Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-01-08
CLOSE IRREGULAR
|NSTOCK MARKET
Quotations Very Unsettled in
Late Trading-Gains in
Some Issues.
BY STUART =. WEST


Special Dispatch to The Star.
NEW YORK, January S.-By the
end of the day parts of the market ap
peared to have gotten over what Shock
was occasioned by the advance in the
New York Federal Reserve rediscount
rate. Other parts were stu unSettleu
and the closing was very irregular:
In the main, however, the upWaiu
tendency predominated at the close
and there were some brisk advances
among individual stocks.
Motor shares went through the
sharpeSt fluctuations. Hudson on
the first few sales yielded more thtn
4 points. retraced the lost ground,
then broke again. Similarly, wide
fluctuations occurred in General Mo
tors. There was heavy selling IN
1Villys Overland, which bore the STOCK
down nearly = points. Mack trucks
Fierce Arrow and Chrysler all broke
sharply.
Steel Shares Sell Of.
United states Steel common sold
off a point at the start resalneo
this loss, then in the AFTERNOON broke
once more under large offerings. Beth-
lehem Steel, which on the previous
dav had sold above so, dropped be
low 40. Crucible went with the
others and so did Youngstown Sheet
and Tube.
During the brief interval when the
general list was rallying strong opera
tons for the rise appeared IN
the American Agricultural Chemlcal
stocks. the common jumping points
and the preferred 8. This advance
was simply following out reports re-
garding the decided change Tor the
better in the affairs of the company.
n
orders under General Electric ana
American Brake Shoe, which mad
started Thursday morning at iowa
got above 164 at one.
Industrials Sensitive.
In the main, however, the INDUS
trials were sensitive to selling pres
sure, and it did not take any great
amount of offerings to bring ABOUT the
decline. Woolworth broke over !
points. and recent favorites like Amer.
lean Can, American Smelling, Allied
Chemical and Remington typewriter
came down abruptly. American sugar
went up. United Cigar Stores was the
weak feature in the tobacco group.
Railway stocks were not as mueh
affected as the industrlalS because
their rise had been more moderate
Chesa peake and Ohio, however, p-oke
2 points, and New YORK central
which had left off Thursday at 1922,
was actively sold below 1872. Della
ware, Lackawanna and western, with
the dividend deducted from its price,
was strong early in the day, but later
receded. AtchIson was off points,
partly Influenced by a statement at
tributed to the president that II the
dividend were to be discussed at all
at the next meeting the regular rate
only would be voted.
Views Differ on Bank Action.
Wall street operations today were
governed by conflicting opinions re-
garding the significance OF the IN
crease in the New York Federal re-
serve rediscount rate. Either II was
a simple reimbursement to the quota
lions long prevailing IN the OUTSIDE
money market and to the minimum
discount charges of the other IL
regional banks or it was a warning to
spectators.
There were some who took the lat
ter view and interpreted the selling on
the Stock Exchange as a sign that the
authorities had called halt upon the
speculative campaign.
The best opinion seemed to be that
the raising of the New York rate from
81. TO per cent was in the nature of
a reimbursement, delayed quite possibly
because of the desire to help the Bank
OF England in it's efforts to consolidate
the recent Improvement in British
finances. 1t was noticeable that ster-
ling was only a trifle affected; that
the standing call loan renewal in the
New York market remained at the low
level of per cent; that investment
securities lost very little of their re-
cent gain. and that the commodity
markets profesSed no concern.