Douglas daily dispatch., 1926-11-02
FINANCIAL REVIEW.
(By The Associated Press)

Total stock sales, $4,000 shares.
(x)-Ex dividend .04375
NEW YORK, Nov. /. = (P = Stock
prices displayed a firm undertone in
today's market, with trading Of the
usual quiet prediction character.
With a huge short interest reported to
be outstanding in several stocks, n
covering movement was started by a
few traders in the last hour to prepare
for possible election surprises, but at
no time was there any concerted rush
either to buy or sell, although DEM
onstrations were staged in 4 few is
sues in which special developments are
pending From q stock market stand
point. one Of the most interesting de-
veIopments of the day was the publi-
cation, after the close of the weekly
statement of brokers' loans by the New
York federal reserve bank showing a
decrease of $52,922,000 in the week
ended last Wednesday. The total of
SO, 602, 1916, 900 is 900 below that
of three weeks ago and $53S,929,000 be-
low the high level established in the
first week of the year.
U. S. Steel common and General Mo-
tivity Steel rallied from low of
1913 to 140b and closedl just below the
top for net gain of / " points. Gen
eral Motors closed higher at 14S5s
after fluctuating within range of
two points. Total transactions in these
two issues approXimated 10000 shares,
or about one-eighth of the days entire
volume of business. Strength and ac-
tivity of the Gotham and Onyx hosiery
issues, nearly all of which attained
new peak prices for the year, was as
sociated with merger rumors involving
those companies. Union Carbide was
bid up to a new high at 95% on the
prospect of higher dividend. 1nde-
pendent strength also was shown by
American Express, American Type
Founders, Commercial Credit first pre-
ferred, Dorham Hosiery, Fifth Avenue
Bus, National Dairy Products and
Peerless Motor Car
Oils were again in good demand un-
der the leadership of Independent Oil
and Gas and Pan American Western
"B", all of which closed two to three
points higher. The announcement of a
cut in crude prices by the Humble
company was more than offsetoby the
bringing in of several productive wells
in the Seminole district.
Rails pointed upward on buying pre-
sumaby influenced by current traffic
and earnings reports, but the gains as
a rule were small. Erie issues steadied
on unofficial denials that the road was
to be dropped from the new Nickel
Plate consolidation.
Call money was 4 II per cent all day.
Time money and commercial paper
rates were steady, but offerings of
funds were reported to have increased
Weakness of grain prices featured
the commodity IN r k e t s, December
wheat breaking below $1.40 a bushel
for the first time in weeks, while corn
futures sank to new low levels for the
season. Cotton closed practically un-
changed on the day. Raw Sugar was
unchanged and coffee prices were
slightly higher.
With most of the foreign mark cts
closed in observance of All Saints Day
trading in the foreign exchanges was
quiet. Demand sterling was slightly
easier around $4.S4 3-16, but French
francs advanced three points to 2.1S
cents, and italian lire jumped 10
points to 4.34 cents despite another at
tempt on Premier MussOlini's life.