Douglas daily dispatch., 1926-01-05

Spectators for the advance staged
another series of bullish demonstra-
tions in today's stock market, being
aided by the lowering of reinvest-
ment demand. Heavy profit taking
and sporadic bear selling forced
minor recession in some of the rails.
merchandising issues and specialties,
but the general list closed Irregular
ly higher. Trading was in large
volume but days selling sales run
ming over two and one-quarter mil
lion shares. tdf
Commodity markets also pointed
upward May and July wheat OPP
tions closed about 4 cents a bushel
higher on reports of unfavorable crop
weather in the Argentine and Eu-
rope. Cotton advanced 20 to 36 points
on buying influenced by the more.
cheerful business outlook. The jump
of % to 33 points in coffee futures
was in direct reflection of the an
nouncement that the sac Paulo coffee
loan had been underwritten in Lon
don. Sugar was unchanged.
In the stock market the steel
shares developed an unexpected burst
of activity and strength, in apparent.
anticipation of excellent first quarter
earnings, based on steadily increasing
orders. United States Steel, common,
advanced to within point of it's
record, top while Crucilble, Gulf States,
Republic and Youngstown Sheet and
Tube closed a point or more higher.
17o n dn1 1f esix- i1afs- tf,
1861 in Baldwin revived rumors that
stockholders would benefit through
the early sale of it's philadelphia real
estate Other requirements followed
in it's wake. Motors again were
churned about in what appeared to-be
the usual window dressing cam
paign" on the eve of the New York
Automobile Show. ChrysIer old stock
scored an extreme gain zof s. points
by touching 218, and then .eased to
21612; Hudson closed over five points
higher at 122% and General Motors
WHY'S Overland and others showed
net, gains of 1 to nearly 3 points.
Chief speculative interest in the rails
centered in those issues mentioned in
connection with the proposed South
western merger. "Katy" preferred ad-
vanced two points to 95, to highest
price ever recorded, and st. Louis
Southwestern touched new peak at
IL B and then eased to 7GA for net
gain of 2A points on the day. Har
coal carriers were in supply on rum
ors that operators and miners were
still far apart in their efforts to
bring about a resumption of anthra-
"a
broke over 4 points and Lackawanna
closed point lower. Heaviness also
was apparent in chesapeake and
Ohio, Reading, Louisville and Nash
vile, and Seaboard Air Line.
Pools were again active in a num-
Der of specialties with the rapid ad-
vance in a few issues suggesting a
retreat of an over crowded short i'm
terest. Net gains of 3 to points
were registered by United States
Rubber, Postum Cereal, South Porto !!
Rican Sugar, Savage A1Ims, Shubert
the Commercial Solvents is
sues, LacTede Gas, Phoenix Hosiery
and Union Bag and Paper.
Call money renewed at 6, also 513 |
and then at 5. Despite the deficit of
last Saturdays clearing house state
ment only about $1O,0O0,OOO in loans i
were called by New York banks this
but fresh funds in large
were forthcoming later as
the dividend and interest checks made-I
their way back to the banks. Time |
money and commercial paper rates |
We're unchanged. Heavy buying OF |
French francs, which rallied about 10
points to 3.84 cents and then eased
slightly, featured the foreign ex-
change market The demand was en-
gendered by the better feeling created
by the parliamentary victories of the
new BRAND ministry and the heavy |
renewal of subscriptions to maturing
securities by French holders. De-
m&nd sterling held firm at 4.S4% and
other European rates moved within
and irregular limits.
nTCD AnCH VMANT Ans EIOII