Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-01-17
REACT|ONARY PRICE
TREND IN STOCKS
Heavy Selling in Motor List
Is Feature of Brief Sat-
urday Session.
By the Associated Press.

NEW YORK, January 16.-Reac.
tionary price tendencies again pre-
dominated in tOday's brief session OF
the stock market. which was featured
by a renewal of selling pressure
against the motor shares. Trading
was in relatively heavy volume. the
days sales running just short or q
million shares.
The sharp break yesterday resulted
in rather heavy accumulation of
overnight selling orders, the eXecu-
ton OF which gave opening prices a
heavy tone. When these had been
disposed of. operators on the long side
attempted to rally the general list
by bidding up some Of the Eastern
rails and d few industrial specialties.
The rally. which was aided by the
covering operations Of timtd bear
traders, failed to hold, however, and
prices sold off again in the last hour.
Final quotations disclosed consider
able irregularity, both the rail ana
industrial averages showing slight re-
cesstons on the day.
Reason for Selling.
Selling of the motors was based on
the theory that the stiff competition
and increased sales effort, necessary
to maintain the heavy production
schedule of 1925, would result in de-
creased earnings. Hudson again was
in free supply In further reflection
of speculative disappointment over
the failure Of the directors to in
crease the dividend stock, closing
2E points lower at 1895 after hav-
ing sold as low as 1919. Nash Motors
broke 4 points, Chrysler sold off ia
and General Motors. Studebaker.
White. Willys-Overland and Jordan
yielded fractionally. Mack Trucks
closed a point higher.
United States Steel, which was
pressed for sale in large blocks yes
terday, received better support, clos
ing y higher at 1891. Other stand
ard industrtals were mixed, with most
of the active issues showing only
slight net changes.
Associated Oil Strong.
Persistent accumulation of Associ-
ated Oil. which touched Ii new record
high at SO, was associated with re-
ports that two powerful groups were
seeking control OF the company.
United States Rubber advanced 3
points to san. on what appeared to
be a running-in of the short inter
ests. Substantial advances also were
recorded by Devoe & Reynolds. Fair
DdIlkS MOTSt, FdINOuS fldySTs, I1O"c
Sound. May Department Stores. Otis
Steel preferred, International Com
bustion Engineering, Schultz Stores,
West Penn Power and Western
Union.
Atchison, Baltimore and Ohio,
Katy" common. New York Central
and Texas and Pacific advanced a
point or more Ia the early trading
but the gains were reduced or can
celed In the late wave Of selling. Nor
fork and Western, in which special
developments are believed to be pend
ing, closed a point higher.
Other Markets Mixed.
Commodity markets were mixed.
Wheat futures reacted q to "a cents
a bushel, in reflection of speculative
disappointment over the export de-
mand. Cotton options advanced 1
to Is points on the response to heavy
covering by early month shorts. COT
fee sold of 16 TO % points in sym
pathy with an easing of Rio Exchange
rates and reports of slackening
European rates. Raw sugar was un-
changed.
Foreign exchange trading was quiet,
with no important changes in rates.
Demand sterling sold around $4.S5
ll-l6 and French francs around
3.76L2 cents. Japanese yen touched
the highest price in about three years
at AM cents.