Douglas daily dispatch., 1926-02-04


Bullish sentiment became more pro-
nounced in todays stock market,
which showed tendency to break
away on the UP side, from the mar
row trading area within which it
has been fluctuating for the last few
weeks. Easier money rates stimulat
ed the demand for stocks with the
oils, sulphurs, goods, coppers, rub
bers and equipments, all giving good
exhibitions of group strength, the
upturn was accompanied by increased
activity, the days sales running over
IL million shares.
Oils bounded upward when it be-
came apparent that recent crude oil
and gasoline price increases were as
Stunning nationwide proportions. Pa
cific Oil was the leader Of that group,
moving up over 2 points to 8O11, the
highest price since the stock was ad-
mltted to trading over five years ago.
Nash Motors was the spectacular
individual feature, soaring nearly AS
points to 585, also a new high record
on total sales of less than 1900
shares. Other motors, which are be-
lieved to harbor a large short inter-
est, displayed a firm undertone. Net
gains of one to two and half points
we're recorded by General Motors,
Mack Trucks and Willys-Overland
preferred, the strength of the last
named being based on reports of the
retirement of large block of that
issue.
Despitet he fact that the weekly
steel trade reviews reported little
mand was noted for those issues.
United States Steel common closed
fractionally higher at 1884 but Sloss
Sheffield was run up 3k points to
1861 and Gulf States Steel scored an
extreme gain of 214 points at 1885.
part of which was later lost. Wall
Street hears persistent reports of a.
merger of Independent steel coAmpan-
lies, but to date there has been no
tangible evidence of a new combina-
tion being formed
The advance in rubber shares was
checked by the announcement of a
reduction in prices by the United
States Rubber company, the common
stock of which, showed a net gain of
nearly 1 point at 8SA after having
sold as high as 85ss earlier in the
session Goodrich closed 12 higher
at 70. Higher prices for the red
metal accelerated demand for the cop
per stocks, American Smelling re-
cording a net gain of over 2 points
at 14O% after touching 141h, the
highest price since 1907. Federal
Mining and Smelling jumped points
to 1O3, the preferred closed points
higher at 9614 and Anaconda moved
up over a point to49.
Other outstanding industrial strong
spots included Allied Chemical, Amer
lean Can, National Lead, United Drug
and United Fruit, the net gains in
which ran from to nearly IL
points.
Rail shares Jagged behind the rest
of the list with heaviness cropping
out in the eastern coalers as a re-
suit of the third failure of the an
thracite conference to reach an agree
ment. Canadian Pacific, for which
strong foreign demand has suddenly
developed, moved up to 162, the high
est price since 1919, but later cam
celled the days gain on realizing.
Louisville and Nashville, and Allan
tic Coast Line also showed independ-
ent strength
Call money held steady at per
cent but funds We're available in the
"outside market" as low as 3h. Time
money and commercial paper rates
were unchanged.
Foreign exchanges again moved
within a narrow area. Sterling ex-
change continued within striking dis
+aDce of ero1d naritv which is aDDrOx~
imately 4S6% for cables. French
francs were slightly firmer, just
above 9.75 cents, Polish zloty rallied
above IA cents after being heavy
earlier in the week.