Douglas daily dispatch., 1926-03-09

Total stock sales 1,655, 400 ShareS.
The stock market early today un-
derwent the traditions secondary re-
action" which follows a break such
as took place last week, but spec
tacular rally set in during the last
hour of trading and materially re-
duced or cancelled many of the early
losses. Closing quotations We're ir-
regular a long list of active issues
showing net losses of 1 to 6 points
with a much smaller number of 1 to
82 point gains sprinkled through
the list. Trading was rather quiet
until the last hour when sales of
about 425,O0O shares brought the
days total to 1,655,4OO shares.
News developments over the week.
end We're mixed in character. Pub
lcation of several favorable 1925
earning reports, particularly by the
New York Central railroad, the
United States Rubber company and
the Phillips Petroleum company was
offset by an unexpected cut in Penn
sylvania=Crude Oil prices Some un-
easiness developed over the political
Germany into the league of nations,
and the renewed heaviness of French
bond and French exchange, which,
closed above their. low
levels of the day.
The credit situation continued rel
atively easy, call money renewing at
Az per cent and then dropping to 4,
despite the approach of the income
tax date. Announcement that the
treasury department would offer
$5OO,OOO,O00 long term bonds on a
3M per cent basis, was generally re-
garded as an indication of easy
money rates for some time to come.
High priced industrials and the Van
Swerigen railroad shares led the late
rally. General Electric rallied from
313A to 329, where it was up 8h
points on the. day, and American Can
from 299 to 309. nickel Plate" COM
mon which had been hammered down
over II points below last weeks clos
ing quotation to 146B in the early
trading, snapped back to 154%.
Foundation Company was one of
the few stocks forced down below
the lows established in last Wednes-
days drastic reaction, falling to 1872
and then bounding back to 107 where
it was off 6 points on the day. other
conspicuous weak spots were Coca
Cola, Gulf States Steel, which dupli-
Gated the years low; Pullman, Tide
water Oil preferred, which touched a
new 1926 minimum at SO, United
States Industrial Alcohol, which
touched the lowest price since 1928,
and Western Union.
United States Steel common sold
down as low as 121%, but later rail-
lied to 1234 for a small fractional
was noted in General Motors, Hudson
and Railway Steel Spring.
A. rather thin market developed
for some Of the rail shares, Atlantic
Coast Line dropping about points
to PIG and Delaware and Hudson Az
to 1854.
Most of the principal commodity
markets were reactionary. Active
wheat futures dropped 11ac to &c Il
bushel apparently in anticipation of
a bearish government report on farm
reserves. Cotton prices recovered
about two-thirds of the early losses
of to 81 points which followed a
further decline in southern spot mar
kets Raw sugar dropped 1872 cent
of a pound to 405 cents for the
Porto Rican product, new low for
the season Coffee closed on to 20
points higher.
Time money and commercial paper
rates were unchanged.
Foreign exchanges were irregular.
French francs got down to within a
few points of the years low of 3.54 "
cents but rallied to 3.601a, where they
were practically unchanged from