Douglas daily dispatch., 1926-02-20

Today's stock market again failed
to develop a definite price trend In
dustria1s were inclined to sell off on
a renewal of professional selling
pressure but the decline was held in
check by the brisk demand for the
railroad shares, several of which
closed one to two points higher. The
impending holiday led to rather ex-
tensive evening-up of speculative
commitments which accounted, in
part, for the confused price move-
ments. Trading continued in moder-
ate volume, the day sales aggregat..
ing 1,437,6O0 shares.
Call money renewed at Az percent
but was marked up to five in the
early afternoon when banks began to
call loans, presumably as a result of
the publication of the federal reserve
report showing an increase of nearly
$45,600,000 in brokers borrowings in
the week ended February TO- The
only dividend news of general inter-
est was the declaration of a 25 cents
extra on Ohio Oil.
The weekly mercantile reviews re-
ported little change in the general
business situation. Duns says "It is
still fact that favorable business
reports predominant" describing con-
ditions as Inherently sound" Brad
streets sets forth that wholesale
trade appears to be leading retail and
manufacturing by a good margin, =
adding that spring goods in most
lines are moving we'll and there are
enough orders for immediate con-
sumption to make UP very fair to-
tai"
Revival of speculative interest in
the railroad Shares was inspired Nn
solution of the wage problem when
brotherhoods meet next week, and
in anticipation of a favorable show
ing in the annual reports which will
shortly make their appearance. New
York Central and Atlantic Coast Line
stood out with net gains of two
points each, while Chesapeake and
Ohio, Reading and several others ad-
vanced a point or more.
American Can and General Electric
again established new record highs
at S33 and 3681s respectively, but the
latter sold down to 381 "a at the close
and was as low as 375 earlier in the
session. Texas Gulf Sulphur also
touched at 142A in further response
to the increased annual dividend but
it slid back to 141 on realizing.
United Cigar Stores scared ga
points to 95, closing just below the
top; Tobacco Products showed a net
gain of 35s at 1075s.
Bear traders succeeded in uncover
ing several weak spots. Centering
their activities on issues of compan-
les which did not share extensively
in the general prosperity last year.
American Woolen common was ham
mered down to 31h, the lowest price
in ten years, and the preferred broke
5 points to TIN, but both rallied
when the directors declared the reg
ular preferred dividends, the last
named making up it's loss.
Commodity markets lacked uni
form trend. Wheat futures moved
within a narrow range but closed
lower. Cotton was firm, largely on
account of the congested near months
position Coffee sold 8 to Is points
net lower on preholiday realizing,
and sugar futures were barely steady. /
Time money and commercial paper
rates were unchanged.
The principal foreign exchange
rates moved within narrow and ir-
regular limits. Demand sterling held
steady at $4S6 and French francs
"a 1lied to 9 20 cents after getting
1own around 1856 earlier in the ses-
sion. Scandinavian rates also rallied /
toward the clase on foreign buying.