Douglas daily dispatch., 1926-03-19

Further weakness developed in to-
days stock market which was fea-
tured by the heavy selling of the
motor shares on unconfirmed rumors
of disappointing spring sales of sew
eral makes of passenger cars. The
selling originated with bear traders,
but the severity of the decline re-
suited in the liquidation of a large
volume of long stock with the res
suit that closing quotations disclosed
Il large number of losses ranging
from L to 16 points. Total sales
crossed the 100000 mark for the
first time in a fortnight.
The reaction came after opening
outburst of strength which followed
the execution of buying orders pre-
sumably inspired by the announce
ment, after the close yesterday of
substantial dividend distribution on
the stocks Of the so-called Van
Sweringen roads. Chesapeake and
Ohio common, which opened with o
block of 10000 shares at the spread"
price of 1873 to 1891, a maximum
overnight gain of points. advanced
to 134A and then dropped to 1301a.
nickel Plate" common closed un-
changed at 156 after having sold 5
points above that figure. Trade and
financial news was large conserva-
tive. Time money rates eased to
the lowest general level prevailing
since October, 1925. The annual divi-
dend of the International Harvester
company was advanced from SIS to
Sc, better inquiry was noted for
pig iron, and the stock offerings of
the Lambert company was promptly
over-subscribed. Indications that the
market harbors large short interest
were seen in the long list of stocks
loaning FLAT" or at a premium after
the market closed.
Selling of the motor stocks as
sumed huge proportions when bear
traders succeeded in making Roadway
against such issues as GeneralN Mo-
tors, Hudson and Chrysler, which
previously had offered stubborn re-
sistance to selling pressure.
General Motors was hammered down
from 1888 to 1251A. Jordan from 5O1s
to 46, and Mack Trucks from 125 to
119, all closing at or near the days
low level for net losses Of to
points.
Acute weakness also developed in
q number of high priced industrials
and specialties. American Can Gold
stock) broke Is points to 287k clos
ing at the bottom.
American Hide and Leather pre-
ferred tumbled II points to As and
then rallied feebly, and Advance
Rumely preferred, Allied Chemical,
American Ice, American Smelling,
Continental Insurance, Electric Auto
mobile Lite, General Electric, Kinney
and Company, Savage Arms, Strom-
berg Carburetor United States Cast
Iron Pipe and Woolworth showed
net declines of S14 to points.
Rails yielded with the industrials
but the declines were not as large.
500" common and preferred broke
7 and points, respectively, on a.
small turnover, and Atlantic Coast
Line dropped 5 points but the recess
sions in such issues as Baltimore
and Ohio, New York Central, New
Haven and Reading were held to
point or two.
A sharp rally in wheat prices on
report of export demand featured the
market. May wheat closed
3hc a bushel higher at $1.66A. Cot
ton was unchanged to points low
er. Coffee and sugar prices were
slightly easier.
The renewal rate on call loans was
unchanged at AZ per cent which
figure was maintained ali day. Time
money was in more plentiful supply
with loans available as low as Az
per cent. Prime commercial paper
was unchanged.