Douglas daily dispatch., 1926-08-07
OF
ADVANCE STILL
CONTROL MARKET
(By Dispatch A. P. Wire)
Total stock sales, 1,937,3OO shares.

NEW YORK, Aug. 6-speculators
for the advance regained control of
the price movement in today's stock
market, which was featured by a mark
ed broadening of activity. While the
usual weekend profit-taking brought
about moderate recessions from the
high prices in many stocks, closing quo
tations disclosed long list of net
gains ranging from 1 to Is points
The days trade news was again con-
structive in character. The weekly
mercantile reviews reported further
Improvement in business, despite the
fact that the average level of COM
modify prices was now at the lowest
level of commodity prices was now at
the lowest level in two years. An un-
usual midsummer expansion of busi-
ness is noted in many lines and the
crops, as whole, promise well.
Credit conditions continue relatively
easy. Call money renewed at Az per
cent today and then advanced to AZ
as banks called a moderate amount of
loans, but the supply was plentiful at
the top figure. Brokers loans report
ed by members of the New York Stock
Exchange showed an increase of near
ly $71500, 900 in July, which was not
considered excessive, in view of mark
ed increment in the quoted values of
many stocks, particularly the high
priced industrials. The figures seemed
to confirm reports that stocks were be-
ing bought by large financial institu-
tions and wealthy individuals, who
were able to finance their purchases
without recourse to the banks.
Railroad shares, which had been
rather sluggish for a week or more,
sprang into prominence on the an
nouncement that net earnings of class
one roads in the first six months of
the year were the largest of any cor
responding period in history. The di-
vidend-payers made the best showing.
Atchison touched a new high record at
142H
Trading in General Motors and U. S.
Steel, common, quieted down consider
ably, although the former closed more
than 8 points higher and the latter
showed a small fractional gain at 1908.
New leaders were found among the
priced industrial speciaIties. Loose
Wiles Biscuit was the sensational in
dividual performer, soaring 10 points
to a record top at 153 and then drop
ping back to lat.
Oils made only moderate response to
the raising of the annual dividend on
Standard Oil company of New York,
common, from $1.40 to $160
Time money and commercial paper
rates were unchanged.
Commodity prices showed little
change Wheat closed slightly easier,
although a higher premium was paid
for export wheat at gulf points. Cot
ton advanced II to Is points, with trad
ing restricted pending the publication
of the government report next Mon
day. Raw sugar advanced 1872 of a
cent pound and coffee prices ruled 5
to II points net higher.
A sharp rally of over 20 points in
French francs which carried them
above the 3-cent level for the first time
in several months, featured the firm
foreign exchange market. Buying OF
francs reflected heavy short covering
by European sspeculators following the
passage by the French chamber of dep
uties of two important measures pro-
posed by Premier Poincare, in connec-
tion with his plans for the rehabilita-
tion of French finances. Other, con-
tinental rates improved in sympathy.
Demand sterling held steady, around
$4.S5%.