Douglas daily dispatch., 1926-01-06

Total stock sales 2,OS3600 shares.
Stock prices turned decidedly re-
dictionary today despite marked
reduction in call money rates. III
the absence OF any adverse news de-
velopments, the reaction, which ran
from l to points in many issues,
was generally attributed to short
selling, based on the theory THAT the
technical position of the market had
been weakened by the rapidity of
/ the Christmas advance, and by dis
position on the part of wealthy in
dividuals to take profits on which
taxes will not be due until March
1927. Trading was again in large
volume, the days sales running over
two million shares
Chief financial interest of the day
centered in the heavy oversubscrip-
tion of the National Cash I:egister
company common stock issues.
The shares were admitted to
trading on the big board" as soon
as the books were closed, selling as
high as 54 as compared with the
subscription price of so, and then
easing to around 50.
Commodity prices also pursued a
downward course. May wheat fell
nearly four cents a bushel on the
receipt of better weather reports
from the Argentine, and smaller re-
cessions took place in the other OPP
tons. The declines of 25 to S6 points
in cotton followed the lowering OF
Liverpool quotations.
Realizing sales halted the pre-
automobile show rally in the motor
shares. Hudson broke points to
117% and then rallied slightly and
Chrysler, General Motors and Mack
Trucks each fell over 8 points. Pierce,
Arrow preferred, Stewart speedo-
meter and White Motor closed to
nearly az points lower. Tire stocks
also We're heavy, u. S. Rubber break
ing nearly four points to S1lB and
Goodrich showing a net loss of L 15.
Heavy selling of the Pan American
issues was inspired by the adverse
decision of the United States circuit
court of appeals at San Francisco
in the case involving naval reserve
No. l in California. The b stock. Of
they Pan American Petroleum and
Transport, Company, which recently
disposed of it's California properties
to the Pan American Western, show
ed net loss of 21k at 75%, and
the latter broke about points to
4OA and then rallied to 42%. Other
oils reacted in sympathy despite pri-
vate reports of a sharp reduction in
crude output last week.
Weakness ealso developed in such
issues as American Cam and Dupont,
which closed three or more points
lower. There We're a few issues to
move, against. the current trend. Gen
eral Railway Signal, international
Harvester, Federal Mining and Smelt
ing, common and preferred, and Ma
tional Lead closed 2 to points
higher. a a @,
Chief interest in the railroad
group centered in the heavy demand
for the St. Paul issues, the. common
advancing nearly 9 points to IA ana
the preferred showing a net gain of
Q cat 22 Atchison also moved up
over 2 points but most of the other
rails showed moderate recessions.
Call money renewed at per cent
as against an opening rate of six
yesterday, dropped to Az before noon
and thence to 4, the lowest rate since
October 20. Brokers reported that
loans We're available in the outside
market as low as S1s per cent. Time
money and commercial paper rates
We're unchanged.
Reactionary price movements also
predommated in the foreign exchange
market. Demand sterling eased
quarter of q cent to $4S4k ana
French francs fell below $3.50. cents
for an overnight loss Of about SO
points. Nominal recessions took
place in the northern European rates.