Evening star., 1926-11-07
TREND IRREGULAR
IN STOCK MARKET
Opposing Forces Still Are
Struggling for Control
of Movement.
BY the Associated Press.

NEW YORK. November 6-Price
movement in today's stock market
lacked uniformity. with opposing spec.
ulative forces still struggling for con
troll. Trading was almost entirely pro.
fessional in character, despite the ef.
forts Of bull" pools to attract A fol
lowing by bidding up special stocks
and the attempts ot bears TO force
general liquidation by attacking Mo.
tors and supposedly vulnerable spe
ciAlties.
Two overnight developments partic
ularly encouraging to bullish forces
were the announcement that Presi
dent Coolidge favored a rebate on 1925
income taxes and the publication of a
compilation of railroad earnings for
the first nine months, indicating that
class l carriers would break all rec.
ords for both gross and net this year
Onsetting these were the surprisinel,
small reduction in Stock Exchange
member loans last month Of slightly
more than $27,O00. 900. compared with
the decrease Of over $210,OOO, 900 In
Federal Reserve totals during the
same period. and the drop Of pei
cent in October bank clearings, com
pared with the same month last year
ohAtCu CtdtSS SSkCSl COIIlII1On Ie
ceived strong buying support in an
ticipation Of an unusually favorable
tonnage report next Wednesday, clos
ing fractionally higher at 144A. On
the other hand. General Motors. which
has frequently shared market leader
ship with Steel, was hammered down
over points to around 150 beca use
of the uncertainty regarding divi-
dend action at the next Thursday a
meeting.
The brisk demand for coppers re-
f1ected the improved statistical posi-
ton Of the industry and the prospect
Of higher dividends by few com
panies before the end Of the year
kennecott, Greene Cananea, Nevada
and Ray touched new high levels for
the year.
Several specialties also were under
accumulation on reports of special
developments. Wick Chemical was bid
up over points on reported negotia
tions for it's acquisition by one of the
largest household REMEDY companies
Warner Pictures A spurted from 4712
to 51ss at the expense Of an over.
crowded short interest. Substantial
gains were also recorded by Ameri
can Safety Razor. Federal Mining and
Sme1ting common and preferred
Foundatlon Company, Great Northern
Ore certificates and Woolworth.
Speculative enthusiasm for the rails
was dampened somewhat by uncOn-
firmed reports of another change in
Nickel Plate" merger plans. involv
ing the substitution Of the Chesapeake
and Ohio for the Nickel Plate" as the
parent company. Van Sweringen is
sues lost ground on the report. Coco
gains We're recorded by Atchison
Wabash and Chicago and North.
western.
In the foreign exchange market de-
mand sterling improved moderately
by advancing to $4.S4as. and French
francs were firm around $50 cents.
Italian lire sold off about 5 points to
just below AZ cents. and Norwegia n
krone dropped 10 points to 24.92 cents.
Japanese yen touched 40 3-16 cents.
the highest rate since the earthquake
in 1923.
The weekly clearing house state
ment showed eXcees reserve of sl75.-
606.210, a decrease of 5000, ,O3O be-
low the week before. Aggregate re.
serve totaled S593.7 900 The de,
tailed statement Of actual condition
this day showed mixed changes.
Loans. discounts and investments
dropped &3S.299.000 reserve in the
Federal Reserve Rank of member
banks &15.s3s. 900 and net demand de-
posits $75,642 900. Cash in own vaults
increa sed S745 900 and time deposits
$16,S 900.