements in the foreign ex-
change market reflected the adjust
ment of New York rates to the changes
recorded in European rates yesterday,
when our markets were closed.
Demand sterling was firm around
$4.S4A, and French francs rallied
above S14 cents, after an early period
of heaviness. italian lire ruled four
points lower around 4.30 cents, and
most of The other changes were nomi-
nal.