Douglas daily dispatch., 1926-07-28
STOCK MARKET
CONTINUES TO
SHOW A RISE
Stock market averages:
(By Dispatch A. P. wire)

NEW YORK, July 27-Fortified by a
series of favorable foreign and domes-
tic financial news developments, spec
ulators for the advance continued to
mark up prices in today's stock mar
ket Trading was on a slightly larger
scale than yesterday, but public par
ticipation was again in small volume.
Call money continued in plentiful sup
ply, despite the increase in brokers'
loans reported by the New York fed
eral reserve bank.
The most important business develop
ment of the day was the publication,
after the close of the quarterly report
of the United States Steel corporation,
showing total earnings of $47814, ,105
in the three months ended June 80, as
against $45,0S1,2S1 in the previous. The
first half years earnings were there
fore $1.08 share over the full quar-
ter of 1925. The first half years earn
ings were therefore $1.OS a share over
the full years dividend requirements.
In accordance with general expecta-
tions, only the regular dividends were
declared. U. S. Steel, common stock,
closed point higher at 410.
General Motors was the outstanding
individuals feature of the day. touching
new record high for all time at 173
on total transactions of over 10000
shares, or approximately one-sixth of
the days entire volume of business.
The stock slipped back a tthe close to
1715s, up IL on the day. Nash closed
a point higher, and Pierce-Arrow pre-
ferred moved up nearly points, but
most of the other motors showed mix
ed fractional changes, although sew
eral had recorded extreme gains of
to points in the early trading. Du-
pont, which has large General Motors
holding closed AS higher, at 2645s
also a new record high. Active bid
ding for about a dozen industrials who
current earnings give promise of spe-
cial dividend action before the end of
the year furnished the principal spec
ulative activity in the stock market
New 1926 peak prices were recorded
bY wide variety issues, including
American Can, preferred; American
Sumatra Tobacco A certificates, But
terick Publishing, Case Threshing,
Equitable office Building, preferred,
and Texas Gulf Sulphur.
Other strong spots which had their
basis on reports of large earnings were
AIlis Chalmers, International Harves-
ter, May Department Stores, Shubert
Theatres and Western Electrical In
strument, the last named approaching
within a fraction of it's record top. Ru-
mors that the Marland Oil company
may increase it's dividend to SIS at the
next meeting and reports of stiffening
wholesale gasoline prices in the mid
continent field apparently offset the
adverse effect of private estimates of
another increase in crude oil produc-
tion last week. Commodity prices were
mixed Active wheat futures dropped
about a cent bushel on indications of
slightly more favorable weather in the
spring wheat area. Raw sugar ad-
vanced 1872 of a cent a pound and cof-l
fee prices were marked up 8 to 10
points in sympathy with rise in Bra
lillian exchange.
Call money held steady at 4 per cent.
Time moneI and commercial paper
rates were unchanged.
French francs rallied about points
to around 2.52 cents in the late foreign
exchange trading, other continental
paper currency, which had been heavy
earlier, strengthening in sympathy.
Demand sterling held firm around
$4.S5%.