Douglas daily dispatch., 1926-01-21
STOCK PRICES
TAKE AN UPWARD
TURN WEDNESDAY
nv nisna1cn a. P. MIren

(By DispaIcn p. wlre)
NEW YORK, Jan. 20.-Stock mar
ket averages:
Date Industrials Rails,
"Wednesday ........ .140.56 1881
Tuesday ........... 1896 112.S7
Week ago ........... 1889 1868
Year ago .......... 121.46 101.7S
High 1926 ...........1 1882 1879
Low 1926 ..139.66 11287
Total stock sales 2,097, 200 shares.
Stock prices turned abruptly up
ward towards the close of today's
stock market after an early period
of weakness ;resulting from heavy
liquidation inspired by the decision
to give publicity to brokers' loans.
The rally heralded the return to ac-
tive stock market operations of Will
liam c. Durant, motor car manufac-
turer, who distributed buying orders
for thousands of shares from his
sick bed in the post graduate hospi-
tai.
Closing quotations disclosed con-
siderable irregularity, but United
States Steel common, Electric, Du-
punt, AIHGi ICctIl anu d IuIIlU6G OIL Oln-
er popular industrials showed net
gains of liz to points. Trading
showed marked expansion in vol
ume, the days sales running over
1000, 900 shares. Spectators for the
decline hammered stocks in the early
trading on the theory that the fed
eral reserve boards request for more
data on brokers loans, coming with
7 in a relatively short time after an
increase in the New York Federal
reserve rediscount rate was intended
as a warning against excessive spec
ulation in stocks. Scores of stop
loss orders, placed by numerous hold
ers of long stocks, were touched Off,
but strong banking support soon
made it's appearance and kept the
decline in check. The market had
quieted down into a speciality affair
in the early afternoon when it was
suddenly stirred into activity by the
| execution of large buying orders in
the standard industrials.
The commodity markets again lack
ed a uniform trend. Active wheat
futures sold off 1 to IL cents
bushel on the lack of export demand.
The cotton market was influenced by
a rally in the distant options based
on reports of increases of boil wees
vii Information.
The days news developments were
largely Favorable. Call money open
ed at 4 per cent the lowest renewal
figure in ten days, and held at that
figure. Directors of the Stewart
Warner speedometer raised the an
nual dividend rate from SIS to Sc.
Another sharp decrease in the daily
average of crude oil production was
reported for last week.
The weekly steel trade reviews
stressed the efforts of motor manu-
facturers to obtain a cut in present
prices. Iron Age reports that 'In
all finished lines, the call for steel
booked before January 1 is on Il
scale that will keep mill operations
slightly above the December aver
age The Iron trade review eX-
pressed the opinion that "the immed-
late sluggishness of the market is
regarded as passing phase, likely
to be corrected in natural course
within a few weeks
John A. Topping, chairman of the
Republic Iron and Steel company.
stated that while no exact figures of
fourth quarter earnings would be
made, pending the annual audit, net
profit applicable to dividends would
exceed $1,200,00 as against $847,0OO
in the last quarter of 1924.
Special buying was apparent
throughout the day in Associated Oil.
which advanced over 8 points to
new high record at 53% on reports
that several companies We're seeking
control of that property. other out
standing strong spots in the indus
trial list included Hudson Motors,
National Biscuit, Sears Roebuck, U.
S. Rubber, Coca Cola, Famous Play
ers, U. S. Cast Iron Pipe and Ward
Baking 'B," all of (which showed net
gains of to 4 points.
Speculative interest in the rails
was limited to a few issues Frisco
common closed nearly points high
er at 995s in response to reports that
the executive committee was constd-
erine important developments affect
ing that property the nature of
which was not revealed. Southern
Railway common moved up "a on
the announcement that preferred
stockholders had been denied a writ
of error by the supreme court of
Virginia following the recent disanis-
sal of their action. Atlantic Coast
Line showed a net gain of over IL
points at $50.
The feature of the time money
market was a shading in the rate on
the shorter maturities from rs to-