Douglas daily dispatch., 1926-03-03

NEW YORK, March 2.-Stock mar
ket averages:
Date 70 Ind"strinis 60 Rails
Tuesday .134.16 109.50
Monday ........... 1915 1903
Week ago ......142.6O 1872
Year ago ........ .125.47 1O468
High 1925 .146.07 1879
Low 1926 ....134.16 1O9.50
Total stock sales S,O15,7OO shares.
In one of the most demoralizing
stock market sessions in recent
years prices broke to 10 points in
another gigantic liquidating move-
ment of weakened speculative ac-
counts. Collapse OF a large group OF
public utility and motor stocks took
place in the last hour Of trading
during which total sales exceeded
100000 shares, new high record
for a single hours trading, bringing
the days total ito above 100000
shares for the first time since Mo-
vember 10, last, when the record of
ticker did not record THE last quota.
tion until 1854 p. M, the longest de-
lay in history, the previous record of
AZ minutes having been established
at the end of the half-holiday ses-
sion on January 3, 1925.
All groups of stocks participated
in the reaction, indicating that the
recent violent declines in speculative
issues had necessitated the selling or
high grade investment stocks. 1t
was the fourth consecutive day of
sharply declining prices during which
the average of 20 leading Industrial
issues had sagged 6% points, and the
average of 20 leading railroad issues
has fallen nearly 4 points. There
was a feeble attempt to rally the
general list by bidding up the high
grade Industrial shares at the OPEN
ing, but it met with flood of Of
ferings and renewed short selling in
other quarters.
AS on preceding days, the reaction
was not associated with. anything in
the days news. The adverse, deci-
sion of the interstate commerce COM
mission on the proposed Nickel Plate
merger was not announced until
about an hour after the stock mar
ket had closed.
wide open break in Hudson Mo-
tors which dropped from an early
high of 1904 to 16S featured the
last hours trading So swift was
the decline in this stock, and so far
behind the market was the ticker,
that word was flashed around to
brokerage houses that THE stock was
selling on the floor at 1O8, when it
was quoted 118% under the wheel of
the ticker. The stock subsequently
rallied 10 points from it's low, closing
at 113 for net loss of 5k points on
the day.
General Motors dropped from 1243s
to 11514 and then snapped back to
1893, off S@ net.
Several other motors and accesso-
ries were also hard hit, Pierce Ar.
row preferred dropping 7as points to
S6h, Hupp Motors IN to II, Stewart
Warner Speedometer Z to IL, and
Mack Trucks, Dodge Brothers CONF
mon and Nash Motors sold off to 5
points.
A drastic shake-out also took place
in the public utilities, net losses of
to nearly 10 points being recorded
by American Express, National Power
and Light, North American company,
Public Servee company, Standard Gas
and Electric, United Railways Invest
ment preferred and West Penn com.
pany.
Virtually all the leading indus
trials and railroad issues sagged to
new low levels for the year during
the session. United States Steel
common d<opped from 123% to 12O
and then rallied to 122, or Is points
below the price at which the stock
recently was offered to employees un-
der the corporations annual partial
payment plan of purchase, Other
new lows were established during
the session BY New York Central at
1885, Pullman at $50, American Smelt
ing at 120, International Harvester
at 120 and United States Rubber at
g. In most cases the final quota
tions were above the days lows.
Call money renewed at 5 per cent
as against 5k yesterday and then
eased to Az, closing at the bottom.
Time money held firm at 4% per cent
and commercial paper rates were un-
changed
With the exception of a break of
so points to 1900 cents, in Polish
zlotys, foreign exchange rates moved
within rather narrow and irregular
limits. Demand sterling yielded Il
of cent to $4.S5 516 while French
francs ruled about points higher
around 368lh cents Other changes
were largely nominal.