Douglas daily dispatch., 1926-08-06
STOCK PRICES
DRIFT LOWER
ON THURSDAY
(By Dispatch A. P. wire)


NEW YORK, Aug. 5:-Stock prices
drifted lower today as the market re-
sumed the correction of the weakened
technical position resulting from the
recent rapid and sustained advance in
many issues While some bear selling
and profit-taking undoubtedly was in
spired by the marking up of the call
money rate from 4 to Az per cent, the
reaction was not generally associated
with anything in the days news,
which, in the main, was again favor
able. Trading showed a marked fall
ing off in volume, the days sales ag-
gregating 1,725,9OO shares, as COM
pared with 2,515,100 yesterday and b.
715,SOO the day before.
Despite the reactionary trend in the
general list, active bidding continued
for few selected specialties. Case
Threshing Machine was the individual
feature, scoring an extreme gain of 20
points, by touching new high record
of 169, as compared with a low of 62 "
earlier in the year. Wall street ex-
poets a stock split-up on Case before
the end of the year. Remington Type
writer also developed outstanding
strength, jumping over 6 points to
119% Trading in General Motors con-
tinued in enormous volume, but the
range of fluctuation narrowed down to
less than points, the closing price of
,2O4H representing a net loss of 2
points. Both buying and selling was
of cautious character, with brokers'
reporting the widespread utilization of
close "stops." United States Steel,
common, received better buying sup
port, the final quotation of $50 repre-
senting only a fractional loss.
Revival of activity in the copper
shares, based on the recent stiffening
of red metal prices, was one of the
most interesting incidents of the day S
trading. New peak prices for the year,
or longer, were attained by Anaconda
and Cerro de Pasco, while Kennecott
duplicated it's 1926 top and most of
the others advanced to within strik-
ing distances of their peak prices. Oils,
as group, were slow in responding
to the excellent semi-annual earnings
reports now being published, although
special strength developed in General
Asphalt, which closed 21a points high
er, at 727a.
Sugar shares also were in better de-
mand as a result of stiffeningS COM
modify prices. South Porto Rican
Sugar jumped over points to 115, and
American Sugar Refining, Cuban Amer
lean and Manati showed net gains of
1 to 8 points, Independent steels- fail
ed to make any response to the an
nouncement that operations of the
Bethlehem Steel corporation were run
ming around 77.7 per cent of capacity,
as against 70 per cent month ago.
Commodity prices moved within
rather narrow limits Wheat drifted
lower on the upward revision of Ca
madam crop estimates cotton closed
practically unchanged with traders in
clined to restrict commitments pending
the publication of the next crop report.
Coffee and sugar prices were slightly
firmer
Call money renewed at 4 per cent,
but advanced to Az as banks called
about $40, 100000 in loans. Time money
rates were unchanged, but prime COM
mercial paper was quoted at per cent
compared with a previous range of 4
to AZ Foreign exchanges were reac-
tionary. French francs broke several
points to around 2.S2 cents on publica-
tion of the Bank of France statement
showing note circulation at a new