Evening star., 1927-02-16
LOW-PR|CED RAILS
MARKET LEADERS
Wabash Rises Sharply in
Huge Turnover-ControI
Fight Now Rumored.
Special Dispatch 10 The Star.


NEW YORK. February l6.-Today's
stock market was more of Il two-sidet
affair with greatest activity in low
priced rails. Notwithstanding what
happened in the market for these
stocks a week ago, they proved read
lily responsive to the renewed demand
which developed after the first houl
Ui business.
New high records were reached by
Wabash preferred and common, the
latter rising sharply or an enormous
turnover. AS an added incentive for
30 buying. Wall Street had the re-
rort tnat railroad interests other than
The Lorees were in the market for
The stock, This report evidently orig
mated in highly speculative quarters,
but il served as a stimulus Tor 1uf'
ther operations for the rise. Missouri
kansas.Texas, which, together with
the Kansas City Southern and st.
louis Southwestern, made up the
J.oree Western trunk line, was car
ried forward sharply, followed closely
by shares of the last two named ROADS,
although there were no new develop
ments to account for the buying.
Missouri Pacific Up.
At the same time Missouri Pacific
issues were taken in hand, while
chicago and Great Western preferred
and common were bid up sharply.
High-grade dividendp paying issues
were by no means neglected, but the
developments in the merger rails
overshadowed advances of point to
Two points and more in such stocks
as Delaware and Hudson, Lacka'
wanna and Canadian Pacific.
While all this was in progress the
fnr. fsoporal Motors had 10
absorb considerable selling. At 155
The price compared with yesterday 8
final of 15S. This was accompanied
by the announcement of plans to offer
$25,O00,00O additional per cent pre-
lerred stock to provide additional
working capital. Other motors We're
taking their cue from the action or
General Motors. Nash lost more than
a half point, Chrysler was offered
rractionaly lower most of the session
and Hudson dropped below "a before
support was encountered.
There was nothing not already
known to account for the sharp run
up to high prices in Baldwin Loco
motive. Once the demand got under
way heavy short covering came into
the market, carrying the price up al
most 10 points before the rise was
competed. 1t CdETIeu Will IL OllCA .
Of the group, notably Westinghouse
Electric, Pressed Steel Car and Gen.
eral Railway Signal.
Steel's Range Narrow.
United States Steel common fluctu-
ated over q narrow range. Colorado
Fuel and Iron, however, which is
thought to have the support of pow
erful interests, stood out strongly
among the independents, establishing
new high for the year above 81. In
timations that there was likelihood
of the preferred dividend on New
York Gamers being deferred at the
next meeting caused heavy offerings
in the common, which was carried to
a new low for 1927.
Oils divided interest with lowspriced
rails. Pure Oil at new high prices
was responding to the report that the
company had adopted a new gasoline
process which would go a long way
toward increasing earnings as a re-
suit of cutting operating expenses.
Houston at SS5 compared with the
previous final of STE, while Barnsdall
issues continued favorites in the
medium priced group.