Evening star., 1925-05-03
PRESIDENTS VIEWS
SEND STOCKS UP
Believes Business Should Be
Left Undisturbed During
Congress Recess.
b.. thc Associated Press.


NEW YORK, May 2.-The rally in
stock prices which started yesterday
continued through today'S brief ses-
sion, being given added impetus by
Washington dispatches stating that
President Coolidge believes business
should he allowed to develop undts-
turhcd during the congressional re-
cess. Trading showed a marked eN-
panSion in volume, total sales running
above $4,000 shares for the two-hour
session.
The rapidity Of the advance in sew
eraI issues. particularly in American
can. which was bid up over 5 points
10 ISIS, indicated a hurried retreat
of the short interest. Other outstand-
ing industrial strong spots included
Associated Dry Goods, Chicago Pneu-
matte Tool, CoCa-COla, International
shoe. Mack Trucks. Nash Motors,
Stewart Warner Speedometer and
United States, Cast Iron Pipe, all of
which closed 8 to 10 points above Fri
days final quotations.
Rails in Brisk Demand
Rails continued in brisk demand,
the leasing of the Buffalo. Rochester
and Pittsburgh by the Delaware and
Hudson stimulating the buying of
stocks of other small carriers WHICH
are likely TO be absorbed by the
larger systems. Buffalo. Rochester
and Pittsburgh scared points TO a
new record top at 92lt and then fell
back to 90 on protit-talling. Ann
Arbor preferred advanced az points
10 q new high at 56. and Frisco COM
mon reached new high ground at
G51a
Southern Railway led the advance
in the higher-priced issues by climb
ing nearly 3 points TO a record top
at 95. Net gains of a point or more
also were recorded by Ann Arhor
common. Union Pacific, Canadian Pa
ritic, Chicago and Northwestern,
Delaware and Hudson, New York,
Ontario and Western, Wabash ana
Wheeling and Lake Erie.
Oils Gather Strength.
oils gathered strength on publication
of d Government report showing that
crude oil consumption greatly exceed
ad production in the first quarter,
Tidewater crossing 1876 for a gain of
more than 3 points, while Houston,
MidCOntiuent preferred and Skelly
gained point or SO. many of the
others improving fractionalIy.
Trading in the public utilities quiet
ed down somewhat, although North
American ad ~>1ced a point on a sub
stantial turnover. Radio Corporation
lost ground on the announcement
that the De Forest Radio Co. had OBJ
tanned a temporary injunction against
it for alleged unfair business prac-
tees. Pittsburgh Coal common and
preferred and General Cigar sank to
new low levels for the year.
United States Steel common touch
ed l15 and then eased to 114$4, up
y. and Baldwin sold as high as 113&
and then saEged TO 112j2, where it
was up ] Il on the day.
The weekly clearing house state
reut showed mixed changes, dis
counts and investments increased
&l96,9l9.0o0 over the week before; the
reserve Of members banks in the Fed
cral lteServe Bank increased S6,162,-
OO0 and net demand deposits showed
Il gain of S196.7S5. 900 one of the largest
this year. cash in town vaults dropped
S3.61T, 900 and time deposits S1.03S,-
0Uo. aggregate reserve totaied S619,-
107 900 leaving excess reserve of S269,-
$50. a decrease Of S19,772, ,J10 below
that of last week.
Foreign exchanges ruled slightly
easier. Demand sterling was fairly
steady, just above S4.S4, and French
francs held around 5.23 cents. Span
ish pesetas dropped I points to 14.55
cents, but the other European cur
rencies showed only nominal changes.