Douglas daily dispatch., 1926-02-17

Stock prices made irregular recov-
cry from recent weakness in today's
market. The rally, which was most
effective in high priced industrials,
ran from one to six points in a long
list of issues, but closing quotations
also disclosed a number of net de-
clines ranging from fractional to
nearly four points Trading turned
dull on the rally, indicating that op-
posing speculative forces were in
clined to give the market breathing
spell before resuming operations on
large scale.
While the drastic reaction of Sat
urday and Monday is believed to
have materially improved the mar
kets technical condition, several COM
mission houses continued to recon-
mend a waiting attitude on the part
of their customers. Banks called
about $15,OOO,000 in loans during the
day, but it did not influence the call
money rate, which held steady at 2.
per cent, the renewal figure. Consid-
cradle interest was manifested in tho
award of the $75,O00,0OO New York
City Az per cent bond and corporate
stock issue to a syndicate headed by
the National City Company for 1O1.-
$50, for a permium of $794,175.
Unlike most of the recent 1925
earnings statements the annual re-
port Of the Baldwin Locomotive COM
pany, showing less than $1.OO share
earned on the preferred stock, was
a distinct disappointment. The stock
broke AZ points to III and then raj
lied freely, American Locomotive
sagged a point to 1O71a, but most OF
the other equipments did better.
United States SteeN common closed
4 lower at 1884 after selling as
high as 1928.
Short covering accelerated the ad-
vance in some of the so-called "rlch
mems stocks.'' General Electric
scared over 10 points to 37SB, but
forfeited about half of the days gain
American Can, Stewart Warner,
sneedometer and United States Cast
IRON pipe all showed net gains of
points or more.
Bear traders, who have been indus
trially searching out weak spolS'
launched a selling attack agalnSr
Remington Typewriters, which TOP
nled to 1o5 and then rallied to 1o9'
where it was off Az on the day.
Market heaviness was also shown ny
Childs company, General Gas anu
Electric Ingersol Rand, lnternatlonal
Business Machine Internatlonal Na.on
preferred, Liggett and Myer b, Nc
Crory B, and E. G. ShattucK al ohA
2 points or more.
Rails displayed firmer unuertone
1crNgr
with buying orders distributed among
hotb investment and speculative IS
sues.
Commodity markets were Irregular
Tho renewal of selling pressure
against wheat futures, which fell OH
IL to cents a bushel, followed
decline in the market at Liverpool
where it was reported that flour
mills were shutting down. Cotton
declined six to nine points in quiet
trading. Eaw sugar dropped 1-S2 OF
a cent a pound and coffee prices tluc-
tuated within narrow and irregular
limits.
Time money and commercial paper
rates Were unchanged.
Speculative interest in the irregular
foreign exchange market was divided
between the further rally in Japanese
yen, which touched 45M cents, the
highest price in years, and the fresh
weakness in French frames which
sagged four points to 1868 cents, a
new low level for the year, Demand
sterling held steady just under $4,S6
The Scandinavian exchanges encQun-
tered heavy profit taking, Norwegian
krone dipping 81 points to 2OS2
cents and Danish krone IS points to
1882 cents.