Douglas daily dispatch., 1926-07-27
PRICES DISPLAY
STRONGER TONE
DURING MONDAY
Market averages
(By Dispatch A. P. wire)


NEW YORK, July 26-Stock prices
displayed a distinctly stronger under
tone in today's market. Speculative in
terest was confined however, to about
score of issues, lack of interest in
the general list being reflected in total
sales of less than $4,000 shares, the
smallest of any full session in two
months.
Professional traders appeared to be
marking time pending the outcome of
the meeting of the U. S. Steel corpora
tion directors late tomorrow. While
no change in dividend rate is expected
in conservative banking circles, hope
is still held out in some quarters that
"a stock dividend distribution would be
made at the meeting.
u. S.. Steel common closed u points
higher at 139, but much of the buying
is believed to have been influenced by
predictions that untitled orders at the
end of July would show the first in
crease this year.
Reports from Paris that the new
Poincare government would attempt to
save the franc by means of taxes, in
stead of loans, had a cheerful effect on
financial sentiment, which was immed-
lately reflected in the higher rate for
French exchange. Another increase in
the price of lead and the publication of
additional favorable June earnings
statement by class one railroads, pro-
vided ammunition for those working
for higher prices. Motors again re-
ceived strong buying support, despite
+ 70 III of 10
baker company second quarter report,
compared with the same period last
year.
General Motors was run up nearly 4
points, to 109%, or just IL point below
the recent record. Hudson closed near
ly a point higher, at 81, and most of
the others improved fractionally. Oil
shares held relatively steady, but fear
of another period of crude over-pro-
duction continued to restrain trading
in that group. Transcontinte oil
was bid up to it's high price of the
year on buying influenced by the dis
covery of a new we'll in Niger creek
field Texas, which, company officials
believe, proves up an area .of 1900
acres.
COpperS ADVANCE
Coppers advanced in further response
to the recent stiffening of nonferrous
metal prices. Burns Brothers A. dupli-
Gated the record high of IA, on reports
of further business expansion. Sharp
gains also were recorded by a number
of tobaccos and specialties, including
American Tobacco, Butterik, California
Paking; Case Threshing, Coca Cola
Consolidated Cigar, Dupont, General
American Tank Car preferred, Pullman,
Texas Gulf Sulphur, Timken Roller
Bearing and U. S. Cast Iron Pipe
Rails were quiet, but strong, with
the best gains registered by Atlantic
Coast Line, chesapeake and Ohio, St.
Paul preferred, Delaware and Hudson,
Louisville and Nashville, Missouri Pa
cific preferred and Reading.
Commodity prices were mixed. Ac-
tive wheat futures advanced a cent or
more a bushel on reports of continued
dry weather over the spring crop area
in Canada. Cotton rallied 10 to II
points with buying influenced by the
belief that the crop has materially de-
preciated since the publication of the
government report Raw sugar ad-
vanced 1882 of a cent a pound, while
coffee futures declined 13 to 19 points
on increased offerings of the product.
Call money renewed at 4 per cent
and held steady at that figure all day,