Evening star., 1925-10-26
NEW HIGH RECORDS
FEATURE MARKET
Brief Setback Due to Profit
Sales Soon Overcome by
Buying Orders.
BY STUART p. WEST,
Special Dispatch to The Star.

By STUART p. WEST,
Special Dispatch to The Star.
NEW YORK, October 26-The
week on the Stock Exchange began
with the usual number of new high
records, but with active profit taking
in numerous shares which had been
bid up in the previous trading. This
selling took in several of the motors
and related shares and some Of the
so-called specialties.. On the other
hand, the steels, some of the metal
stocks, a number of the rails and a
crop of new industrial favorites We're
bid up actively. The ticker was at
least 10 minutes behind actual trans
actions much of the time.
Steel Common at New Top.
Among the stocks making new
high records were United States
Steel, which was getting ready for
the quarterly report after the close
of business Tuesday. Then there
was Erie. Southern Railway, Pitts
burgh and West Virginia, Nickel
Plate and Pere Marquette in the rail
way division. North American
reached a new top in the public util
ity group. American Metals, Cerro de
Pasco and Federal Mining and Smelt-
ing common and preferred in the cop
per and smelling group. and United
Cigar Stores among the tobacCos. In
cluded in the list of new maXimums
for 1925 were Loew, American Type
Founders, A. NJ. Byers up to 6 points,
500 Line preferred. United Drug, Ma
tional DiStillerS, Fox Films, Simmons
Co. Packard. Glidden. Sweets Com
pany of America, CreX Carpet, Brit
ish Empire Steel first and second pre-
ferred and First National Pictures
first preferred.
Much Stock for Sale.
There was a good deal of steel COM
mon for sale around 100 despite the
optimistic conditions regarding the
quarterly statement. Bethlehem Steel,
in which there was supposed to be a
lingering short interest. ran up over 2
points. Gulf States Steel was up over
a point. Youngstown Sheet and Tube
was. active but variable. Great
Northern Ore was in demand at
higher prices.
In the motor department WHY'S
Overland crossed 80 again on a big
turnover. Chrysler made a new high.
There was plenty of support for Gem
eral Motors as 1t hesitated in the early
part of the session and the stock
rallied in the afternoon. The oils were
decidedly stronger. Pan American 3
and Marland were the features.
Denial Helps Motor Stocks.
The Durant interview unquestion-
ably helped the motor stocks. There
was an explicit denial of recent rumors
that Mr.. Durant was seeking control
of the General Motors, and therefore
the picture drawn last week of a
gigantic battle between rival financial
interests, IN the motor field, diSap-
peared from view. But the statement
went on to say that holdings had re-
Gently been increased" because of con-
fidence in the future 'of that great
corporation and of its commanding po-
sition in the industry"
Only a month ago the Agriculture
Department estimated the cotton yield
for the present year at 13, ,931 900 bales.
This was a good deal less than expect
ed at the time and it led to a violent
rise In prices. Then two weeks later
this estimate was suddenly raised, to
the equal surprise of the trade, to
14,759. 900 bales. Prices declined Sc
verely on this revision.
But the cotton market was, swept
off Its feet today more completely
than on either Of these two occasions.
Decline i'm Francs Checked.
In French francs the decline was
checked and there was a sharp rally.
1t probably meant nothing more than
the covering in of part on an ex-
tensive short interest. Franch gov
ernment and other securities were
lower at the start. but hardened with
the course of the afternoon. The
opinion was that they were encoun-
tering banking support of the same
character that has appeared on all
occasions where serious weakness
was threatened.
Auto Meetings Important.
Steady buying went on in Great
Northern Ore for the same reasons
that have been behind its advance
during the past week or SO. 1t was
rumored that at the next dividend
meeting a disbursement of 81 a share
would be voted. In April a 81 divi-
dend was declared.
The speculative element were put
ing a good deal of store by the re-
ports that at the forthcoming meet
ings the General Motors and Stude-
baker directorates high dividend
disbursements would be authorized
and the feeling was that, if these
were to materialize and have not al
ready been fully discounted, they
would be the signal for another buy
ing movement in the motors.
Demand from trade and shorts ap-
peared to be supplied on rallies of
about 80 points in the early afternoon
and the market eased again toward
O'Clock under renewed liquidation,
local and Southern selling. January,
which had sold up from 1922 to 1881,