Douglas daily dispatch., 1926-07-30

points, but the general market dis
closed considerable irregularity, the
average of 20 leading railroad shares
showing small loss on the day.
Seldom in recent Wall street history
has the stock exchange witnessed an
exhibition of buying power such as that
which has taken place in the last few
weeks in what are regarded as the two
premier Industrial stocks. Individual
transactions ranging from 1000 to 5000
shares have been frequent with the
daily turnover this week averaging
more than 100000 shares in General
Motors alone. In the absence of any
authoritative information, the financial
district looks for the cutting of a sub
stantial "melon" by both companies, as
current earnings are far in excess of
present dividend requirements, with
each corporation possessing an enorm-
Gus surplus.
The prospect of stock split-ups is al
so believed to be behind the rise in
such issues as Allied Chemical Du-
pont and Texas Gulf Sulphur, the first
named coring an extreme. gain of over
A6 points, while the last two broke
through to new peak prices
Pools also were active in some of the
lower priced issues, such as American
Can, Nash Motors and Timken Roller
Bearings, but speculative cliques in
many other stocks were reported to
have either restricted or suspended op-
erations until the market for some of
the high priced industrial specialties
quieted down.
Outside the stock market one of the
most important developments of the
day was a rally of about 8 cents a
bushel in wheat prices, based on unfa-
vorable weather reports and an ad-
vance in Liverpool quotations.
Call money ruled unchanged with
plenty of funds still available, and the
New York federal reserve rediscount
rate continued unchanged, for another
week, at least, at " per cent. While
, the advance in nUited States Steel,
common, was not associated with any
thing in the days news, the report
that mill operations had increased 2
per cent this week, bringing them to
around SO per cent of capacity. had bull
lish effect on sentiment.
Heavy profit taking and sporadic
bear selling took place in several sec
tions of the list under the cover of
strength in theshigh priced industrials.
Net declines of points or more were
registered by about dozen issues, in
cluding Atlantic, Gulf and West Indies,
Burrough Adding Machine, Dawson
Chemical, Foundation company, Gulf
States Steel and Shubert Theatres.
Rails lost ground, despite the publi-
cation of additional favorable June
earnings A jump of 931a points in the
ordinarily inactive Nashville, Chatta-
nooga and ST. Louis to $50 on a few
sales was one of the few features in
that group.
Call money held steady at 4 per cent.
The New York stock exchange. report
ed moderate activity, with conditions
similar to the previous days of the
week. Time money and commercial
paper rates were unchanged.
Outside of wheat, the commodity
markets attracted little attention. Cot
ton futures advanced to 10 points
with the distant options touching new
high levels for the season. Raw sugar
was unchanged and coffee prices were
slightly lower.
| Foreign exchanges held fairly steady
in quiet trading, demand sterling rul-
ing around $4.S5% and French francs
around 2.40 cents.