Douglas daily dispatch., 1926-05-05

sank to record low levels of 1922
cents and 3.2O cents respectively, on
selling inspired by fears that those
countries would be quick to feel the
effects of the British trade suspen-
sion.
Wall street generally was of the
opinion that the strike would be of
short duration, two weeks being
widely regarded as the limit.
| Spectators for the decline failed
today in their effort to bring about
another unsettlement in stock prices
as a result of the general strike in
Great Britain. Prices were carried
down 1 to points in the first out
break of selling, but the reaction did
not bring out any appreciable volume
of forced or urgent liquidation and
prices rallied briskly during the aft
ernoon.
Closing quotations were generally
higher, long list of active issues
showing net gains of 1 to points
on the day. Total sales were 1867
500 shares, as compared with 1858, 700
yesterday
Wheat prices were the hardest hit
by the strike news, breaking 21a to
nearly " cents a bushel and then
rallying slightly. May wheat closed
at $1.58A a bushel after having sold
down to $1.56%. Cotton held rela-
lively steady, foreign exchanges were
heavy although sterling was strongly
supported by buying reported to be
for the account of the British gov
ernment French and Belgian francs
tnI raOnrd Oft
and 3.2O cents, respectively. The
calmness with which the London
markets accepted the strike, the con-
tinuance of easy money rates and the
constructive nature of most of the
days domestic business and earnings
reports helped to restore confidence
in the market. There seemed to be
rather general opinion in financial
circles that the strike would be of
short duration and that any adverse
effect on our business with Great
Britain would be compensated by in
creased business in other countries,
particularly those where British COM
petition is serious factor.
Standard industrials and rails took
prominent part in the afte-rally.
U. S. Steel common touched 1921
and then eased slightly for a net gain
of 1 a points on the day after having
sold down to 1203s during the morn
ing.
General Electric rallied from low
of 312 to 31S1A, closing at 317H, for
a net gain of 2A American Smelt-
ing, Consolidated Gas, Dawson Chem
ical, Famous Players, Montgomery
Ward, Postum Cereal. Pullman, Radio
Corporation, U. S. Cast Iron Pipe,
Ward Baking B, White Motors and
Woolworth were among the many is
sues to close 1 to nearly points
higher. Sloss-Sheffield Steel was run
up points to 11S on buying influ-
enced by reports of special develop
ments favorable to stockholders Du-
pont jumped over points to 215.
Oils were in steady demand as a
result of recent constructive trade
developments. These included the
publication of statistics showing an
increase of 25 per cent in the con-
sumption of gasoline in March and
the announcement that gasoline
stocks on April 1 represented only 73
days supply against 81 on that date
points to 1161a, and Colorado Fuel,
General Asphalt, Mid-Continent and
Panhandle producers all advanced a
point or two.
High grade rails, large blocks of
which, are held abroad, were heavy
during the morning, but rallied with
the rest of the list during the after
noon Atlantic Coast Line advanced
2h points to 1919 and Northern Pa
cific, Union Pacific, Delaware and
Hudson, Pere Marquette and some of
the lower priced issues such as st.
Paul preferred and Western Pacific
closed a point or two higher.
Call money held steady at 31a per
cent all day. Time money and COM
mercial paper rates were unchanged. |
Sterling cabled held firm around
$4851a. Norwegian kroner broke
nearly Is points to 21.72 cents, but
the recessions in the other European |