Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-02-03
WALL STREET LIST
! CLOSES NEAR TOP
Market Strong in Certain Is
Sues-VoIume of Trad
ing Increases.
BY STUART u. WEST.


special Dspdt'n To nc StdI
NEW YORK, February again
today the stock market was strong
along certain lines. but comparatively
inactive along others. The volume ol
trading was larger but the situation
Tas dominated still by the professional
element.
The leaders of the list closed strong,
not far from top prices.
Third Avenue crossing 80 TOR the
6rSt time. continued to push aheau
with very little opposition. Inter
Borough Rapid Transit sold at d new
high for the year.
= 1t is no longer possible 10 explain
such a well sustained and extensive
advance such as has occurred In these
stocks simply on the ground OF
change in the city administration ana
the prospect of security owners IN
these companies being treated more
fairly under the new regime. Inc
buying Of Third Avenue secuflues ap
parently has been influenced IN part py
the improved earnings, but more
largely by the chances of further CON
siderable development under bus iran
chises in WcstChester County and, as
seems likely. also in the Bronx.
Oil Group Active.
Pacific Oil. above so. and Associated
o. around SO were the two main
features I'm the oil group. Inc tacl
that other oil stocks We're not drawn
along to any extent made II clear that
the rise in these two stocks was que
to sneciaI rather than general causes.
Ii was believed to be the result OF me
outworking Of the Standard vi VI oa1i'
fornia- Pacific Oil deal.
American Wooden common and pre-
fe,,red were scntimentally affected by
the death OF the former head or the
.ou1nanv. Goodrich made new hlSn
as il reached 20. The buying move
mont which has been going on TOR the
last few DAYS in LOrillard again car
lied that stock into new high ground.
Packing Stock Jumps.
california Packing had another blg
,,tu,n carving il not far from the 10
level. which has been talked of as the
price at which the Postum Cereal was
willing to buy. The gossip Is 'hat
California Packing is holding OH Tor
200 American smelling WAS again al
demand at rising prices.
canadian Pacific. which had gone
Nh over points on the previous day,
continued its rise. The replacing VI
english holdings on account OF the re-
t7lrn OF sterling to par was again ulS'
clssed as one of the prlnclpal reasons.
= Allied Chemical and Dye got lillo
VAS based on belief that the company
vas in "a position TO retire its out
standing preferred stock and that
something along this line cou4d De
tonLed for Allied Chemical mas no
slrded debt and its capitalization
smounts to S97326, 400 of : per cent
cumulative preferred. OF which there
is only S39.2S4.900 outstanding along
with an authorized S3.l43,ioo common
Stock of no par value.
: The midweek reviews OF the steel
y~ade afforded even stronger tesu
nony than those OF previous Weeks
10 the disappointing developments IN
this industry. For the first time III
four months mill shipments have run
ahead of new business. consequently
untitled orders have been decreasing
Pig iron production has come down
from an average of l01,o60 tons
da,v on January l to 104,0S5. Prices
have not receded any more, but they
give no promise of Improvement