Douglas daily dispatch., 1926-08-17
U. S. STEEL GOES
TO new RECORD
FOR ALL TIME
Stock market averages:
tai stock sales, 1,775.OOO shares.
(By Dispatch a. 2. Wire }

| NEW YORK, Aug. Establishment
of a new high record for all time by
United States Steel common at SO II
and the revival of activity and strength
in the railroad shares, several of which
attained their highest prices in year
or longer, featured today's stock mar
ket. The general industrial list dis
closed considerable irregularity due to
rather extensive profit-taking in re-
cent strong spots and a resumption of
bear attacks.
Wall street was surprised as we'll as
disappointed at the failure of the di-
rectors of the Standard Oil Company
of New Jersey to take any action today
, toward the retirement of the preferred
stock. Reports have been current for
several weeks that the preferred would
be called at lis, the funds to be de-
rived from the sale of a large block of
common stock at prices which would
give 60 stockholders valuable subscrip-
tion rights" and that in addition, the
dividend on the common would be in
creased ,only-the regular dividend was
declared.
Standard Oil of New Jersey common
ylelueQ only 80 A. UuI S6N6Id1 VI IAS
other oils which had been accumulated
recently on the theory that the retire
ment of Standard Oil of New Jersey
preferred would signalize the begin
ming of an coil market" fell back a
point or more General Asphalt was
a conspicuous exception, closing four
points higher at II after touching a
new 1926 peak at 77h.
Dupont registered an extreme loss of
nearly ten points, more than half of
which was later recovered on the ira
dftional selling on the good news,'
following the announcement that the
directors had increased the quarterly
dividend from 212 to II per cent, and
had called stockholders meeting to
approve a plan for changing the CAPT
talization of the company by authoriz-
ing the issuance of 100000 shares of
no par common to replace the present
1, 500, 900 shares of 500 par, with the
announced intention of issuing two
shares of new stock for one of the
present common.
Although the next regular quarterly
meeting of the U. S. Steel directors is
still more than two months away, Wall
street professed to have information
that 40 or SO per cent stock dividend
would be declared, which probably ex-
planned the demand for that issue. 1t
closed at 1881, up rs net. Steel mill
operations are being maintained at a
high rate but uneasiness is expressed
in some quarters over the reported
falling off in building activity, and the
Inc ola nf on O
settlement of the British coal strike,
whic his obviously retarding steel
manufacture in England
The rails were b ou h t on the
strength of excellent earnings reports
and maintenance of record breaking
freight traffic with rumors current of
special dividend action by some roads
before the end of the year. Atchison,
Baltimore & Ohio, Chesapeake & Ohio,
common and preferred, Pere Marquette,
New York Central, Norfolk & Western,
Norfolk & Southern and Northern Pa
cific also topped their previous 1925
high prices, some of them selling at
their highest prices in 20 years.
Call money held steady at Az per
cent Banks called about 100000
in loans, but the supply of funds was
plentiful all day.
Time money and commercial paper
held firm.
Active wheat futures dropped 1A
to nearly 2 cents a bushel on selling
inspired by the unusually large in
crease in the visible supply in the
country. Cotton rallied 35 to 9S points
on reports of widespread insect dam
age. Row sugar was unchanged and
coffee prices held firm. Foreign ex-
changes held steady in quiet trading.
Japanese yen so1d above As cents for
the first time in four years Demand
sterling was quoted around $485 ZIG,
and French francs ruled just above 2.7O
cents.