Evening star., 1926-03-05
STOCKS SLOWED Up
BY PROF|T-TAKING
Price Moves Very Erratic
Today-SteeI Strong.
Trading Lighter.
HY STUART T.. WEST
ST. iai Dispatch to The star.

ST. iai Dispatch to The star.
NEW YORK. March 5.-The stock
market went through series o1 sh"rp
fluctuations today, rejecting the uh-
certainty in the minds of traders as
to what the actual position was altet
the exciting fluctuations OF the prev
aus day. The recovery contInued at
the opening. Then came an ln'erVaI
of reSclling. under which there was
sharp break in The higher-priced IN
dSStrials. This lasted through the
iir.t hour and into the second, WheA
flt.h blvin@ was stimulated DN the
weekly report on brokers loans, SNOW
In a reduction Of nearly S30,Ooo'Ooo.
Views on {. < D. Stock.
Sentiment was still optimistic on
CheSapcake and Ohio. on the ground
that the stock. according 10 the con
frntion of the minority holders, WhlCh
Yow has been supported by he Inter
stale Commerce Commission, was
worth more OUTSIDE the de-
feated Van SWerineen merger th"H Z.
would have been inside. AT the same
time there was a further recovery -
he Fries, Pere Marquette and the o'd
Nickel Pate, which had been mar
est hit by Wednesday, $ smash.
ally strong. Pennsylvania was bought
ut advancing prices and 50 was lead
Ing. Wheeling and Lake Erie Was UP
a point or more. likewise Missouri
E9nsaS-TeXas New York Central ana
baltimore and, Ohio joined in the ad-
vance. Seaboard Air Line was UP
oyer a point and Wabash over TWO
points.
MOTOR shares Erratic.
Hudson Motor. General Motors and
Mack Trucks came down to ) polhtS
frun their early high then rebounded.
There were the usual wild variations
i'm high-priced industriai@ OF the
t,ne Of American Can, General Flee
1rir and United States steel WhlcN
had eft off Thursday at 10 drop
ped below l24 but later rallied. Among
The Independent steeiS truclple was
flactionally lower. so was bethiehehl.
Wall street in three days did more
fn the way of correcting speculative
eNcesses than it has in past times ac-
cnm1lished in a month. The result
ing position. however. was the same
Stocks were taken over on a very
large scale by banking interests ana
IN investors during the time OF semi
panic. Some of these purchases
were made with view 10 perlnahtil'
holding. others were SilhIlN tit'
customary buying for support which |
comes in when q falling market
reaches the demoralized stage.
The usual experience Is that TINS
"support stock" comes out just a.
soon as equilibrium has been restored. !
Loan Report Interesting.
Great interest attached to the bro /
kerage loans statement. which. ac- /,
cording TO the recently established /,
policy Of the Federal Reserve, now /
appears weekly. These loans We're j
down $40 1913 900. 1t only partially |
represented the effort Of tn" lPulda- !
tion and break in prices. still 1t was |
accepted as n promising starter. !
The final results of tn" great specu- !
lativc collapse will take another week :
more before they finally SHOW in the /
returns.
Heavy Selling at Close.
The selling movement got The up !
per hand in the late afternoon, but /
ii was secondary reaction. which al !
ways follows recovery from violent !
break, rather than a renewal of the |
main decline. Industrial shares were /
carried down. but there were no more ,
really severe losses, like those which ;
occurred in the carly part Of the ,
week. Recovery was checked in the ,
public utilities and no further ef- /
forts We're made to put up the rails |
Transactions were running some /
what under those of Thursday and /
very substantially under the record !
breaking total Of Wednesday.