Evening star., 1924-01-27
INDUSTRIAL ISSUES
HIGHEST IN MONTHS
Corn Products Again Touches
New TOp-United Fruit
Above 2O1-SteeI Also Up.
OILS IN LATE ADVANCE
Pennsylvania Railroad Furnishes
Saturday Surprise-Motors and
Chemicals Attached.
OILS IN LATE ADVANCE

NEW YORK, January :6.-Stock
prices moved up vigorously at the
. opening of today's market, but the
advance was Interrupted, at inter
Nals, by heavy profit taking and a
renewal of bear selling in several
sections of the list. At the close the
average of twenty leading industrials
was at the highest point since last
April and less than five points below
the peak of the preceding month.
High priced specialties were again
the center of speculative interest
Corn Products, which has established
Il record high nearly every day this
week, touched another new top al
ISI, closing l. lower for net gain
OF 2,2 points. United Fruit crossed
2ol to the highest quotation since
1921. and then broke to 1873 for Il net
loss of > points on the day. General
liaking closed points higher, and
American Tobacco, AZ.
L. ). Steel Heavily Bought.
United States Steel was heavily
bought in anticipation of a good
earnings statement and favora BILE
dividend action next Tuesday, touch
ing 1047s the highest price since last
spring, but forfeiting most of its
gain in the late realizing movement
Bethlehem Steel closed IA higher
the other Independents showing little
change on the day
bullish demonstration was con-
Quoted in some of the oil shares just
before the close, Atlantic Refining,
Pacific and Standard Oil of California
each closing > Z points higher. Fresh
Selllng broke out in the Pan-Amerf-
can issues on publication of Wash
lnston dispatches forecaSting the
cancellation OF the company's lease
on the naval oil reserves in Cali
lornla as result of disclosures be-
fore the Senate committee, the net
decline In both stocks being about
points.
Spectators for the decline again
attacked the motor and chemical
SHARES. which have proved vulner-
aole 10 selling pressure. Losses of
to Z points were recorded by
american Agricultural Chemical pre-
ferred, Virginia. Carolina Chemical
preferred, Willys-Overland preferred
ana Stewart Warner. but Stude baker,
Chandler and Davidson Chemical
yielded only fractionally.
big Four" Up Points.
Strength and activity of Pennsyl-
Nania railroad, which ordinarily
moves within narrow limits, was the
feature of the railroad group. The
stock advanced points to 46l1,
closing slightly below that figure,
buying apparently being influenced
by the announcement that its leases
with the Lehigh Valley and Balti-
more and Ohio for the use of the
Pennsylvania station would not be
renewed when they expired because
Of IT'S own increased requirements
Big Four advanced 4 points on
one sale and Delaware and Hudson
advanced Ia. Southern railway was
again active, closing at 44as for a
net gain of Y point.
Trading in the foreign exchanges
was quiet with rates exhibiting a
firm tone. Demand sterling advanced
slightly to s4.22& and French francs
were quoted just under 4.50 cents
Other rates showed only nominal
fluctuations.
Decrease in Reserve.
The weekly clearing house state
ment showed decreases in most of
the principal items.
Loans, discounts and investments
dropped $22, 900, reserve of mem
Der banks in the federal reserve
bank fell $37,592,Q0o, and net demand
deposits slumned $17,972, 900. Cash in
own vaults increased $1,593,00O and
time deposits $2,6sf0o0 Aggregate
reserve totaled S492,096, 900, leaving
decrease of s34,S21,9 800 below the
week before. which showed an excess
reserve of more than S1S.000,000.