Evening star., 1926-02-18
PRICES IRREGULAR
IN STOCK MARKET.
Profit Taking Wipes Out
Many Early Gains-SteeI
Is Under Pressure.
BY STUART =. WEST.
Special Dispatch TO The Star

Special Dispatch to The Star.
NEW YORK, February lS.-Dur
ing the greater part of the Stocf
Exchange session today it was hare
10 discern any general drift one wa!
or the other The volume oil busl
ness was about the same as OF Ned
nesday, which meant that IL Wa
down considerably from recent mgr
standards. But traders continued u
buy and sell particular stocks 10
special and not for general reasons.
International Mercantile Marine Is
sues. both bonds and stocks, were
weak. Selling of the preferred shares
was persistent and was accompanl"!
bv unofficial reports that the l92
earnings statement would make /;
poor showing.
Baldwin Again Weak.
There were intervals when shof
r. covering carried prices higher ano
. there were periods when stocks "el
. freely supplied. The street ulu ITO
, like the Baldwin Locomotive 1879 re
> port any more than 1t had the pl.
: vious day. but it could NOT iolsG
3 the numerous times Wheh liiis ,;,,l
. ~, account of it's narrow noatlht
: SUNNY has been oversold. United
. states Steel was simply driltlils
Sentin,ant was against the stee
. e-ro,1p on account of the dlsappolht
. ing trade advices. But II was no
: oyerlooked that United states Stee
was down nearly 10 polntss from ~
, ton and that Bethlehm steel re
, public Iron and Steel ana louIlS
town Sheet and TUBE We're ui q '. t''s
near lowest of the year.
Seaboard Air Line Up.
Ruvinc appeared in Seaboard All
Line issues, the preferred mahins
,e,y high as it went through AS. RocR
island got above so again. mess
neal<e & Ohio and Reading were lower
consolidated Gas of New YORK fiiI,ue LAY,
high when it reached iva. t Hs
traction stocks. lnteroorousn l>,,p.( ,,1r.(
TRANSIT and Third Avenue, were aiS'
higher. The talk in this connectloi
VS. that Consolidated Gas was In !;
nosition TO nav higher dividends
Montgomery Ward was fealur'
rmong stocks of distributing com
panies, selling into new hlsh srouii'
on the present move, with buying un
usually heavy In 1928. accumuia
tions on the "A" stock totaled Sl'.o'
= share, all of which was cleared VI
with the final payment on Decehioe
ar y
,,roximateIy sl,2OO.000 has been Sc
M for the eventual retirement OF ths
outstanding preferred stock. Earning
m the common in 1923 amounted u
e805 a share. compared with so.lo IL
the previous year.
American Can Higher.
American Can, both OLD ana new
went into new high ground, Whei
short covering. following the recen
decline in the old shares from tns
nreyiol1s high. began to assert HSell
American a short time ago again mace
r,,hIic its proposed recapitallzatloi
nlan. whereby the old shares are u
he split up on the basis of four new
for each of the old. plus a % per cen
stock dividend, making total OF 81.
new shares for each of the pfeseh'
Cash is being conserved TO satisiy re
uurements for big constructor p
gram.
Best Prices Near Close.
What the day on the Stock EH
change indicated more than anytnlns
else was that while there was llttls
new initiative in the buying, complel'
holders of stocks were In no hurry u
sell. They were willing TO close out
higher prices, but they were not VIII
;np to follow the market down. Fro
fessional traders sensing, this con
timed to cover through the late after
noon in the steels, motors ana othel
leaders. 49,.
The Street had evidently not beer
f,,1lv nrepared for the action OF dlrec
tors of Texas Gulf sulphur IN putllls
The stock upon a so basis after TIT
previous ss. The sulphur shares Wer
actively bought in the last hour. va
rious industrials like American Ca'
and General Electric made new highs
The best prices of the day were as
rule made in the final dealings.
MARKET CLOSES STRONG.