Douglas daily dispatch., 1926-01-09
SHOWS
NERVOUS TONE
DURING FRIDAY
(By Dispatch A. r. w,re>

Total stock sales 2138,900 shares.
Extreme nervousness resulting from
the unexpected increase in the New
York federal reserve rediscount rate
characterized the trading in today's
stock market. Prices reacted 1 to
points at the opening, recovered
about half their losses beforel the
end of the first hour, turned weak
again in the early afternoon and then
rallied again toward the close. Final
quotations were irregularly lower,
net LOSSES in the popular industrials
ranging from fractions to 2h points,
with few specialties showing sub
stantial gains on the day. Trading
was in relatively large volume, the
days sales running well over two
million shares.
While the higher rediscount rate
probably will provide check on
speculative stock market activities,
bankers pointed out that credit con-
ditions were sound and that a plen-
tiful supply Of funds at relatively
low rates was still available for legi-
innate business enterprises. Brad
streets states that trade and in
dustry show some decreases in move
ment when compared with the intense
activity of the holiday weeks, but
when the initial week of 1925 is set
aside the like week last year, it is
found that this years "take-off" ex-
ceeds 1925 on almost every point"
Dun's reports that the customary
slowing down for the purposes OF
inventory has been less marked than
usual" adding that "the agricultural
districts are in a position to buy
more largely than was possible at
this time last year, and savings bank
deposits are larger bespeaking a
great purchasing power on the part
of the public in general"
The commodity markets were mix
ed. Wheat moved up rs to 2h cents
bushel, recovering part of yester-
days loss in sympathy with higher
prices for the product in foreign
markets. Cotton futures closed Is
points higher to points lower with
an opening gain of about 81 a bale
on reports of better textile trade in
England being materially reduced by
Wall Street selling.
Motors, which had attracted a large
speculative following in the tradi7
tional advance on the eve of the op..
ening of the New York Automobile
Show, We're heavily sold at the open
ing. Hudson dropped over four points
to 118 on the first sale, later rallied
as high as 121% and then slipped
baGs aGGsn5fa1 s. I 14is4Ef Moto2s opened points
lower at 1873 but moved back to 1854
at the close. Chrysler closed frac-
tionally higher at SAN after having
sold at So and Mack Trucks showed
a net gain of / point at 15S. Pierse
Arrow issues developed independent
strength the preferred touching
record high at 10S
General Electric was the feature of
the late rally, soaring over 7 points
to 336h and closing just below the
top. Woolworth broke over points
to 21Oh on the announcement that
so, 900 shares from the Woolworth
estate had been purchased and sold
privately, but it bounded back to
215h later.
Rails as group did not attract
much attention although Norfolk and
Western touched a new record top at
154% and Pennsylvania approached
within fraction of it's peak price.
and Ohio, and Atlantic
Coast Line were conspicuously heavy.
Call money held steady at per
cent. Time money and commercial
paper rates were unchanged.
Foreign exchange movements lack
ed uniformity. Demand sterling was
steady around $.S4% but French
francs yielded points to S.S2A cents.
Danish kroner rallied ii points to
24.86 cents in further reflection or
the announcement of a new $4,000
600 American credit on more favor
able terms.