Douglas daily dispatch., 1926-05-12

Total stock sales 746.6OO shares.
Backing and filling movements
characterized tQday's dull stock mar
ket, with both the rail and industrial
averages clbsing slightly higher on
the day. Most professional operators
appeared to be in a waiting mood
with opinion rather general that the
market would not break out of it's
present trading area until some de-
cisive development took place in the
British strike situation.
Motors were again subjected to
selling pressure and Chandler, Cleve-
land, Dodge Brothers A and Jordan
were depressed to new low levels for
the year. General Motors, Hudson
and Studebaker showed mixed frac-
tional changes. Rumors were current
that the General Motors directors, at
their meeting Thursday would make
an offer for the minority holdings of
Fisher Body by offering one share of
General Motors for one and one-half
shares of Fisher Body, and would de-
clare an extra dividend of So or $4
a share on General Motors stock.
Studebaker reported record d-breaking
April sales.
Il Further weakness also developed in
the rubber group, new low levels for
the year being reached by United
States Rubber common and Ajax.
Rails displayed a firm undertone
with special attention being drawn to
operating economies achieved by the
principal systems in the last few
years. While net changes as rule,
were small, net gains of point or
more were recorded by such issues as
Atchison, Atlantic Coast Line, Cana
dian Pacific, Chicago Great Western
preferred, st. Louis Southwestern,
Seaboard Air Line preferred, Union
Pacific and Texas and Pacific. The
statement of President Harrison of
the Southern Railway that 1926 earn
ings should be as good as those OF
1926 resulted in a temporary furry
of buying which sent the common
stock up to 11OK, but it slipped back
later to 1OS%, up u net.
Activity in the oils was confined
largely to Colorado Fuel and Pan
Handle producers and refiners, both
of which were bid up to new high
levels for the year. Private reports
of another increase in crude oil pro-
duction last week were disregarded.
strong under current of buying
was apparent in a number OF special
ties. among them American Interna-
tional corporation, the Commercial
Solvents. Continental Can, Interna-
tional Paper, international Telephone,
Pullman, Third Avenue Railway and
United States Distributing. Radio
corporation, one of the most active
stocks on the list, was run up to a
new high on the current movement
at As and then dropped back to 43,
off 1 net.
Dupont closed 4 points lower at
2O7A and Mathieson Alkali fell back
3h points.
The wheat market was quick to re-
spond to reports that peace negotia-
tions were going on under the sur
face for a settlement of the British
strike. Wheat futures rallied 1 to
nearly 2h cents a bushel, the May
option closing at $1.63%, as against
$d611h yesterday. Cotton declined 3
to 16 points in featureless trading.
Raw sugar was unchanged but fu-
lures eased slightly. Coffee was
slightly firmer. Call money renewed
at per cent and then eased to 3 Il,
closing at the bottom figure. Time
money and commercial paper rates
were unchanged.
Demand sterling ruled nearly p
cent higher around $4.S5 9-16 and
most of the continental exchanges
held firm in quiet trading. French
francs were quoted around 3.14 cents
and Belgian francs ruled about
points higher around 3.1S cents.