Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-07-25
STOCKS IRREGULAR;
TREND is Lower
Rails Meet Better Support
Than IndustriaIs, Aver
age Shows Gain.
By tho Associated press.

By tho Associated Press.
NEW YORK. July 24.--The stock
market moved irregularly lower In
today's quiet trading. A series Of
bear attacks, particularly against the
motors and some of the high.priced In.
dustrial specialties, resulted in the
elimination of some weak speculative
accounts, but failed to undermine the
markets structure. Coed buying
support was forthcoming when need.
ed, but little effort was made to bring
about any demonstrations on the up
side.
Rails showed better support than
the industrials. the average Of 20
leading issues In that group showing
q net gain of nearly half q point on
influenced by the appearance OF add
tionai favorable junk earnings re.
ports and the publication Of plans for
the so-called tandem merger" in the
Southwest. Southern Pacific closed
nearly two points higher. at 1868, on
the announcement that net operating
income In June was Is per cent above
the average income for that month
over the last Ave years.
Motors Withstand Attacks.
Motors, which have been subjected
to repeated assaults in the last few
months on the belief that car sales
had reached their peak and that more
price cutting was in order, again with.
stood the attacks of bear traders.
General Motors closed " higher, at
1894. after fiuctuating between lob
and i67; Mack Truck showed a frac.
tional loss at 119ia, after having sold
q point below that figure. but Hudson
closed nearly two points lower. at
e0M. Jordan rallied over two points
to 26 and then yielded slightly.
Most Oh the other standard indus-
trials driftsd lower, United states
steel common showing a net loss OK
a. at 1874. While the large ma
jority of net losses in that group were
fractional, declines OF one to TWO
points were recorded by American
Smelling, American Water Works,
du Pont. General Electric, Pullman
and WESTINGHOUSE Air Brake. Onset
ting these were similar gains in Austin
Nichols, Brown Shoe, Dawson Chem
ical, Foundation Co., Marine preferred
and Jones Bros. Tea.
Wheat and cotton prices pointed up
ward. Active wheat futures rallied
about cents a bushel despite deniais
of recent reports that the Canadian
moisture. Cotton closed IA to 81
points net higher, with buying IN.
fiuenced by reports Of rain IN the
cotton belt.
French Francs Rally.
A further rally Of nearly 10 points
in French francs to around gao
cents featured the irregular foreign
exchange market. Belgian francs and
italian lire rallied in sympathy with
the Paris rate, but demand sterling
eased ale OF cent, to $4.6b ll.!6,
which is natural at this season OF the
year. other European rates showed
The weekly clearing house state
ment showed excess reserve OF SS2..
E4o, ITO, an increase of $21.21O,9SO
above that OF a week ago. Aggregate
reserve ,totaled $S19. 10000. The de.
tailed statement Of actual condition
this day showed mixed changes.
Loans, discounts and investments
dropped $5,SS9, 900 and net demand
deposits $2S,ST5, 200. Increases were
shown. however, by the following
items: Cash in own vaults, S1,667,-
900: reserve in the Federal Reserve
rank of member banks, $1T,5SS,0oo
and time deposits. t6,654,oo0.