Douglas daily dispatch., 1926-01-12

Extreme nervousness characterized
the trading in today's stock market
which underwent a sharp reaction on
selling precipitated by professional
spectators for the decline. Closing
quotations disclosed a long list of
net declines ranging from l to
points, interspersed with much
smaller number of corresponding
gains. Total sales ran. close to 2,N
325,0O0 shares.
The reaction was Influenced to
large degree by the circulation of
rumors, later proved to be unfounded
that w. c. Durant, automobile mag
matte, who is reported to have amass-
ed millions in paper profits on the
long side of the market in the last
eighteen months, had died as a result
of injuries received in a train wreck
in Florida yesterday. United States
Cast Iron Pipe in which Mr.. Durant
is known to have acquired a large
interest, broke Is points to 1872 and
then rallied to 1913. Speculative un-
easiness over the Mexican situation,
the heavy calling of loans to correct
the large deficit in reserve shown in
last Saturdays clearing house state
ment and commission house advices
suggesting a Tightening Of long ac-
counts also were factors in the days
selling.
The unexpectedly large increase in
untitled orders of the United States
Steel Corporation, made public after
the close Saturday, brought in fair
ly large volume of week end buying
orders the execution of which i'm
paired firm opening to the market.
Heavy selling of the motors set in
around midday, followed by a drive
against some of the high priced in
dustrials specialties. The low prices
of the day were generally recorded
around the end of the fourth hour,
moderate rallies taking place in most
sections of the list just before the
close.
Commodity markets were mostly
lower. Wheat dropped 1 to cents
a bushel on scattered selling due to
reports Of poor export business. Cot
ton futures declined 4 to IL points
on Wall Street selling after rela-
lively firm opening. Coffee options
were bid up "a to 48 points on re-
ports Of a smaller santos crop and
llIlueI ID eiHllleell S@NNAAetASN'
Special strength developed in some
of the eastern coalers despite pessi"
mistic reports emanating from the
conference of miners and operators.
Lackawanna was bid up points to
152, the highest price since the dec
laration Of 100 per cent stock di-
vidend in 1921, on reports of an early
distribution of it's Glen Alden Coal
CHI 81
net gain of IA at S9A and Lehigh
Valley closed rA higher at S4%.
Standard Industrials were reaction
ary United States Steel closed la
lower at 134h after fluctuations be-
tween 1868 and 1891 American Can
showed a net loss of over six points
at 285% and American Ice, American
Smelling, Gulf States Steel, the Pan
American issues, Punta Alegra Sugar.
Sears Roebuck, Sloss Sheffield steel,
United Drug, U. S. Realty Woolworth
and youngstown Sheet and Tube all
showed net recessions ranging from
2 to points.
Motors were under pressure during
most of the session. Hudson collaps-
ed from 1872 to 111h and then raj
lied to 1149s for net loss of AS.
Mack trucks dropped 4A to f48h and
General Motors closed 3A points low
er at 12Gh.
There were few independent strong
spots scattered throughout the list.
American Brake Shoe andA Foundry
umped five points to new peak
price at 1877 and Schultz stores touch
ed a new top at 1878. Radio corpor-
alton was bought in large blocks,
closing Sh points higher at 4O74'
Call money renewed at four per
cent but advanced to Az on the
heavy calling of loans by out OF town
banks. Time money was slIghtly
easier some short maturities being
reported available as low as IA per
cent. Commercial paper rates were
unchanged.