Evening star., 1926-03-07
RAILROAD MERGER
STOCKS ADVANCE
c. &. O. Issues and Nickel
Plate Gain - IndustriaIS
Off--French Francs Drop.
By the Associated Press.

Dy Lnc ASSOClateO RrcHS.
NEW YORK, March 6.-Elratic
fluctuations of stock prices in today's
market reflected the nervousness of
the trading element after the chaotic
sessions earlier in the week. Both
the rail and industrial averages lost
ground, but net losses as a rule were
small. The volume of business was
again of normal proportions, the days
sales aggregating slightly more than
100000 shares.
Establishment of new high records
for all time by Chesapeake and Ohio
common and preferred at 1908 and
1914, respectively, was one of the
outstanding features. The common
sold down as low as 126, and closed at
l2Sk, for net gain of 1 point on
the day, and the preferred showed a
net gain of 514 at 1301a, after having
dipped to 129%.
Nickel Plate Also Gains.
Nickel Plate common registered a
net advance of 2A points at 157H
after fiuctuating between 1907 and
l55, but the other Van Sweringen is.
sues lost ground. Pere Marquette
dropped nearly points to 81, and
then rallied to 50, while the Erie is
sues lost &. point or so.
Other rails were mixed. Publica.
ton Of several unusually favorable
1925 earnings reports by some of the
large carriers during the past few
weeks has been Offset by speculative
uneasiness over the outcome of de-
mands for higher wages by the rail.
road brotherhoods.
Standard industrials sagged in the
apparent Withdrawal OF strong tinan-
clal support which was in evidence
after Wednesdays dramatic break in
prices. United States Steel common
closed point lower at 1235k, with
some Of the selling probably Inspired
by expectations Of another drop in
untitled orders for February, when
the figures are made public next Wed
nesday.
Many Small Declines,
Motors and high-priced Industrial
specialties were again subjected to
rather heavy short selling with mixed
results. American Can was hammered
down to 301, but snapped back to
30S for a net gain Of l point on the
day. General Electric closed 8 points
lower at 3201a, after fiuctuating be-
tween 317 and 1923. American Ice,
Baldwin, Brooklyn Union Gas, Cush-
man Sons, Electric Auto Lite, Hud-
son Motors, S. s. Kresge, McCrory
Stores B. National Dairy Products.
Railway Steel Spring, Sears Roebuck
and Worthington Pump all recorded
net losses of 2 points or more. Weak.
ness of Foundation Co. followed the
publication of the 1925 report, show
ing smaller earnings per share than
the year before.
Oil Shares Lose Ground.
ground on the traditional Selling on
the good news" following the publ
cation Of plan to merge those com.
panies. Other oils offered good re-
sistence to pressure, special strength
developing I'm General Asphalt COM
mon and preferred, which registered
net gains of As and rs points, re-
spectively.
commodity markets were duh, with
price changes slightly lower Active
wheat futures yielded a fraction of
cent bushel, cotton sagged 8 to
10 points, coffee l to IA points and
raw sugar futures were unchanged
to points lower.
French Francs Tumble.
a sharp break of over 12 points
to around $50 cents in French francs,
following the fall of the BRAND cab.
met, featured the irregular foreign
exchange market. Demand sterling
yielded slightly to $4.S512, but the
italian and Belgian currencies held
steady. Scandinavian rates showed
slight Improvement.
The weekly clearing house state
ment showed excess reserve of S14,-
S74,S40, an increase Of $40 200, $40 over
that of a week ago. Aggregate re-
serve totaled 1907, 7,019, 900. The de-
tailed statement of actual condition
this day showed mixed changes.
Loans, discounts and investments
dropped s73. 10000. presumably in re.
fection of the break in stock prices.
and net demand deposits fell off $39..
463. 900. Cash in own vaults increased
$l5O,OOO; reserve in Federal Reserve
Bank and member banks, $5,458 900,
and time deposits 1864 900.