Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-02-14
WAVE OF SELLING
CUTSST0CK GAINS
Devoe & RaynoId TumbIes
81 Points-Very Heavy
Saturday Trading.
By the Associated Press.

NEW YORK, February 13.-Stock
prices displayed a complete reversal
or form in today's market. bounding
upward at the opening under the lead
ersh1p of the coalers and high-priced
industrial specialties, and then turn
ing heavy under the weight of a large
volume of profit taking and bear sell
Ing. Closing quotations disclosed con-
siderable irregularity with trading in
unusually heavy volume for a session
sandWiched in between two holidays.
Total sales of 1877, 800 shares were
the largest of any Saturday session
this year.
Encouraged by a large quota of
oullish news over the holiday, fnclud-
ing the settlement of the anthracite
controversy, the Senate's passage of
| the tax reduction bill, announcement
OF higher gasoline prices in the East.
and the increase from IS to 81 in the
annual dividend on General Motors,
operators on the long side began to
bid up stocks in spirited fashion when
| the market opened.
Coal Stocks Lose Gains.
Heavy buying of the coalers in an
ticipation of the early Inauguration
OF hard coal shipments was one of the
early features. Delaware e. Hudson
1921, and early gains of to nearly
Az points were recorded by Lacka-
wanna, Reading. Lehigh Valley, Phil.
adelph1a and Reading Coal & Iron
and U. S. Distributing. but these
gains were materially reduced in the
late wave Of selling. Jersey Central
opened 15 points higher at 400 and
then fell back to 29l on a few sales
Extreme buoyancy again developed
IN some of the highpriced industrial
specialties. General Electric scared
lo12 points to a new peak at 384, a
net gain of 80 points on the week, and
then eased to 1924. American Can
Jumped Az points to a new top at
52o15, but lost nearly half the days
gain on realizing. Allied Chemical
was lifted to a new maximum at 142
before sagging to 1874 for net loss
OF 212 points on the day.
Stock Breaks 81 Points.
nouncement of the higher dividend by
climbing over 4 points to 1891, but
settled back later to 1851. Oil shares
made no response to a further ad-
vance in gasoline prices.
The sensational collapse of Devoe
& Reynolds. which broke 37L points
to 6O1a on bear selling, presumably
inspired by recent publication Of the
1925 report showing a small margin
over the $40 annual dividend, was
the outstanding individual feature
Savage Arms. another target Of bear
traders, broke Tx points TO 81.
The late selling was accelerated by
announcement that the Federal Gov
eminent had brought proceedings IN
der the Clayton act against the Ma
! tional Food Products Corporation.
National Dairy Products. a block Of
whose stock was acquired by National
Food Products, broke over Z points
TO SO, and then rallied to 65ia.
Other Leading Weak Spots.
Other outstanding weak spots in
cluded American Brake Shoe and
Foundry, American Locomotive,
American Wooden, Baldwin. Califor-
| MIA Packing. Kelsey Wheel, Mack
| Truck. New York Gamers and Stand
ard Milling, all off to nearly 5h
Adding Machine. Continental Insur-
ance and the Ward Baking issues
were stronger in comparison.
Another sharp decline In wheat
futures, bringing May wheat down to
| Sl.66 Is bushel at the close. featured
the commodity markets Cotton was
irregular and the coffee and sugar
markets were closed.
Danish Krone Up SO Points.
An advance of So points in Danish
krone to $50 cents, attributed in
some quarters to reports that the
Danish government was endeavoring
to restore its currency to gold parity
and in others to an exchange trans
action arising out of the sale of
rubber estate by the Danish interests
overshadowed all other developments
in the foreign exchange market. Nor
wegian krone rallied % points to
! 20.5S cents
+. Demand sterling and French francs
| held steady around $4S6 and 800
cents, respectively.