Douglas daily dispatch., 1926-04-08

Feactionary price tendencies devel-
oped on todays market after an un-
interrupted advance of nearly one
week. The selling represented profit
taking by traders who had bought
stocks ''for turn" and sporadic bear
attacks on a few Industrial issues.
based on the theory that the market
was due for a technical reaction.
Both the rail and industrials aver.
ages closed moderately lower.
Trading was extremely quiet dur
ing the morning, but picked up in
the afternoon the days sales aggre-
eating 1,223,7OO shares. The late
selling movement was checked by
a spirited rally in tie rubber stocks.
The days trade news provided
good background for the selling
movement. The weekly steel trade
reviews expressed some doubt as to
whether the high rate of mill oper-
ations could be maintained, and em-
phasized a sharp drop in pig iron,
making the new price level the low
est Since last October. United States
Steel common closed point lower
at 1872, but substantial gains were
recorded by shares of some of the
independent companies, particularly
Vanadium, Otis Steel preferred and
Midland Steel Products preferred.
A further softening took place in
money rates Funds on call renewed
at per cent as against Az yester-
dav and Az on Monday, holding at
that figure all day with large sums
available. Time money which has
been quoted at Az per cent flat
since last Friday, is reported to have
been placed as low. as 43s for some
of the shorter maturities Compile
ton of quarterly payments, drastic
reduction of brokers' loans, heavy
gold imports from Canada and rera-
lively light discountdng of CONNER
cial paper are among the reasons as
cribed for the relative cheapness of
money The report of the American
Petroleum institute showing an in
crease of over $4,000 barrels in the
daily average of gross crude oil pro-
duction last week. tended to restrain
bullish operations in the oil shares
and net changes, as a rule, were
fractional. Motor shares were fea-
tured by the strength and activity of
noints to 37A, in anticipation of
special dividend distribution in june
but part of the gain was lost on
realizing. Hudson closed "a lower,
at 77as, after having fluctuated be-
tween 76 and 79A, and Mack Truck
showed a smaller fractional loss at
111M, after having touched 1891.
The latte rally in the rubber shares
appeared to be a drive against the
short interests. American Beet Sugar
dropped 2h points to a new low at
221h in further reflection of the
omission of the dividend, and marked
heaviness also developed in Founda-
tion Company, General Electric X.
H. Macy, Pathe Exchange and U. S.
Cast Iron Pipe.
Trading in the rail shares was
sluggish, strength of Chicago Great
western preferred, st. Louis South
western and the 800" issues being
counYeracted tby the heaviness of
Atchison, Chesapeake and Ohio, Della
ware and Hudson, Lackawanna ana
Missouri Pacific preferred.
Commodity markets moved within
narrow and irregular limits Active
wheat futures closed slightly higher.
Belgian francs rallied nearly ~
points to above $50 cents on short
covering in expectation of an early
agre eement on a new international
loan. Demand sterling and French
francs held firm around $4.85B and
.3.3S cents, respectively. Japanese
ven were slightly firmer but the
other far eastern exchanges were
weak, Indian rupees falling below 50
cents to q new low level Tor the
Naar