Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-01-12
IRREGULAR
. IN FINAL TRADING
Buying in y. S. Steel Common
Helps Check Severe Sell
ing During Day.
BY STUART p. WEST.
.nial nisnafch 10 The Star.

Special Dispatch to The Star.
NEW YORK, January l2.-For
time this afternoon the market had {;
superficial appearance OF considerapi'
weakness. But toward the END active
buving was resumed in United States
Steel common and various other sep
arate stocks and this served to turf
the whole list up. The marker closeo
firm.
Regarding the heavy buying OF
Wabash common, which took the
stock ahoye 40 for the first time, one
rarort was that the road was going
into a deal with the Delaware ana
Hudson, and another report that beI,
aware, Iackawanna ana eS1et !,
was the one which would nsuIe. DUH
stories were to the same effect. name
". that Wabash common was 10 De
Guaranteed per cent dividends WIN
the assumption of all interest charges
Wabash "A" also made d new mig 1.
This stock Is earning it's per cent
dividend more than twice over
Two Extra Strong Issues.
The two strongest members of the
railway equipment group were Alll lei i
can Brake Shoe and Pullman. Inc
latter always takes rank as DOS
sihle "melon cutter" Last year When
tho stock was making its high record
above 173 the story of anything OF an
extraordinary character Impending
was explicitly denied. American Car
and Foundry went up over points
Speculative interest was eVldentlS
subsfding in the greater part OF the
list. Leading motors like General
Motors and Hudson. rallied Sharply LOT
a time and United States steer got up
- points from Mondays low. But inns
meant little more than caSuai Snoi
covering. There was further buying
of General Electric with another sharp
advance, but American Can, which US
uallv moves over a wide range during
the greater part of the time, was do
ing little.
Coal Road Shares Fell.
Delaware, Lackawanna and Western
lad a further advance early in the Gay
across 153. But when word came ina,
the anthracite coal conference mad
been adjourned indefinitely, all the
coal shares sold off and D. l.. W.
went with them. Delaware and Hud
son came down and Philadelphia ana
Reading Coal. which on Monday mad
got as high as 46, dropped below "a
CAPITAL split-ups and new stock Is
sues carrying with them valuable
rights were much discussed IN connec
ton with the movements OF hlsn
priced industrials. Sears Roebuck ap'
reared to have discounted the an
nouncement that its capital was TO be
readiusted after the usual manner
namely exchanging old for new stocks
on a basis of one for four. The old
stock has been paying Sc. The new
stock began immediately with de
claration on a $40 basis. The other
interesting announcement was that
Mack Trucks would offer $10,0Oo,OOC
common stock on the basis OF one new
share for every six of old held.
Wabash Actively Bought.
Wabash issues continued features IT
the railway section and were actively
bought at new high prices. In one
quarter there was a story that the
Delaware and Hudson would lease the
property, assuming fixed charges and
guaranteeing 5 per cent on the com
mon stock. The Delaware and Hud
son also was mentioned as the road
which would acquire control.
1t was reported today that Blair
& Co. Inc, will offer in the near flu
ture SIS, 900 Barnsdale Corpora,
ton 15-year 6 per cent sinking fund
debentures in connection with the
merger of a number of prominent pro
ducing and distributing oil properties
ACQUISITION of the Waite Philips Co.
the first to be included in the deal
will be accomplished shortly.
Equipments Favored.
Equipment stocks. which recently
have been rejecting increased book
ings and the better outlook for the
first quarter of 1926, We're in moder
ate demand again under leadership OF
American Car and Foundry. An add
ed incentive for buying of this stock
was the announcement q few days
ago of the formation Of motor COM
pany as a subsidiary. 1t is understood
that the Fageol and Hall-Scott Mo-
tors will be included in the new COM
pany, which is to manufacture all
types of motor vehicles.
Wall Street was keenly disappointed
at the adjournment of the anthracite
strike conference with the operators
and miners still as far apart as ever
On previous days the coal shares had
been rejecting the hope of favorable
issue Today they naturally showed
revulsion Of feeling.
The call money renewal was put
up to Az per cent against 4, but this
had no significance. Time money con
tinued to he quoted around bottom fig
ures of the season.
Late Market Very Weak.
The market turned very weak agar
in the afternoon. The selling side haC
got the upper hand, and under com
bination of long and short selling
prices gave way all around. The vic
lent break in Sears Roebuck and the
decline in Mack Trucks. in face of the
favorable news concerning these
stocks, had a depressing effect or
other industrials, which had been ener
getically bulled on talk of capital split
ups and extra distributions.
MARKET CLOSES HEAVY.