Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-01-06
MARKET IS STEADY
| |NF|NAl TRADING
Steel and Sugar Shares Are
/ Leaders in Rally During
Afternoon.
BY STUART p. WEST.
SPECIAL Dispatch To The star.

Special Dispatch 10 Fhe star
5NEW YORK. January 6.-on M
day for some time have the raria tlon'
Oh the Stock Exchange been as sma'
az they were today. The steers Nei'
strong for a time in the afternoon. an'
there was an outburSt of buying II
the sugars. But these demonstration
ONLY steadied the market without ca us
ing il To have much of Il rally.
The close was fairly steady. VIII
small net price changes either Nay
Again the oil shares failed To re
spond TO the figures on cfu"e pro
duction showing that the decrease
which has been going on since NoNeh
Der. was still in progress. me narNe'
for these stocks was apparently i'"i
unsettled bv the further selling "'
the Pan-Amerlcans.
The decline in the rama y" u
s,i,I had reference to the circuit 'our'
decision favoring The Government
AGAINST the DohenY interests IN me
California leases. Stocks IKE iach'.
oil Texas Co. Texas PACING Coal ana
OH General Petroleum and Union oii
IT California We're not AT all weak. n'i'
they were inclined most OF the time 10
drag.
Motor Selling Absorbed.
More selling at first came int" the
motor stocks and at one time num-
her Of these were off hail point o'
so. But here. too, there VAS n" weak,
,,ess Stocks We're not being pressed
for sale as prices reCeded, Genera
Motors being in demand around ia
and chandler Motors. on limitations
from sources which are apt To nave
e,od information about the company
was hid M sharply. The cha ndiei
move. as the afternoon went on,
brought about rally in other motor
shares.
1.-THE most important of the day was
the strength in l. :. steel. fhere
was nothing special in the mid-Week
reviews of the steel trade TO account
for this But /, rallies very easily
NOWADAYS on only a moderate amount
of hlIvins. Bethlehem Steel got above
~ and other independent steels were
stronger.
Coal Stocks Improve.
The strength in cuba cane Sugar
preferred was feature. the stock de
veloped ConSidera bly, more activity on
the rise. Stocks interested in the an
thracite situa tion took sharp upward
turn. particularly Delaware and Hud
son Delaware Lackawana and West
ern a nd Phila delphia and Reading Coal
were bought.
This seemed 10 represent more
optimistic view in Wall Street con
corning the outcome of the anthra-
cite strike conference.
Reductions in freight rates in the
Ohio district on pig iron. announced
by the New York Central and the
Wheeling and Lake Erie. to be ef-
fective Thursday. attracted attention
in railroad circles today. In view of
the fact that reductiSns have been
made by only two roads and embrace
only one product. they are not eX-
pected to have any effect, market
wise.
As the market turned upward in
the afternoon. leadership was as
stunned by the steels. United States
Steel was pushed forward on larger
turnover some points. The buying
was So persistent that it gave conf
dence To the entire list. Stocks which
had Jagged behind in the early trad
ing grew stronger again notably the
oils and some Of the motors. Gas
and electric light shares were in lively
demand in the last hour with par
ticular attention given to Consolidated
Gas of New York and Columbia Gas
and Electric.