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Show I BEARS FORCE ' VALUES LOWER Shorts Hasten to Cover in Final Hour, Causing Irregular Rally. NEW YORK". Oct 26 Another bear attack by professional interest succeeded in causing further material recessions of quoted values In t he-early he-early part of today's stork market. Weakness of foreign exchange and tho failure of western and southern railroads to respond to the resumption of tho 6 per cent dividend by the Pennsylvania railroad and a new high record for Reading encouraged short selling In other cjuarters, resulting In declines of one to fi points Indications, Indica-tions, however, that th- market was developing an oversold condition later la-ter induced covering which caused a I rally of 1 to S points In a number of active shares. Sales approximated 1,-000.000 1,-000.000 shares. Prices were irregular at the opening. open-ing. Shares of eastern railroads, oil companies an da number of specialties were In good demand but some of the steel, equipment and motor shares wern under pn .-sure Heading and Western Maryland second preferred each established new pek ces tor tho ear, the former at j ;. up 1 Vi tnhJr strong spots In the rail group were Western Maryland common, Jersey Central, Great Northern preferred pre-ferred and Nov.- York Central, up -t to 8 points. Mexican Petroleum sold 2 points above Tuesday night's close other individual strong spots were Coca Cola, Pressed Steel Car, V- S. Realty, Consolidated Gas and American (,'iin, all up a point or more.: U. S. Steel common sold off,$i of a point and Republic Steel 1. Stude-j l ak' r was under professional pressure, i yielding I points. Standard I ill of California, Houston oil and American I ar also were heavy. Continuation of record coal shipments ship-ments found expression In the brisk demand for shares of coal carrying railroads most of which registered t-ubstantlal gains Some of the other rails Improved in sympathy, gains ofi a point or moro being recorded by j New York Central, which was Lack to j par Delaware Hudson. Baltimore v i nio, soutnern ntniwa; uoi.qicu,i Wheeling and Lake Erie preferred and New Orleans and Texas & Pacific. I Elsewhere In the lits, however, bear-1 ish sentiment was predominant, being based on the further weakness In! foreign exchange anu bond prices and, tho apparent exhaustion of the de-j mand built up in connection with the! recent advance resulting from the declaration of stock dividends and rumors ru-mors of the .same Industrial pools made little efort to push up their' favorites and the whole list sagged; as a result. Davison Chemical slumped I six points to 30, a new low for the, year, and losses of 2 to 3 points were; registered by Studehaker, Baldwin ; associated OH. Marine preferred Kisher Body, American Brake Phon and Corn Products Consolidated Gas' was tho one outstanding exception, rising 3 ;? points. Call money opened at 4 ; per cent. Despite the fact that the llrt had undergone liquidation Ln recent days, bear operators seemed supremely : ronf Ident of their position and extended ex-tended their pressure to the railroads after midday. Louisville & Nashville was forced 2 points under Tuesday's final figures. Atlantic Coast Line 1 and Northern Pacific & Western. New llrwen and Rock Island a point In the Industrial list United States Steel fell to 106. the lowest since 111V. the high price of the year, was Inado ten days ago. Baldwin's loss reached ; 8 Studebaker and Maxwell Motors "A" 2i find Mack Truck. Pan-American Pan-American "A" and "B," Standard Oils of California and New Jersey. Van-! Hflhim ami Gulf Slates St Is. Atlantic i Gulf and New York Dock. May Department De-partment Stores and American Su-i matra Tobacco 2 to 2 ft Declaration of a 1 V4 per cent quarterly dividend on Penna Ivania. restoring the stoek; to a six per cent annual basis caused bulng and the price mounted to! 49L. the top figure of the year. h Reading also w ent higher, touching i closing was steady Atlantic Gulf dropped 51 to a new; low for the year ln the final hour However, good buying of American! Locomotive 'which was pushed up points above Tuesday's close, started a rally ln other parts of the list whic h was aided by extensive short coverings. |