Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-01-05
WALL STREET LIST
! IMPROVES At END
Points of Strength Appear.
Day of Extensive Stock
Selling.
BY STUART z. WEST.

Snecial Dispatch to The Star.
NEW YORK, January In all
the leading markets where specula-
lion enters as an important factor,
prices We're lower today. This was
true Of stocks. of cotton. of wheat
and corn and of the more active for
sign exchanges. There We're numer-
Gus exceptions to the downward
movement in stocks. Some uote
worthy points of strength appeared
in the last half hour.
Doheny Shocks Break.
Stocks representing the Doheny OIL
interests reflected the adverse court
decision Pan-American - broke
three points and Pan-American Petro-
Irum Western b broke nearly nVe.
This had an unsettled effect upon
other oils despite the favorable fgures
on production given ont for the week
ending January . There We're de-
,.Iines ranging from a half point 70 d
point and more III Pacific OIL, Union
Oil of California. Standard OH OF Can.
rornia, California Petroleum, General
Petroleum, Philips Pete, Sinclair ana
Marland.
The motor stocks yielded sharply.
a
General Motors over ana Mack
'rrucks over ;. Fisher Body came
down over a point. and WHY'S over
land which had closed Monday a 80 = -,
,Jropped below 80. At the low figure
huving orders made their appearance
and there was a moderate RAINY.
brokerage houses which had been OPP
4imistic on the market called this the
sort of technical reaction Whlch Is 10
be expected at this stage. -.
SpeciaI strength developed in the
leather stocks. particularly in the Cen
trial feathers. in Columbia Gas ana
Electric and in one or two OF the spe-
Cialties.
Among the rails, Atchison was one
of the few features. 1t rose at one
period nearly points. without, how
over affecting the rest of the railway
tsroup. St Louis Southwestern got
Ip to top figures again. and Wabash
Dreferred "a" was actively bought.
Steel common dropped off over Il
point. and the rise in the other mem
hers of the steel group was also
checked. The sugar stocks were
variable Some thought that the re-
cent big advance in South Porto Rico
had gone a good ways toward dis
counting the extra dividend which is
talked of for the February meeting
cuba Cane preferred reacted, and so
did most of the other sugar stocks.
New Stock Gets Attention.
The National Cash Register offer
ing attracted a good deal of atten-
ton. There was no doubt about the
stock being heavily oversubscribed
and the market price promptly went
70 a substantial premium over the
$50. which was the issue figure.
French francs We're lower. The
rally of the previous day was looked
upon as nothing more than the COW
ering in of part of an extensive snort
interest. along with buying to meet
end -of-the-y year requirements. 1t did
not In any way indicate a change
in the French financial position.
French dollar bonds, however, were
somewhat stronger.
Market Stronger at Close.
The low prices of the day for stocks
were reached as a rule early in the
afternoon. In the last hour and "a
half some rather vigorous buying
made it's appearance in few in
dividual stocks, and this had a
Steadying effect in other directions.
Wall Street was puzzled over the rise
in st. Paul shares. These, of course,
are facing a heavy assessment, al
though an assessment carrying some
compensation.
The idea of new interests buying
into a rceivership is against all ex-
perience of the past. The most logt-
cal explanation appeared to lie in the
fact that St Paul stocks are lodged
in the hands of people who are pre-
pared to go through with the reor-
ganization plan. Consequently, the
floating supply has not been large,
and it was easy to mark up prices,
especially as in all probability there
was some short interest outstanding.