Douglas daily dispatch., 1926-02-25

The main trend of prices in to-
days stock market was distinctly
downward. Closing quotations, how
ever, disclosed a plumber of inde~
pendent strong spots, due to active
short covering and the appearance
of strong buying support for some
of the recently weakened stocks.
Trading, which continued to be
largely of professional origin, show
ed a marked expansion in volume,
the days sales running over 100000
shares. Bullish news developments
such as the increase in the Montana
IS and the overwhelming majority
given the new tax bill in the house
We're disregarded.
The weekly steel trade reviews re-
ported little change in the general
situation although The Iron Age COM
posite pig iron showed the first re-
duction since December l.
Rumors regarding the railroad
stocks played an important part in
the days trading. Widespread cir
culation of reports that the nickel
Plate" decision would be handed
down this afternoon started a bull
iiSh demonstration in the stocks of
the roads involved in that combina
.tion. nickel Plate" common scared
6M points to 174% and then slipped
back to 173. Chesapeake and Ohio
showed net decline of rs at 115
after having touched 12O Early
gains of rs to 45s points in the
Erie issues were reduced to frac-
tions.
Atlanta Birmingham and Atlantic
dropped from 0.ss to Sh on reports
that the Atlantic Coast line planned
to take over the property now in
receivership by the payment of 60
per cent of. the face value of the
the B and A stockholders. other
rails were mixed. Net gains of one
to nearly three points in Baltimore
and Ohio, New York Central, Louis
vile and Nashville, pittsburgh and
West Virginia, and st. Louis South
western were counteracted by de-
clines of point or more in Canaf
dian Pacific, Chicago and Great West
ern preferred, Delaware and Hudson,
Gulf, Mobile and Northern and
Wheeling and Lake Erie.
The decline in equipment stocks,
most of which sagged to new low
levels for the year in the early trad
ing, was checked by the announce
ment that Southern Railway was in
the market for 113 locomotives and /
2250 freight cars, the largest in
quiry in months.
The recovery in the Pan American
petroleum issues and American smelt-
ing common, which were weak yes
terday on unconfirmed rumors that
a breach in diplomatic relations be-
tween Mexico and the United States
was imminent, was influenced by
reports that the Mexican govern !
ment had just sent nearly half
million dollars to New York bankers
under the terms of the modified debt
agreement.
Many brokers felt that such pay |
ments would be unlikely if serious
trouble was anticipated.
American Car, American Woolen |
common, and preferred, Baldwin,
Bethlehem steel, Dupont, Hudson Mo-
tors. Third Avenue and United Cigar
Stores all showed substantial gains
on the day. Selling of the indus
trials was most effective in Amerl-
can Waterworks, General Electric, S.
S. Kresge, Mack Trucks, Public Serv-
ice of New Jersey, Postum Cereal.
New York Gamers, Liggett and Mey-
ers "B," McCrory Stores 3D. and
F.. G. Shattuck, off two to six points.
Call money held steady at five per
cent all day. Time money and com
mercial paper rates also were un-
but reduction in the
volume of loanable funds was re-
ported in some quarters.
Acute weakness of NorWeglahi
krone and Polish zlotys which broke
81 and rs points to 21.29 and 1900
cents respectively featured the IL
regular foreign, exchange markets.
Demand sterling reacted 3-16 o
! cent to around $4,85 11-16, presum-
ablv in reflection of a further loss
IF gold by the Bank of England
but French francs opened firmer
@A,1