Douglas daily dispatch., 1926-02-05

Renewal of selling pressure, in
spired by the marking up of call
money rates, failed to stem the rs-
ket, which was featured by the buoy-
ancy of the high priced industrials.
Trading was again in large volume,
the days sales running close to o.
100000 shares.
Several popular industrials We're
hammered down one to three points
from their earlier highs when it sbe-
came known that out of town banks
Were calling loans, but offerings
We're we'll absorbed and new leaders
We're quickly brought forward to ral-
ly the list. The high money rates
We're regarded as temporary and Wall
Street was inclined to face a bullfsh
Interpretation on the senate compro-
mise Of a twenty per cent surtax on
large incomes.
Reports of an early merger of the
Associated Oil company with some
other western concern revived spec
ulative interest in the oil shares, but
the net gains as rule, were held
to fractions. Pacific and Associated
oN~AA
at 819s and So, respectively
Nash Motors made another sensaS.
tional jump of 55 points to a new
record high at $40 on. three sales,
making a net gain of nearly 100
points in two days. United Fruit
scored an extreme gain of 1917 points
at 2891a, also new high and then
fell back to 281, and Allies Chemical
American Radiator, the Commercial
Solvents issues, General Electric and
National Tea showed net gains of
5 to II points.
Although the outlook for the local
fractions has improved as a result
of larger earnings and the better re-
lations developing between the cim-
pany and city officials, Wall Street
has been rather mystified by the re-
cent sharp advance of those issues.
Interborough Rapid Transit stock
jumped over points to 3SB, as
against a low of 25 last week, and
third Avenue advanced nearly six
points to S91a, as compared with. al
low of 17A last week.
Motors were again run up at the
expense of ane overcrowded
short interest. Hudson closed nearly
four points higher at 115B and
Dodge Brothers preferred, General
Motors, Fisher Body, Jordan and
White closed 1 to 2h points higher,
United States steel common closed
fHactionally higher at 1895, but a
brisk demand developed for some of
the independent issues.
Eubber shares turned slightly re-.
dictionary as result of cuts in tire
prices Heaviness also developed in
American Zinc preferred, Foundation
company, National Power and Light,
Tobacco Products, and United Cigar
Stores. Sugar responded to the stiff 4
fening. of commodity prices, Ameri- 4
can Sugar refining closing over five
points higher at 821A.
Rails were practically neglected al
though Chesapeake and Ohio, Canadi-
an Pacific and Lachawanna We're not
iceably heavy.
Call money renewed at 4 per cent,
and advanced successively to Az 5
and 514, closing at the top. Heavy
of funds by interiir
banks, presumably because of the
low, rates previously prevailing here
was the direct cause of runup. Time
money rates were unchanged. Primo
commercial paper was on a flat 4A
per cent basis, instead of Az OH.
The principal foreign exchanges
held steady in quiet trading. Demand
sterling ruled around $4.S6 and
French francs around 375 cents. A
jump of over ten points to 1.55 cents
in Greek drachmas, in apparent re
Election of the recent forced loan in 4
that country was one of the few
features