Douglas daily dispatch., 1926-05-14
ATTEMPT TO PUT
NASH DOWN IS A
POOR FAILURE
NOW YORK, May 13.-Stock mar

Speculative interest in today's stock
market centered largely on the sem
sational but unsuccessful attempt of
bear traders to crack Nash Motors
common stock below $52 a share.
Transactions in that issue totaled
191, 600 shares, or approximately one
fifth of the days total business, with
over $4,000 shares offered and prompt
ly taken at So. The stock later rail-
lied to 55A, closing at 81 for net
gain of 11a points on the day.
Other motors yielded more rapidly
to selling pressure, General Motors
common sagging 2as to 1861, de-
spite widespread predictions of a sub
stantial cash extra which were full
filled after the market closed, when
the directors declared an extra cash
divedend of 81 share, and offered
to purchase the assets of Fisher Body
by offering two-t thirds of one share
of General Motors for each share of
Fisher Body. stock. New low records
for the year were again established
by Jordan at 27%, Chandler-Cle
land at 13H, Fisher Body at S1B, and
Paige-Detroit at IA.
The general stock list drifted low
er with public interest at low ebb.
Some encouragement was derived by
constructive forces, however, from
the prompt over-subscription of $780,
100000 in new public utility offer
ings, which was accepted by them as
an indication of a strong underlying
investment demand. About the only
business news of Importance were re-
ports of a better demand for struc-
tural steel and non-ferrous metals
and the announcement of Carl Gray
president of the Union Pacific, that
freight traffic on his road was run
ming 10 to 12 per cent above that of
a year ago.
Oils were in better demand, pre-
sumably on reports of large current
earnings and record breaking gaso-
line production. There seems to be a
disposition in some quarters, how
ever, to restrict commitments in those
issues, pending further developments
in the Panhandle, and other oil fields
where extensive drilling operations
are in progress. Union Oil of Cali
fornia was the leader in that group,
closing IL higher at 445s after hav-
ing crossed As. Lago Oil, admitted
to trading for the first time, was
active around 1917.
Some confusion resulted from the
fact that Pacific Oil, formerly quoted
around 54A, appeared on the tape
between l and l3s share, but this
was explained by the fact that the
stock was quoted minus one share of
Standard Oil company of California,
which recently absorbed the Pacific
stock and whose stock sells around
53A a share.
Backing and filling movements
characterized the general industrial
list with marked heaviness shown by
Allied Chemical, Baldwin, Dupont, In
ternational Cement and Radio cor
poration. Local fractions were strong,
and substantial gains also were re-
corded by Gotham Silk Hosiery, KeI-
sey Wheel and Tobacco Products, all
up to 31a points.
Reactionary price movements also
predominated in the commodity mar
kets. Wheat futures sagged slightly
on reports of an improved crop out
look Better weather also was, held
responsible for a reaction of IA to 20
points net in cotton prices. Raw
sugar was unchanged, but futures
yielded slightly. Coffee closed un-
to points higher.
Call money renewed at 3A per cent,
and held steady at that figure all
day. Time money and commercial
paper rates were unchanged.
Foreign exchanges were irregularly
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