Evening star., 1926-02-07
SPEC|ALT|ES LEAD
IN STOCK MARKET
Associated Oil Is Also Heavily
Bought-Some Weak
Spots Noted.
By the Associated Press.


NEW YORK, February 6.-MiXed
price movements in today's stock mar
ket reflected the evening up of spec
ulative accounts in anticipation of the
publication of the Stock Exchange fig
ures on brokers' loans. These figures,
announced after the markets close,
showed a total Of SO ,513 3.174 ,154. which
was much larger than Wall Street eX-
pected, although President Simmons
of the exchange pointed out that the
total constituted less than 6 per cent
of the total market value Of securities
listed.
Unusually heavy buying of Asso-
ciated Oil presumably was NOR the ac-
count of bank ers who announced after
the market closed that they had ac-
quired control by the purchase of sub
stantial holdings at $50 a share and
were ready to make the same offer to
minority stockholders. The stock
closed at SO for net gain of q on
the day. after having attained a new
record high at 591s. Pacific Oil also
touched a new record top at S2A, up
ia, but most of the other oils showed
only minor changes.
SpeciaIties Again Bought
Specialties III which favorable de-
NelOpmentS are reported to be pend
ing We're again under accumulation
United Fruit scared IL points to "A
new record high at 295 and then eased
to 292, American Snuff jumped 81
points 10 a new top at 1853, and Amer
lean Metal, preferred, American Tvpe
Foundry. Cuban Dominican Sugar pre-
ferred, Electric Storage Battery. b.
Endicott-J Johnson, Fifth Avenue Bus.
Omnibus common and preferred and
Savage Arms closed | to points
higher after attaining new high prices
for the year.
Standard Industrials Were rather
sluggish. American can. Baldwin
and United States Steel all closed frac-
tionally lower. Motors We're sub
jected to bear selling but offerings
were well absorbed, and in most cases
the net losses were limited TO fractions
Stocks Heavy i'm Spots
Despite reports that Postum Cereal
had agreed TO pay $lS5 u share for a
controlling interest in California
Packing, the stock Of the latter closed
three-iourths OF point lower at l75
after fuCtuating between l73l. and
III. General Electric. Sluss Sheffield
Union Bag and Paper. National Cloak
and Suit and Universal Pipe pre-
ierred also We're conSpicuousIy heavy.
'tLS were again active III the rubber
shares. United States Rubber com.
mon closing > points higher ar S5l2.
Rails We're featureleSS
Commodity markets We're mixed.
W heat futures closed about n cent a
bushel lower after q firm opening
Cotton was unchanged TO ) points net
higher in quiet trading. Coffee fu-
lures declined 4 to Is points, but the
sugar market displayed a firmer tone.
Weekly Bank Report.
The weekly clearing house state
ment showed excess reserve of S39 -
or, ,29O. an increase of S33. 3.T97.1l0
above the excess reserve of u week
ago. Aggregate reserve totaled S637,-
549 900. 1Sle detailed statement
showed mixed changes. Loans, dis
counts and investments dropped SS09..
600 and time deposits 81 ,062 900. Cash
in own vaults increased Sl3S. 900. re
serve in the Federal Reserve Bank of
member banks, $35. 1879 600, and net
demand deposits. Sic .S69 900.
Foreign exchanges held steady in
quiet trading. Demand sterling ruled
just above S4.S6 and French francs