Douglas daily dispatch., 1926-03-07
Total stock sales S54,5OO shares.

Erratic fluctuations of stock prices
in today's stock market reflected the
nervousness of the trading element
after the chaotic sessions earlier in
the week. Both the rail and indus
trial averages lost ground, but net
losses as a rule, were small. The
volume of business was again or
normal proportions the days sales
aggregating slightly more than 9OO,-
900 shares. Establishment of new
high records for all time by Chesa-
peake and Ohio common and pre-
ferred at 130% and 1914, respective
ly, was one of the outstanding fea-
lures. The common sold down as
low as 1875 and closed at 1884,, for
a net gain of 1 point on the day. and
the preferred showed a net gain OF
5A at 1907 after having dipped to
129%.
Nickel Plate common registered a
net advance of 2A points at 1874
after fluctuating between 1904 and
155, but the other Van Swerigen is
sues lost ground. Pere Marquette
dropped nearly points to 81, and
then rallied to 80, while the Erie is
sues lost a point or so.
other rails were mixed. Publica-
tion of several unusually favorable
1925 earnings reports by some of the
large carriers during the past few
weeks has been offset by speculative
uneasiness over the outcome of de-
mands for higher wages by the rail-
road brotherhoods.
Standard industrials sagged in the
apparent withdrawal of strong fiji
nancial support which was in evil
dence after Wednesdays dramatic
break in prices. United States Steel
common closed a point lower at
1858 with some of the selling prob.
ably inspired by expectations of an,
other drop in untitled orders for Feb
ruary, when the figures are madS
public by next Wednesday. Motors
and high priced industrial specialties
We're again subjected to rather heavy
short selling with mixed results
American Can was hammered down
to 301, but snapped back to 308 for
net gain of l point on the day
General Electric closed 8 points low
tween BIT and 323. American Ice,
Baldwin, Brooklyn Union Gas, Cush-
man Sons, Electric Auto-Light, Hud-
son Motors, S. S. Kresge, McCrory
Stores, "B" National Dairy Products,
Railway Steel Spring, Sears Roebuck
and Worthington Pump, all recorded
net losses of 2 points or more. Weak
ness of Foundation Company followed
the publication of the 1926 report
showing smaller earnings per share
than the year before.
Associated and Tidewater Oil lost
ground on 'the traditional selling on
the good news" following the pub.
lication of plan to merge these
companies. Other oils offered good
resistance to pressure, specia9 strength
developing in General Asphalt com.
mon and preferred which registered
net gains of AS and Is points, re-
spectively.
Commodity markets Were dull, with
price changes slightly lower.
Active wheat futures yielded
fraction of a cent a bushel, cotton
sagged to 10 points, coffee L to ii
points and raw sugar futures were
unchanged to 2 points lower
A sharp break of over II points
to around $50 cents in French francs
following the fall of the BRAND cab
met, featured the irregular foreign
exchange market. Demand sterling.
yielded slightly to 4.S5h but the
Italian and Belgian currencies hello
steady. scandinavian rates showed
Slight Improvement
The weekly clearing house state
ment showed excess reserve of $14I
S74,840, an increase of $10,2O0,640
over that of a week ago. Aggregate
reserve totalled $6O7019,OOO. The
detailed statement of actual condi-
tions this day showed mixed changes.
Loans, discount, and investments
dropped $73,132,OOO presumably in re-
Election of the break in stock prices
and net demand deposits feii off
$39, 1853 900. Cash in own vaults in
creased S75O,O0O reserve in federal
reserve bank of member banks, $5,,
45S,OOO, and time deposits, $1,664,OOO.