Douglas daily dispatch., 1926-02-24

Stock prices displayed pronounced
reactionary trend towards the close
of today's market after an early
period of irregularity Judging from
the relative inactivity of the COM
mission houses, trading was largely
of professional character, with
floor brokers" playing an important
part in the days proceedings.
With the possible exception of stiff
fer call money rates, there was MOTH
ing in the days news to account for
the reaction. Wall Street, however,
was kept on edge by widely circulat-
ed reports that a breach in the dip
lomatic relations between the United
States and Mexico was imminent and
by rumors which later proved to be
unfounded, that the illness of William
c. Durant, motor manufacturer, who
is known to have been actively en-
gagged i'll the market on the long
side, had taken turn for the worse.
Selling pressure was particularly
effective against the industrials and
specialties, a long list of which show
ed net declines ranging from one ia
nearly six points. Rails offered bet
ter resistance to pressure although
New York Central, Atlantic Coast
Line and several other dividend pay
ers yielded two points or more. Total
sales were just under 100000 shares.
The unfavoarble Mexican rumors
brought about heavy selling OF
shares of a few of the companies
which have large property interests
;10 nt11r tiy,c
and the Pan-American issues drop
ping three, to nearly five points.
The announcement that President
Coolidge would approve the new tax
bill apparently had no influence as
a stock market factor. Neither was
any attention paid to a series of fay
orable dividend developments which
included the raising of the Tidewatel'
Oil dividend from rs TO 371s cents
quarterly.
Equipments were hard hit by fur
ther selling inspired by poor 1925
earnings of some of tho larger com
panies. Baldwin was hammered down
over five points to 1O41A the lowest
price in two years; American Car and
foundry closed 35s lower at 1O1H
1919, off about 1 II points.
Acute weakness again developed in
American Wool common and pre-
ferred which broke SIS and 51A points
respectively, to &heir Lowest quotas
tions in over ten years. other out
standing weak spots in the indus
trial list were American Can, Califor-
MIA Packing, General Electric, Ma
tional Lead, Postum Cereal, u. S. In
dustrial Alcohol, United Fruit and
Woolworth, all of which sold four or
more points below last weeks final
quotations.
Motors were whirled upward in the
early trading on reports of increased
production and sales but they failed
to maintain their top prices although
at 60 after having touched 613s and
General Motors closed fractionally
higher at 1854 after having crossed
127 Jordan opened at 65B, slipped
back to 81 and then rallied to 62A,
off IL net. United States Steel COM
man touched 127% and then rallied
to 1884 off x. Famous Players
showed independent strength.
All of the commodity markets
closed lower. May wheat showed a
small fractional gain but the more
distant options dropped Ia to IA
cents a bushel Cotton closed to Is
points net lower. Sugar and coffee
futures also developed reactionary
price tendencies.
Confused price movements charac-
terized the foreign exchange market,
which was featured by rally of
nearly ten points in French francs
to 3641b cents. Demand sterling was
slightly easier around $4.85%. Nor
wegian krone rallied 28 points to
21.7O cents and then sagged to around
2162 A further break of Is points
took place in Polish zlotys. Japanese
yen lost ground on reports that the
government had temporarily stopped
the shipment of gold to this country