Evening star., 1925-11-09
VIOLENT CHANGES
IN STOCK MARKET
Rally Follows Early Drop in
Spite of Advance in Call
Money Rates.
BY STUART p. WEST.
.iaI Disnatch to The Star.

Special Dispatch to The Star.
NEW YORK, November 9-During
the first hour or so of todayS trading
the market was the most reactionary
il has been in some time. There We're
losses of 9, 3 and points, and even
more. in stocks which had been in the
forefront of last weeks upward move
ment
The steels, motors and metal
shares-the recent leaders-all felt
the effect of heavy protit-t taking. But
at the critical moment buying orders
were thrown into the railway equip
ment stocks, and this, with the
strength in some of the oils, which
had been consistently maintained from
the start, brought about general
rally.
Baldwin got above 1870 for the first
time on the current movement. 1t
was one of the features of the mar
ket, and other shares of locomotive
and car-making companies went
along. Among these were particu
larly American Locomotive and Pull
man. The general impression was
that these stocks which are always
easy to move either way were being
marked up TO help out the speculative
position in other parts of the list.
While the selling move was on in
the early dealings some very sharp
recessionS occurred. The more nota
BILE losses from the Saturday close
were II points in Dupont. 6l2 in
Chrysler. 2as III United States Steel
and in Republic Steel, in Gulf States
Steel, 31a in North American, 4s4 in
General Motors. IN Hudson, each
in Pierce Arrow preferred and Fisher
Body, 5l2 in National Lead. pa in
American Smelling and 2ss in Ana
conda, Az in Woolworth, az in Amer
lean Can. 2as in International Com
bustion Engineering and . points in
Loose Wiles.
Oils Active in Rally.
In the subsequent rally Pacific Oil
stood out prominently, with q rise of
nearly points. General Petroleum
went up a point and a few others of
the oils a halp point or so. The rise
in Pacific Oil was attributed largely
to special reasons having to do with
earnings.
There were new high records in
United Cigar Stores. Schultz. Devoe
& Reynolds, American Ice, New York
Dock, Goodrich preferred. Allied
Chemical preferred, General Baking
preferred and Nickel Plate preferred.
Allied Chemical common also got into
new high ground as it crossed lis.
Leather Shares Strong.
American Hide and Leather stocks
were very strong, with the preferred
up 1ia and the common 2 points.
Some Of the merchandising were in
demand again, especially May Depart
ment Stores and National Depart
ment. the latter unusually active on
the rise. Mack Trucks appeared to
be receiving prompter support than
most of the other motor issues.
French Francs Lose Ground.
At their low of the day, French
francs were still above last weeks
minimum of 3.SS. But they lost what
ever inclination toward recovery had
appeared on Friday and Saturday,
sharply. The decline was commonly
taken TO indicate the skepticism in
international banking circles over the
Painleve tax program. The courage
of the proposal was recognized and
admired. But 1t Is doubted whether
the French public has yet been suf-
ficiently aroused to the seriousness of
the situation to be willing to make
such a sacrifice.
Continued improvement in the
business of the American Woolen Co.
Is said to have been the incentive for
the recent buying in the shares of
that company. Wall Street has no
official figures to substantiate the re-
ports of increasing income, but the
advance in the stock over a short pc
riod of time would seem TO indicate
that there was something to the IA
0orable talk regarding American
WoOlen affairs.
Selling Ahead of the News.
The selling which occurred in Gen
eral Motors and in other members of
the automobile group today was as
cribed in part to the familiar notion
that the good news had been dis
counted. The General Motors direc-
tors will meet this week 70 act on div
idends and it is expected that S.
extra dividend will be declared and
that the regular rate will be raised
To per cent. The big advance in
General Motors has been due in large
measure to the likelihood of a good
sized extra.