Douglas daily dispatch., 1926-04-27
UPWARD TREND
HALTED MONDAY
(By Dispatch A. P. vleel

Profit taking and bear selling halt
ed the advance in the industrials
which had continued uninterruptedly
for seven consecutive days, in to-
days market, but the railroad shares
continued their rise to higher ground.
Trading, which was largely of a pro-
fessional character, showed a marked
falling off in volume the days sales
just crossing the 100000 share mark
as against $4,000 in Saturdays two
hour session and 2,32S,7OO on Friday.
The decline in the industrials was
not associated with anything in the
days news, but was widely regarded
as a natural readjustment after the
v1ee rous upturn last week. Despite
the sharp deficit in reserve shown in
last Saturdays clearing house state
nSnt call money renewed at 3K per
cent and then dropped to 3, with an
apparent plethora of funds available.
Time money was on flat 4 per cent
basis, instead of to a 1s, the closing
rate last week.
Publication of splendid quarterly
report by the General Motors corpor-
alton showing earnings of $3.50 a
share, was followed by the traditional
selling on the good news" the stock
reacting from a nearly high of 129S
to 1868 and then rallying to 1868
for a net loss of 2B on the day.
Heavy selling also broke out in Hud-
son Motors, which was driven down
over points below Saturdays clos
ing quotation to 66% and then rallied
about a point. Weakness also de-
veloped in some of the other auto
motive issues, Mack Trucks, White
Motor, Jordan and Fisher Body losing
2 to 8 points.
Trading in the standard Industrial
was rather quiet but practically all
of them drifted to lower ground.
United States Steel closed 5s to L
lower at 1211k after selling a point
above that figure, and losses of a
point or two were recorded by Amer
lean Smelling, American Tobacco,
Baldwin, Fleischmann, Gulf States
Steel, S. S. Kresge, Studebaker, U. S..
Industrial Alcohol and local fractions.
Some sharp recessions took place in
a number of specialties which were
bud up rapidly last week at the ex-
pense of an over crowded short in
terest. Allied Chemical, American
Safety Razor, Chicago Pneumatic Tool,
Coca Cola, Cushman, Dupont, Mathie-
son Alkali, Remington Typewriter,
United States Cast Iron Pipe and
Woolworth all closed at net declines
of 21a to nearly points.
Heavy liquidation of the Armour
issues, apparently was in anticipation
of poor first quarter report. Among
the higher priced shares, the best
gains were recorded by Louisville and
Nashville, Norfolk and Southern,
Pittsburgh and West Virginia and
''Nickel Plate" common. Commodity
markets were mixed Wheat prices
rallied moderately with the May op-
tion advancing nearly a cent a bushel
to $1.63. Cotton fell back 13 to "a
points with selling inspired by re-
ports of better weather in the south.
Coffee futures advanced IL to 21
points in sympathy with a firmer
market in Brazil The sugar market
was firm, raw sugar advancing lie
of a cent a pound.
Foreign exchanges were easier, al
though Belgian francs rallied nearly
5 points to 361 cents in anticipation
of the senate's approval of the Bel
gian debt settlement, which came
after the market closed Demand
sterling ruled just under 4.S6 and
French francs were slightly easier
around 1854 cents. Norwegian krone
jumped 8 points to 21.56 cents, but
other changes were rather narrow.
n