Evening star., 1926-12-28
STOCK LIST BREAKS
IN FINAL TRADING
Wave of Selling Carries
Prices Down Sharply in
Late Hours.
BY STUART p. WEST.
Hreoia1 Disnatcb to The Star.

Special Dispatch to The Star.
NEW YORK, December 2S.-Tht
stock market today was subjected u
another wave of selling, when car
ried prices down sharply.
The selling movement, whlch ue
veloped in the last hour yesterday, was
resumed as trading started TO-DAY ane
gained momentum as the session pro
gressed. The low prices OF the daS
were reached in the last hour, ana as
the session drew to a close of1erlilgs
continued to make themselves leit
MANY of the prominent industrials en-
conntered support in the last hour
but what recovery occurred was loo
SLIGHT 70 offset the early declines.
! Rroker's borrowing reported for the
week ended December %, disclosed a
! rather substantial increase over those
F, for the preceding period and TINS was
ACCOMPANIED by the calling of gooc
: sized amount of loans. These were
! incidents which might have been eX
( pected but. nevertheless, had the
effect of checking any further I'M
provement on the side of higher
prices.
( Realizing Sales Felt.
/ Prominent industrials like United
/ States Steel and General Motors had
! to absorb heavy realizing sales which
! resulted in losses of a point and more
throughout the greater part OF the
session. Independent Steels displayed
better resistance, Republic Iron ana
Steel and Sloss- Sheffield recording
fair sized gains in the forenoon
trading.
For some time past Wall Street has
| been anticipating a substantial STOCK
distribution for Allied Chemical snare
owners and it was generally CONCEDED
that action along this line would oe
taken at today'S meeting OF directors.
THE increase in the regular annual
rate from $4 to Sc was taken as dis
appointing and resulted in an active
selling movement, which carried the
price down several points before sup
port was encountered.
Z Failure of American Can directors
! to do anything more than declare the
regular quarterly soc dividend at this
time was also cause for dlSappoint-
ment by those who had been expecting
an extra cash disbursement of 81
share. American Can at SO was sell
ing points under the Monday closing
quotation.
Western Pacific stood out prom
inently as one of the weak spots
among the AL = II pal GU
with the previous final of 745s and
was at new low for the year. While
offerings might have been accounted
for by the desire to establish tax
losses, reports were current that there
is the possibility of a reduction in the
annual per cent rate.
Only Narrow Margin.
According to latest estimates earn
ings are running at the rate of 7.6 per
cent annually, which represents only
q narrow margin over preferred divi-
dend requirements. New York, On
tario and Western, on the other hand,
responded moderately to the declara-
ton of 81 dividend on the common
stock.
Motor stocks were taking their cue
from the action of General Motors.
Hudson, Mack Trucks and Nash were
pressed for sale, while du Pont was
down almost points at one time.
Yellow Truck and Coach was an ex-
ception and continued in demand at
slightly higher prices.
Oil shares as group gave the best
account of themselves, with special
strength at new high prices for the
movement in General Asphalt. Pan
American issues gained point or
more while Atlantic Refining and
Union Oil of California continued to
be influenced by merger rumors.