New Britain herald., 1927-01-21
DOWNWARD TREND FINALLY HALTED
Market Was Hopping Badly
 When Buying Orders Came

New York, Jan. 21 GP-The stock market was heading downward this morning and appeared to be on the verge of sharp break when large buying orders poured into several groups of stock and started brisk rally. Early losses of 1 to points were substantially reduced or wiped out, and by early afternoon dozens of issues were selling to 5 points above last nights final quotations.
 The sudden revival of activity and strength in the merger rails was based on unconfrmed reports that brokers previously identified with Van Sweringens were heavy buyers of the Wheeling and Lake Erie is- sues, the inference being that the road probably would be included in the revised Nickel Plate" consolida- ton. Wheeling and Lake Erie com- mon extended its gain to points by touching 40 1-2, the highest price since it was listed ten years ago. Western Maryland issues also touch- ed their highest prices in years.
 Weakness of the cement issues was believed to reflect recent sug- gestions of a reduction in building activity. Wcclworth rallied sharply on publication of favorable 1926 earnings report. Studebaker, with an early gain of 2 1-e points, showed ln yoet y}o1 j,o tnt he Equipment shares continued to re- spond to reports of large railroad orders. Special buying also develop ed in several of the independent steels, particularly Sloss Sheffield, Ludlum and Colorado fuel. The ad- vance in the oils was resumed, but it appeared to encounter strong re- sistance.
 Stock prices moved irregularly higher at the opening of today's market. Oil and railroad shares were again in the forefront of the advance, but gains, as a rule, were limited to small fractions. Collins Ss Aikman preferred opened 5 points higher at 40, new record high price.
 The market turned irregular soon after the opening. Bear traders launched an aggressive attack against Continental Baking A, which quickly broke points on selling probably inspired by the earnings report showing the annual dividend earned by g. very small margin. Re- tention of the per cent rediscount rate by the New York Federal Re- serve Bank probably caused some disappointment. |. s. Cast Iron Pipe broke about points in fur ther reflection Of speculative disap- pontment over the failure of the directors to authorize stock split up. Famous Players, Radio Cor poration, Timken and General .Io- tors also were under pressure. Wheeling & Lake Erie issues were
 under further accumulation and Wabash preferred B jumped 4
 points to 72. the highest price ir
 over a year. Pennsylvania Rail-
 road. Colorado Fuel, Texas Gulf Sulphur, Collins &5 Aikman common and public service of New Jersey touched new high prices. Foreign exchanges opened steady, demand sterling being quoted just under s4S5 and French francs around
 S.951s cents.
 Net income of F. w. Woolworth company for 1926 amounted tc s2S,204,92S, equal to s1o.S5 8 share, compared with s24,601,76i in 1925, or SAG a share. ProfiI and loss surplus rose to S49, ,S0S,' 1 79S from s2S.632,G92 the year be. fore. Sales for 1926 were S2oS.' G45,124 against s239,o32,946 1T 1925. Working capital at the close of the year was S45,079,161. Casf exceeded s17,000,000, or foui times current liabilities.
 THE MARKET AT 2:30 P. M.