Douglas daily dispatch., 1926-01-07

LOW 1870 ll4.0l JO.lo
Total stock sales 1,734,S0O shares.
The stock market offered better
resistance to selling pressure today
but price movements disclosed con-
siderable irregularity. The opening
tone was heavy as a result of a
large accumulation of overnight SELL
ing orders, particularly in the motors
and oils. Offerings were fairly well
absorbed, however and the market
headed upward after midday, but
sagged again in the final dealings.
Trading was on a reduced scale, the
days sales falling just short of L.,
735,000 shares. The days business
and financial news was largely fav-
orable The weekly steel trade re-
views, pointed out that current OPP
erations were running close to the
pre-holiday level, despite the fact
that new business does not ordinar..
lily develop in large volume until the
middle Of the month. The Federal
Mining and Smelling company an
nounced the payment of dividend
of $40 on the common and authori-
lied the payment of $19.25 a share
in arrears on the preferred stock.
Commodity markets were Irregular.
Wheat advanced IN to 2 cents a
bushel after an early period of ir-
regularity. Cotton futures closed at
net advances of 12 to % points on
prospects of a substantial increase
in exports.
Steel shares displayed a strong
undertone with buying influenced by
prospects Of another favorable tom
mage statement by the United States
Steel corporation this week. U. S.
Steel common crossed 1873 in the
early afternoon but settled back to
1874 where it was up one point on
the day. The brisk demand for Re-
public Steel was based on expecta-
tions of an early resumption of di-
vidends.
Bethlehem and Crucible closed
about a point higher but Gulf States
was heavy.
Heavy liquidation of the Pan
American issues in further reflection
of the adverse federal court decision
in California brought about a SYM
pathetic reduction. in some of the
other oil shares. General Asphalt
vanced to their highest prices since
1922.
Rails were reactionary although
special strength developed in Delag
ware and Hudson on a revival OF
rumors of an early segregation of
it's coal properties the stock showing
an extreme gain of nearly points
at u, the highest price since 1913.
Outstanding strong specialties in
cluded Consolidated Gas, American
Smelling and the commercial solvents
issues, the net gains in which ran
from 2 to points.
Federal Mining and Smelling broke
from III to 99% on the announce
ment of the dividend, but rallied lat
er to 104A for net loss OF 5%
points. The preferred touched a new
high record at 1O5 and then eased to-
1O3, up 5s on the day. Dupont, Mack
Trucks and United Cigar Stores were
conspicuously heavy
Call money renewed at Az per cent
and then dropped to A, closing at
the low figure. Pfme money ratets
were a shade easier, thirty day ma
turtles being available as low as
Az instead of Az per cent, the pre-
vailing rate of the last few weeks
Prime commercial paper was un-
changed at Az to Az per cent.
The foreign exchanges displayed
firm undertone. Demand sterling
ruled 11-16 higher around $4S4 l1-lO
and French francs advanced nearly
points to S.S5 cents. Moderate gains
were also recorded by the principal
currencies