Douglas daily dispatch., 1926-04-21

stock dividend of the Columbia Gas
and Electric company was raised from
$3.50 to IS annually. French francs
sagged to another new low level de-
spite reports that a working basis
had been reached for the settlement
of the French debt to the United
States. The first of the March rail-
road earnings statements to make
their appearance compare favorably
with those of the same month last
year. The Union Pacific reported
gross of $15,9O5,760 and net of $2,-
667,791, as compared with gross of
$14,O12,4O and net of $2,023,459 last
year. The Kansas City Southern re-
ported gross of $1,S64,89S and ball
ance after taxes of $544,S9 as against
81, 1852, ,24O and $464,350 in March, 1925.
An overnight study of Chairman
Gary's remarks on dividend policy
and business of the United States
Steel corporation apparently allayed
earlier fears the common closing q
higher at 119 after having touched
119% Crucible and Republic Steels
each advanced over a point, and the
other independents improved fraction
ally
Pool operations We're aggressively
leo iuctdN in Focal transactions in
anticipation of favorable develop
ments regarding bus franchises and
new subway construction. A tenn
porary outburst of strength in Ma
rine preferred was associated with
rumors that negotiations were near
ing completion for the sale of the
White Star Line boats to British in
terests.
Constructive operations also were
apparent in number of specialties.
Federal Mining and Smelling common
broke 16 points to 20, new low
record for the year on a Delaware
court decision, overruling the COM
pany's demurrer to suit brought to
prevent the company from paying a
special dividend Of $40 on that issue.
The preferred stock rallied points
to IS, but lost nearly half it's gain.
Substantial net gains were recorded
by Consolidated Cigar, Dupont, Air
Reduction, American Water Works,
California Packing, Chicago Pneu-
matte Tool, Cuba Company, May De-
partment stores and National Lead,
all up 2 to points.
u S. Rubber sank to a new low
level for the year at 5S12 and then
crossed 60 for small fractional gain
on the day.
Fluctuations in the motor issues
Motors and Jordan closing about
point higher, and the others showing
fractional changes.
Union Pacific, Chesapeake and Ohio,
Colorado Southern and Texas Pacific
clos i'd 1 to nearly 2 points higher,
but the other active rails showed lit
tie change.
Commodity markets were irregular.
May wheat dropped 2 cents bushel
tE $1.65A i'but Ele Pther options
showed only narrow changes. Cotton
trading was quiet, with final quota
tions 1 point lower to points high
er. Sugar prices were unchanged.
Coffee eased to 8 points.
Call money renewed at per cent,
as against Az yesterday, and held
steady at that figure all day. Loans
in the outside markets" were re-
ported to be available as low as 8
and 3A per cent. Time money was
quoted at 4as to Az per cent with
some 9O-day loans reported as low as
Az. Prime commercial paper rates
were unchanged.
Establishment of another new low
level by French francs at 3.3OA
cents and a drop of half a cent in
Polish zlotys to 1850 cents featured
the irregular foreign exchange mar
ket. Demand sterling held firm
around $4S5 1916. The Canadian
dollar was quoted at premium at
5-32 to 11-64 of 1 per cent despite
the shipment of over $5,OO0,OOO in
gold to Canada.