Douglas daily dispatch., 1926-12-10
STOCK PRICES
MOVE UP v ARD
ON THURSDAY
(By The Associated Press)

NEW YORK, Dec. 9.-R-Respond-
ing to favorable trade news, easier call
money rates and another series of fav-
orable dividend announcements stock
prices moved upward today under the
leadership of the high grade rails and
industrials. The average of 20 leading
industrial shares advanced to within
less than point of the record high,
gains in number of Individual issues
running from one to eight points. Rails
gave an even more impressive demon
stration of strength than the indus
trials, although the "rRilroad average"
is still several points, below the years
record top. &
Call money renewedEat per cent
and then dropped to Az. Time money
and commercial paper rates were un-
changed. The weekly meeting of the
New York federal reserve bank failed
to produce any change in the redis-
count rate, although an early reduction
is expected in some banking quarters
U. S. Steel common was heavily
bought on reports that@mill operations
were again above 80 per cent of ca
pacity, closing IN higher at 1909
The November tonnage statement to
be made public tomorrow at noon is
expected to show substantial increase
in untitled orders. Resumption of the
advance in Allied Chemical was ac-
companied by rumors of the early
declaration of 40 per cent stock divi-
dend
In the motor group, Nash suddenly
leaped into prominence by jumping
over four points to 63K, bu1 later
slipped back to 81. Urgent short COW
ering was a factor in the rapid rise.
General Motors closed fractionally
higher after moving within a range of
IN points Chandler Cleveland pre-
ferred sank to new low on rumors
of cut or omission of the dividend at
the next meeting of the board. Elec-
trio Refrigeration and Foundation
Company also broke to new low levels.
Loose -Wiles Biscuit jumped SA
points to a new high record at 172.
Among the dozen or so highs estab-
lished in the industrial division were
South Porto Rican Sugar, Eureka Va
cuum, CRANKY Copper, Greene Cananea
and American Zinc preferred.
Buying of the rails was stimulated
net operating revenue in the first ten
months of the year to be the highest
of any corresponding period in his
tory, with October showing the highest
monthly total on record. Coal car
riers were especially strong, Pittsburgh
& West Virginia soaring over eight
points to a new peak at 1271A, while
Lehigh Valley crossed 101 to new
record top.
Secretary Melons annual report toI
congress, in which he said 1--WE cam
look forward to another satisfactory
year." was particularly encouraging toI
operators working for higher prices.
Bankers were especially interested in
the statement that "installment buying
does not yet seem to be menacing our
financial soundness."
Cotton, wheat and the other COM
modify markets drifted lower.
Foreign exchanges were irregular.
Demand sterling held firm around
$4.S4h, but French francs reacted
nearly 10 points below yesterdays topI
price, and minor recessions took place
in most of the other continental rates.
Brazilian exchange sank to a new low
record and the Canadian dollar was
again quoted at a discount of 164 of
l per cent, as against a small premium
last week