Douglas daily dispatch., 1926-07-01
MARKET JUMPS
/. UPWARDS AT A
FASTER PACE
lBy Dispatch A. Z. w,re1
Stock market averages:

NEW YORK, June 30.-With U. S.
Steel, common, soaring to the highest
price on record at 144, the stock mar
ket was whirled upward at a faster
pact today Broadening public partici-
patton reflected growing confidence in
the industrial outlook, which was sup
ported by exceptionally favorable re-
ports from the steel trade and other
basic industries. Total sales aggregat-
ed 1,6S1,2OO shares.
Although the speculative spotlight
was focused principally on the premier
steel issue, it's place at the hear of the
procession was contested by other piv-
otale stocks, such asa General Motors,
which attracted attention by it's rise
to new high ground for the year at
149A, within a fraction of it's 1925 rec
ord of 149A. Meanwhile investment
funds flowed steadily into high grade
railroad shares, the average price of
whic reached the highest point in
several years.
Accompanying the upward flight of
steel common, were varied rumors of
an impending capital split-up, or dis
tribution of the corporations huge sur
plus. All of these lacked confirmation,
although the one most generally cred
ited forecast an exchange of two new
shares for each one now outstanding &
with a new dividend basis equal to $S
or $40, compared with the present 81
rate. A more solid basis for the buy
ing of the steel shares, including Sloss-
Sheffield and Bethlehem, was the an
J. IN hn
half of the year had broken all rec
ords and promised to repeat the per-
formance in the next six months.
Encouraged by the impressive
strength of the market leaders, pools
made their usual bids for public sup
port and found their favorites aided
in some cases by urgent short cover
ing. u. S. Cast Iron Pipe rallied 6
points to a new high on the current
recovery above 204, and United Cigar
Stores, preferred, jumped 6% to new
high at 125.
Numerous gains of 1 to 4 points in
cluded American Can, Consolidated Gas,
Consolidated Cigar, Dupont, Tobacco
Products, Art Loom, the Commercial
Solvents issues, Devoe and Reynolds,
Remington Typewriter and Sterling
products.
WHY'S Overland Wed with General
Motors as the speculative favorite of
the motor group, buying of large
blocks following reports of big de-
mand for it's new lowpriced models.
The days turnover of about 10000
shares exceeded that of U. S. Steel and
of General Motors. The stock was
pushed up 23s points to 31%, while
gains of to 2 points were recorded
by Chrysler, Mack Trucks and Pierce
Arrow, preferred. General Motors,
after reaching the years best level.
closed at 147%, up B.
Railroad shares made favorable
showing, with a renewed demand for
the Van Swearingen issues based on
the announcement that Erie directors
tomorrow would consider the amended
Nickel Plate merger plan chesapeake
and Ohio attained a new peak price
above 139, closing fractionally higher
at 138%
The commodity markets continued
to move in different directions. Whea-
prices were firm, but corn and oats
were lower, probably reflecting dis
satisfaction with the defeat of the Fess
farm relief bill. Favorable weather re-
ports depressed cotton prices 10 to 1S
points. Sugar and coffee We're little
changed.
Relaxation of the call money rate
from to AZ per cent indicated that
the stringency relative to heavy mid
year settlements had been relieved.
Time money and commercial paper
rates were unchanged.
The foreign exchange market was
easy, the only feature being the drop
of French francs to 2.781a, off 9h
points. Demand sterling held firm
around $4.86A Belgian francs also
mare waal1er falling nointS to 2.79h,