Evening star., 1927-11-04
REACTION OCCURS
ON STOCK MARKET
Brokers' Loans Factor
Steel and Motors Feel Ef-
feet of Pressure.
BY GEORGE L. HUGHES.

Special Dispatch to The Star.
NEW YORK, November 4.-Opera
tions on the Stock Exchange today los
a good deal Of the buoyancy tha
characterized trading throughout thu
session yesterday. There was M
doubt that speculative sentiment hat
been Influenced to some extent by
| the disclosures in the latest brokers
loans figures made public after yes
| terdays close by both the New York
Stock Exchange and Federal Reserve
Bank.
In view Of what was generally con
| sidered to be heavy liquidation during
the early part of the period covered
by the loan figures of the Fedora
Reserve, a good sized reduction haG
| been expected.
Pressure Against Motors.
Pressure made itself felt from the
outset against General Motors. Others
of the group which had been under
accumulation earlier in the week
felt the effect of profit taking.
This was particularly true O Hupr
Motor. although all sorts of rumors
were circulated in an endeavor tC
maintain a pull -ic following on the
buying side. One was to the effect
that merger negotiations were in prog
ress tween this company and inter
ests identified with Studebaker. but
they appeared to have no foundation
IN fact. Hudson was another that
acted disappointingly. but in no in
stance did the decline extend very
far. In the afternoon Hupp was back
over more than the ground lost and
v hite Motor, despite intimations OF
unfavora5le dividend action to be
taken later in the day. rallied sharply
from the recent low of the year.
Z. S. Steel was offered freely at in
terva.-. the decline extending almost
2 points before recovery set in. The
independents. however, held compare
lively steady.
The oil shares did not do as well as
they had Thursday, but in most in
stances the recent improvement was
held. The decision to extend the
Seminole curtailment agreement tc
January 1 was an encouraging factor
but buyers of the oil stocks have had
so many disappointments that they
hesitated to follow the recovery. Sc
far as group movements were con
cerned, the coppers gave the best ac
count of themselves. Calumet d
Arizona was bid up sharply to its
highest since trading started on the
stock exchange, and Greene Cananea
came within short distance of equal.
ling it's previous high. Kennecott
Anaconda and Cerro de Pasco We're
prominent on the side of advance, and
were evidently being influenced by the
gradual improvement in the market
for the copper metal.
COppers Find Buying.
When it was realized that the COP.
pers were vulnerable to buying opera
tions they attracted a large public fol-
lowing and gains were pronounced.
American Smelling and Refining
finally joined with others of the group
but Calumet and Arizona remained
the favorite at an advance Of some 5
points.
Radio Corporation was taken in
hand again and on an enormous turn.
over reached its highest price since il.
was listed in 1924. Interests identified
with Baldwin Locomotive and several
other recent pool favorites. We're said
to be responsible for the buying to.
day. Fox Film "a" reached a new
high for the year following the pri-
vate showing of it's latest production
which is said to embody' several new
features.
Growing recognition of the favor.
able rate of operations in its truck end
of the business was reflected in higher
prices for International Harvester.
The rise to a new high record
in Southern Railway yesterday ap.
peared to have discounted for the
time being the possibility of an in.
crease in the regular annual dividend
to S.. Profit taking carried the price
down more than a point in the late
trading today.
Other rails did little in either di.
rection.
A concerted drive against Timken
Roller Bearing was successful in de-
pressing the price some points and
Dodge Bros. preferred was off rather
sharply. Despite the denial of rumors
that plans were under way for acqui.
sition of Christie Brown by National
Biscuit, shares of the former company
were in urgent deman nd at a new high
of 1917. Call money, after renewing
at 3k per cent. remained in plentiful
supply at this figure.