Douglas daily dispatch., 1926-03-18
otal stock sales 1,5O74OO shares.

Stock prices continued reactionary
today under the persistent hammer
ing of bear traders although specu~
lators for the advance made sporadic
attempts to rally the general list by
bidding up some of the principal in
dustrials. Price fluctuations gener-
ally were meaningless, although
closing Quotations disclosed large
number of losses ranging from 1 to
6M points with a much smaller mum
ber of 1 to point gains.
Professional traders continued to
place a bearish Interpretation on the
decision of the Van Sweringens to
release the stock deposited under. the
Nickel Plate" merger plan, with the
result that the rails were freely Of
fered after an attempt had been
made to rally those issues on rumors
Of a substantial dividend distribution
on Chesapeake and Ohio common at
today's meeting. Chesapeake AND
Ohio fell from nearly high of 1884
to 1854, closing near the bottom
for a net loss of 2 points on the
day. Nickel Plate" common broke 6
points to 1856 and rallied to 156, on a
few sales.
Atlantic Coast Line, Delaware and
Hudson, LackaWanna, Pere Marquette
preferred and Pittsburgh and West
Virginia lost 2 to nearlyN 4 points.
Renewed selling of the merchandising
issue followed the omission of the
common dividend on National Cloak
and Suit which stock dropped
tC fn
1922. Weakness also developed in
such issues as Gimbel Brothers, r. II.
Macy, S. S. Kresge, May Department
Stores, Oppenheim and Collins, Cen
tury Ribbon Mills and Sears Roe
buck.
Ward Baking B. was subjected to
another severe selling attack, break
ing nearly 8 points to a new low at
411A and then rebounding to 43%.
The stock sold as high as S53s earli-
er in the year. Encouraged by their
success in depressing this issue, pro.
fessional shorts" went cunning for
other weak spots forcing sharp re-
cessions in such issues as Central
Leather common and preferred, Pos
tum Cereal National Biscuit, Sim
mons Company and United Drug.
United States Steel common closed
Il point lower at 1255s after fluctu-
ating between 124i% and 1854 In
dependent steels We're heavy, Sloss
Sheffield breaking 4 points to lis and
Republic and Gulf States each losing
over point
The weekly trade reviews reported
a high rate of operations, the iron
trade review stated that ''a further
speeding UP of steel production al
ready on an unusually high plane.
points to the presence OF another
cycle of expansion of consumption"
Motors showed tendency to snap
back quickly on the cessation of SELL
ing pressure.
General Motors dropped from 1921.
to 127l2, but rallied to 129. Hudson
rallied from low of 1OSb to 1O93s
and Mack Trucks from 121A to
123%.
A reaction in the oil shares was
checked by the development of
sudden demand for Standard Oil of
New Jersey, which crossed A after
having sold down to 42% earlier in
the session. General Petroleum,
which had dropped from 81 to 59%,
rallied to 61%, off 2 on the day.
Reactionary tendencies predomi.
mated in the commodity markets. Ac-
tive wheat options fIuctuated within
narrow and irregular limits. Cotton
sagged 8 to 12 points. The sugar
market was Slightly easier and coffee
fell to 10 points to new low levels
for the month in sympathy with