Douglas daily dispatch., 1926-03-13

The upward movement of prices
was resumed in today's stock market
with the rails and oils again in the
forefront tof the advance. Scattered
profit-taking and bear selling took
place, however i'm the main body of
industrial stocks. Trading showed
a substantial falling off in volume.
the days sales totalling 1,537,0OO
shares, or about 100000 below those
of yesterday.
Bullish Sentiment was created by
the Improvement in the credit situa-.
tion.
Delaware and Hudson led the ad-
vance in the railroad group by soar
ing nearly 8 points on rumors of an
early distribution of it's coal COM
pany assets. 1t yielded 3 points of
it's gain on realizing. Nickel Plate"
common closed nearly 6 points higher
at 16SA after having sold a point
above that figure and Chesapeake
and Ohio common and preferred ad-
vanced to record high levels at 1864
and 1885, respectively.
Other rails for which there was a
sustained Investment demand, were
Pacific and Baltimore and Ohio. Nor
folk and Western was heavy.
Persistent rumors that General
Petroleum was to be absorbed by the
Standard Oil company of New york,
or merged with some California conn
pany sent that stock up 3% points
at 62as on total transactions of over
10000 shares. Marked strength also
was shown by General Asphalt and
Maracafbo. Texas company was
heavy on selling inspired by the gov
ernment's suit against that company
for cancellation of patents on the
so-called cracking process" for re-
fined gasoline.
Buying of the steel shares was
stimulated by reports of a substan-
tial increase in inquiries in the first
ten days of March and by rumors of
an early resumption of dividends on
Republic steel. United States Steel
common closed q higher at 127, after
having sold slightly above that fig
ure. An extreme break of over
points in American Agricultural
Chemical preferred was accompanied
by reports that the federal trade
commission was bringing suit against
that company. General Motors was
run up 2 points to 1271A on predic-
tions of record-breaking first-quarter
sales.
with no repetition of the recent
extreme depression in the stock mar
more reassuring aspect" says Dun's
Ill
constructive factors, among them the
full employment of workers. it adds,
tend to sustain confidence, and signs
of actual gain in transactions are
not lacking as spring approaches"
Bradstreet's reports that storms
and bad roads have retarded dis
tributive trade over the greater part
of the middle-western states and the
south but emphasizes the high rate
of steel production.
The principal commodity markets
were better. Wheat prices moved up
in sympathy with higher Liverpool
quotations, the May option closing
over &c bushel higher. Cotton
showed net advances of "a to 33
points on heavy short covering Of
near month contracts. Sugar futures
were easier and the coffee market
was dull.
Call money held steady at Az per
cent all day. Time money and COM
mercial paper rates were unchanged.
Foreign exchanges We're irregular.
Demand sterling and French francs
held relatively steady at S4855s and
3.6f cents, respectively. Scandinavian
rates rallied briskly, Danish krone
soaring 18 points to $3.50 and Nor.
wegian krone "a points to 21.89
cents.