Douglas daily dispatch., 1926-05-01


NEW YORK, April 30.-The usual
Weekend profit taking and energetic
bear selling of special stocks checked
another rally in todays stock market,
which was featured by the re-awak-
ening of speculative interest in the
oil and copper. Final quotations were
mostly lower, net losses in many is
sues running from one to five points,
but a large sprinkling of issues also
showed substantial gains on the day.
The volume of trading showed
marked falling. off from that Of yes
terday, the days sales aggregating
only 12316O0 shares. While spec-
ulative sentiment is admittedly more
cheerful than it has been for some
time, there seems to be a rather gem
eral disposition to await more light
on the trend of second quarter bust
ness.
Operators on the long side found
plenty of ammunition in the news OF
the past "a hours, in their campaign
for higher prices. OF paramount in
terest was the agreement for the
funding of the French debt, which
if approved by the legislative bodies
Of both countries, is expected by bank
ers and business men generally to
stimulate international trade and
hasten the economic rehabilitation of
Europe.
Extension of gasoline price adj
vances and the optimistic statement
on the trade outlook by G. H. Jones,
chairman of the Standard Oil COM
pany of New Jersey, stimulated actlv'
ity in the oil group.
Despite the denial of merger ru-
mors accredited to officials of the
Atlantic Refining company, that stock
SCARED over seven points to new
high price for the year at 12O IA and
then Slipped back to 11S IL. PAN
handle producers and refiners, which
recently brought in q new Well, moved
up to IA ga while the preferred soar
ed nearly ten points to S5 IS, both
new highs Most of the oils showed
only fractional changes.
Coppers were bought in anticipa-
ton of favorable earnings reports by
some of the principal producing COM
panies, and on the theory that the
settlement of international debts
would revive the export demand for
the red metal Anaconda, whose an
nual report is expected next week,
moved up 2 IA points to 4S IL.
Curious cross currents of prices ran
through the motor group with an ex-
treme break of five points to a new
low for the year at "a So by Moon.
as one of the chief features. Rumors
of tire price cuts, later officially de-
MED in SOY far as they concerned the
United States Rubber company, prob
ably accounted for the heaViness OF
the tire stocks.
Speculative fears for the safety OF
the American Woolen preferred dlVl-
dend were reflected in a bear raid
on that stock, which forced it down
over 8 points to &C. the lowest price
since 1903 but it rallied. The COM
imon stock touched new low at %
IL. Marine preferred also was heav-
ily sold, dropping over points to "a
1-2. United States Steel common and
most of the standard industrials
drifted lower.
Commodity markets were quiet,
with the main price trend upward.
Active wheat futures advanced cent
or so a bushel. Sugar, cotton and
coffee prices showed little change.
Call money renewed at 4 per cent
and then advanced to IL, banks
calling about $25,0OO,O00 in loans IN
connection with month-end require
ments Time money and commercial
rates were unchanged,
Foreign exchanges We're reaction
arv Demand sterling again fell be-
low $4486 and French francs, after
duplicating their years low, rallied
to around $50 cents. Belgian francs
collapsed over 10 points to new low
at 1886 cents, and then rallied slight
". Norwegian krone showed inde'