Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-02-04
SESSION EXCITED
IN STOCK MARKET
Sore Brought to Front and
Others Feeling Effect of
Profit Taking.
BY STUART T.. WEST.

Special Dispatch TO The star
NEW YORK, February 1.-THE
stock market went through another
excited session today. Operations
for the rise We're carried on agrees
sively from the outset in numerous
directions. but it was noteworthy
that while certain stocks and groups
of stocks were brought 10 the front
other quarters Of the market were
feeling the effect OF heavy profit TAX
ing. Highly speculative quarters
where a large part of the recent
buying had been based on the pros
beet of a reduction in the New York
rediscount rate at the meeting after
the close of business yesterday, eN-
pressed disappointment over the TAIL
ure of such development to ma
terialize and this probably accounted
for good deal of the early irregu-
larity.
1t was the lowpriced merger rails
which were finally brought TO the
'front.', with interest in this quarter as
keen as it has been at any time since
The campaign for higher prices start
ed. Despite the fact that there has
been TO official continuation of the
many rum0rS. concerning the linking
lD of these roads with the larger SyS-
TENS, the demand. once it got under
way for such stocks rs Wheeling and
Lake Erie. Western Maryland. Kansas
City Southern. ACKNOWLEDGMENT Texas.
was urgent. Leaving off last night at
q, Wheeling common was carried to
81. There was every reason to he
iieve that the buying represented for
the most part the covering in of short
contracts by those who were COM
Delled as Il result of the calling for
delivery of the stock, to get in their
requirements at any price. That an
actual corner did not exist was evil
dent, because of the ability to bor
row the stock, although it was neces-
Sary to pay a substantial premium
tor the privilege.
Kansas City Southern crossed As
FOR gain of 3 points.
The demand for Wabash common
was more urgent than it has been It
any time since the upward movement
got underway. Nothing further was
heard about plans for linking the road
with the Loree fifth trunk line system,
but once the move started it was car
ried forward under it's own momen-
tum.
Seasoned dividend payers of the
type of Norfolk and Western, Union
Pacific, Baltimore and Ohio, Della
ware and Hudson and New York Cen
trail were either unchanged or slight
ly lower in face of the excited specu-
lation for the rise in junior issues.
Reading was an exception, however,
continuing in demand around its
highest prices.
The spectacular rise in Baldwin
Locomotive just before the close yes.
terday was carried further, but not
before realizing sales had carried the
price down two points With the float
ing supply unusually small, it was
an easy matter to bid the price up
sharply and the buying of the past
two days was generally attributed to
strong Western interests. who have
been back of the market for the stock
FOR some time past.
Crucible Steel stood out strongly in
It's group, advancing almost A points.
while United States Steel common
was practically unchanged. Colorado
continued to be influenced by the pos
sibility of early dividends and the
price was carried to a new high for
the year above Sc.
Industrial specialties, in which pools
are said to be operating, stood out
strongly, notably international Har-
vester. up almost 8 points at one time;
United States Cast Iron Pipe. up al
most points, and General Railway
Signal, up more than q point.