Douglas daily dispatch., 1926-04-28
,otal stock sales 1,O64,6OO shares.

Further irregulariuy developed in
today's stock market, with trading
showing a further shrinkage in VOL
ume Net gains and net losses were
about evenly divided at the close.
Banks called about $2O,OO0,000 in
loans during the day., which kept the
official call money rate firm at 3h
per cent although that rate was
shaded in the "outside market"
The chief financial news develop
ment of the day was the placing Of
the common stock of the United
States Steel corporation on a regular
annual basis of Z per cent through
the declaration of a quarterly divi-
dend of $1.75. A regular quarterly
dividend of $1.25 and an extra of SO
cents have been paid for over two
years. Total earnings of the corpor-
alton for the first quarter of 1926
were $45,061,2 ,2S5 compared with $42,
28O,465 in the preceding quarter and
$39,SS2,9 in the corresponding pc
riod a year ago. United States Steel
common fluctuated between 12O% and
122A, closing at 121h, unchanged on
the day.
Trading in the general list was
largely of a professional character,
with public participation still nomi-
nal. News developments continued
largely favorable, with several splen-
did quarterly railroad reports making
their appearance during the day.
Missouri Pacific earned $1.07 a share
on the common in the March quarter,
against 33 cents in the corresponding
period last year.
Motors were subjected to further
pressure but the selling generally was
well absorbed.
Two of the most interesting auto
motive trade developments were the
earnings report of the Pierce-Arrow
company, showing 1928 a share earn
ed on the preferred in the first three
months as against $1.6S in the first
quarter of 1925, and the announce
ment of price cuts by the Franklin
Automobile company. Hudson was
driven down to 65a, but rallied toI
665s, off IN net. General Motors
closed a point higher at 127% after
fluctuating between 1854 and 129.
Mack Trucks showed small frac-
tional loss of 1151 after having sold
down to 114A.
Heavy buying of Skelly Oil, which
touched a new high for the year at
35, was based on rumors that nego-
tiations were under way for the mer-
ger of that company with some STAN
dard Oil unit Davidson Chemical
moved up a point on a heavy turn
over, with buying based on reports of
steadily increasing earnings. Pool
activity also was apparent in a num-
Der of other industrials and special
ties with net gains of a point or two
being recorded by Colorado Fuel, Fa-
nous Players, Coca Cola, LoeW's and
several others.
Rails held relatively firm with evil
dences of investment buying in some
of the northwestern issues, which
hitherto had been neglected. Some
sharp gains were recorded by ordi-
narily inactive issues. big Four"
common jumped 19% points to 2O5, |
and Hooking Valley scored % points
to 1854, both record highs.
The commodity markets were mix
ed Changes in wheat prices were
narrow and irregular. Cotton ad- /,
VdnCeQ IL TO 10 pOIHCS OH more ell !
couraging reports from British cloth !
markets. Raw sugar was unchanged, |
but the futures were easier. Coffee |
closed 1 point higher to 25 points |
lower.
Establishment of the highest price !
since 1928 by Japanese yen at At 7-16 |
cents featured fthe irregular foreign
exchange market. Demand sterling !
was slightly easier around $485% and |
French francs sold down a few points /
to around 3.33 cents. Belgian francs !
held relatively steady just above so I
cents, the senate's approval of the !
Belgian settlement apparently having !
been anticipated, A slightly higher