Douglas daily dispatch., 1926-12-09


NEW YORK, Dec. S.-(P-Frequent
shifts of speculative sentiment gave
today's stock market the appearance
of irregularity throughout most of the
session with final quotations generally
lower on the day. The selling was not
influenced by any change in the busi-
ness situation which, in the main, con-
tinued favorable, but rather by the
failure of the public to respond to re-
dividends" by entering the market on
the long side. While money rates or
dinarily stiffen at this season of the
year, due to the. heavy year-end de-
mand for funds, the fact that the new
treasury financing is on a 3H per
cent basis was accepted as evidence
that no permanent credit stringency
was in sight. Freight car loadings
continue to run we'll above those of the
corresponding period last year, and the
slackening in steel mill operations is
offset by the expansion in railroad
buying, for delivery in the first quar-
ter of 1927.
The traditional selling on the good
news" followed the announcement of
SO per cent stock dividend by the
F. w. Woolworth company, the stock
reacting from an early high of 194R
to 1888, closing at 1S9 for a net loss
of 2k points on the day. The stock
has fluctuated between 1851 and 222
this year U. S. Steel closed frac-
OF
as high as 15O%, despite predictions
of sizeable increase in November un-
filled orders to be made public Friday
noon. Fractional recessions also were
recorded by General Motors, Chrysler
Allied Chemical and number of other
recent favorites.
Selling pressure was particularly
acute against such recent strong spots
as International Harvester, Porto Ri
can Tobacco and Case Threshing, all
off two to five points. Independent
strength was shown by a few high
priced industrials National Lead and
Laclede Gas each scored extreme gains
of over nine points, the latter touch
ing new high record at 1864. Loose
Wiles Biscuit, U. S. Cast Iron Pipe,
South Porto Rican Sugar, Atlantic Re-
filming, Greene Cananea Copper and
Remington Typewriter all closed three
or more points higher.
Eureka Vacuum was bid up to a new
peak price at 63 on reports of record
breaking holiday sales. Among the
score or so other issues to break
through their previous 1926 high prices
were Coca Cola Wilson Company "A,
Texas Company (new) U. S. Industrial
Alcohol, Otis Elevator and Vivadou
common and preferred.
Railp displayed firm UNDERGONE
with the best buying in the north
western carriers. Atchison preferred.
Lehigh Valley and Great Northern pre-
ferred touched new peak prices.
Steadiness of cotton prices in the
face of another upward revision in the
governments cotton crop estimate tol
1S,61S,OOO bales, not including linters,
featured the commodity markets. Cot
ton futures actually rallied on publica-
ton of the report, but lost their gain
and closed three to eight points nett
lower December wheat declined about
a cent bushel, but the more Distant
options showed little change. Raw
sugar eased lie of cent pound and
coffee prices showed slight improve
ment
Call money renewed at per cent
and held steady at that figure all day.
Time money and commercial paper
rates were unchanged. Another out
burst of buying in French francs
which carried them above four cents
to a new high level for the year over
shadowed all other developments in
the foreign exchange field Demand
sterling held steady around $4.S4R
but most of the continental rates were
SliPhtlV firmer