Douglas daily dispatch., 1926-08-19
MARKET PRICES
IRREGULAR AS
STOCKS SHIFT
Stock market averages:
Total stock sales, 1,S92,4OO shares.
o nv Dispatch A. P. Wirel

NE WYORK, Aug. 18.-Extensive re-
adjustment of speculative accounts,
with a rather widespread tendency to
switch from tn eindustrials to the rails,
impaired considerable irregularity to
today's stock market. Selling pressure
was quite pronounced during the morn
ing, due to renewal of bear attacks
an dheavy liquidation by small traders
who followed the advice of some of the
large commission houses to tighten
long commitments and to restrict pur
chases to high grade issues which had
not shared extensively in the recent
advance.
Although call money renewed at Az
per cent and held at that figure all
day, with a plentiful supply of funds
available, Wall street continued to ex-
press concern over the credit situation
The days business news was mixed
lin character. The weekly steel trade
reviews reported that mill operations
were being continued at high rate
with no appreciab1e falling off in new
business, although attention was called
to the growing imports Of foreign steel
products.
Petroleum Institute showed another
large increase of daily averages of
gross crude oil last week.
The Cuban American Sugar company
cut it's quarterly dividend from SO to
25 cents.
Heavy liquidation was again appar-
ent in United States Steel common,
presumably in further reflection of un-
official intimations that no stock divi-
dend would be declared this year. The
stock broke more than seven points be-
low the hig hrecord established yester-
day to 1924, but later rallied to 154%,
off e net. General Motors, which has
shared the leadership of recent markets
with steel, sold as low as 201A, but
closed at 2O5% for a net gain of Ia
points.
Mack Trucks was one of the out
! standing industrial stron gpoints, clos
ing five points higher at 1874.
The announcement Of several large
orders for railroad equipment brought
i fresh buying into that group, with
special strength being shown by Air
Reduction, General Railway Signal and
Westinghouse Airbrake.
Cuban American Sugar touched a new
low for the year at 215 5s. National Tea
broke 12B points to 144 on couple
of sales. Buying of the rails was stim-
ulated by the publication of a report of
the bureau of railway economics show
ing that earning and traffic of class
one roads broke all records in the first
six months of the year and by uncon-
| firmed reports that the Van Sweringens
were attempting to come to terms with
minority stockholders before re-sub-
mitting their revised "Nickel Plate
plan. Union Pacific touched IL, the
highest price since 1914, and Chesa-
peake & Ohio, Rock Island and Pere
Marquette attained their highest prices
| in year or longer.
Time money and commercial rates
were unchanged.
| Commodity prices were mixed. Active
wheat futures rallied about cent a
bushel on reports of adverse weather.
with a better demand noted from trade
sources. Raw sugar was unchanged,
but futures were slightly easier. Cof-
/ fee prices closed seven points lower to
eight points higher.
| A sharp rally of over 10 points in
French francs which ruled around 2%
cents, featured the foreign exchange
market. Demand sterling was slightly
firmer around $4.S5 GIG. Japanese yen
yielded slightly on profittal1ing by
spectators.