Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-02-08
EXCITED SESSION
IN STOCK MARKET
Wheeling Is Feature, With
35-Point Rise-Some
Shorts Still Fight.
BY STUART p. WEST.
Special Dispatch to The Star

NEW YORK, February Sit was
another day of excited speculation or
the Stock Exchange and sensational
developments in the market for rail
road stocks. Following the statements
after the close of business yesterday
concerning acquisition of the Rookie
Teller holdings of Wheeling and Lake
Erie by the Nickel Plate, New York
Central and Baltimore and Ohio in
terests, Wall Street came down to
business enlightened as to where yir-
tual control of the road is held. The
fact that a triangled corner existed
was made plain by the amount OF
stock said to have been acquired by
these prominent interests.
The professional element, which
found that it had made the serious
mistake Of fighting such a powerful
group, came to the realization that it
was almost impossible to get in their
short contracts in Wheeling common.
Jumping 10 points over night to 105,
the stock subsequently changed hands
at 1870, and after selling at this figure
it was quoted $50 bid. with none Of
fered The preferred after opening at
S31a for an overnight gain of 4 points
was carried up sharply to much the
highest since the present speculation
started.
Premium Still 81 Share Today.
The premium remained at the top
of per cent, and there was still some
who were willing to pay the eXorbi-
tant rate rather than admit defeat.
What Wall Street appeared to be
chiefly concerned about was the future
trunk line plans of the big system.
Traders continued to seek out low
priced issues which We're likely to fig
ure in these calculations. Such stocks
as Chicago and Alton. Chicago Great
Western, Peoria and Eastern and
others were turned over in enormous
volume at rising prices. Wabash COM
mon, long known to be Loree enter
prise, was carried along in the wake.
Bangor and ArooStook, of which the
floating supply is known to be unusual
" small, continued in spectacular adj
vance.
But while all this was in progress,
considerable uneasiness was being felt
over the effect this was to have upon
the market in general. Many quarters
expressed the belief that the turbu-
lent market for railway stocks was
decidedly unhealthy development, and
this view was reflected in an uncertain
movement in other quarters.
Hudson Drops Back.
The demand which set in yesterday
for Hudson Motors continued for a
time, but after having extended it's gain
another two points the price dropped
back to yesterdays final. General
Motors was rather freely offered,
changing hands most of the time at
decline of a point or more. United
States Steel common was practically
neglected around 157, while the effect
of the highly favorable Republic Iron
and Steel report which was pro.
nounced in the market for independ-
ent steel shares yesterday appeared to
have spent itself. Crucible, Colorado
Fuel and Iron and Bethlehem worked
higher at intervals, but the bulk Of
the demand evidently had been sup
piled.
Remington Typewriter stood out
strongly for a time following the dec
laration of dividend establishing the
stock on a regular annual S. basis,
but lost most of the five-point gain
in the later trading. Realizing sales
which We're pronounced in Houston
Oil yesterday following the last weeks
rise of more than 20 points started
forward again, but other oils were
little changed. The selling which has
been so persistent in General Electric
again asserted itself, carrying the
prices down substantially.