Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-12-18
COPPERS LEADERS
IN BRIEF SESSION
New Saturday Trade Rec
ord Established, With Sales
Reaching ,603, 200 Shares.
By the Associated Press.


NEW YORK, December 17.-Heavy
accumulation of the copper shares in
further reflection of improving trade
conditions lifted nearly all active
members of that group to their high
est prices in years in today's brief
session of the market. Some irregu-
larity developed in the general list as
a result of heavy week end profit-tak
ing, but the line of least resistance
was Enthusiastically upward the aver
age of 20 leading industrials again
reaching a new record. Trading was
conducted at terrific pace, total-sales
for the two hours running about 1903
200 shares, establishing a new Satur.
day record.
Despite the fears of a credit strin-
gency aroused in some quarters by
the heavy exports of gold from the
United States in the last few weeks,
operators for the rise expressed con-
fidence that no immediate tightening
of rates was in prospect, emphasizing
the stability and ease of the call
money market this week in the face
of a heavy mid.month turnover of
funds and large Withdrawals of cur.
rency in anticipation of holiday re-
quirements. The improvement shown
in the basic industries also was
stressed as bull factor.
Commission House Advices.
Much of today's realizing probably
was inspired by commission houses
advices, suggesting that the recent
advance was too rapid and that the
market was entitled to breathing
spell. This was particularly apparent
in u. S. Steel common and General
Motors, each of which ran up over
points yesterday, but closed today
at net declines of rs and q, respec
lively.
Greene Cananea was again the SEN
sational feature in the copper group.
soaring IA points to new high rec
ord of 1881 or more than 100 points
above the years low. but easing to
1904 on realizing. New peak prices
for the year or longer. also were at.
tanned by Anaconda. Chile, Calumet
& Arizona Nevada and International
Nickel.
An increase in Pennsylvania crude
prices started a heavy buying move
ment in the oil shares under the lead
ership of Sinclair, which advanced
~ points to 81.
Mercantile stocks were in demand,
new highs being attained by Sears
Roebuck, Montgomery Ward and
Gotham Silk Hosiery. American Can
improved it's best price for the year.
stimulated by an enormous buying of
buying orders and sharp advances
were scored by other specials such as
International Nickel, Porto Rican To-
bacco B and Southern Dairy A.
Aero Stocks Under Pressure.
The aviation issues were under
rather heavy pressure, Wright drop
ping back more than 4 points and
Curtiss yielding about 3. Strength of
New York fractions featured the
Public Utility group.
Except for a further slight recess
sion i'm sterling exchange. cables or
London being quoted around 48S 3-16,
there were no changes of Importance
in the Foreign Exchange market.
The weekly Clearing House state
ment showed excess reserve of S18..
2S1, $50. an increase of $1S6,000 above
the week before. Aggregate reserve
was 1851, $4,000. The detailed state
Hent of actual condition this day
showed mixed changes. Loans. dis
counts and investments increased $751;
267, 900; cash in own vaults, 1920
900, and reserve in the Federal Re-
serve Bank of member banks, $4,000.
Nrt demand deposits dropped 1891 900
and time deposits. $4,S8S,000.