Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-07-17
ADVANCE CHECKED
BYPROF|T-TAK|NC
Speculative Interest in Rails
CenterS in Erie Common
Shares.
By the Associated Press

BY the Associated Press
NEW YORK. July 16.-Heavy week
end profit-taking checked the advance
In prices todays stock market, but
not until after n dozen popular rails
and industrials had been lifted to new
high records. Trading was only mod
crate in volume due to the absence of
many large traders, the days sales
aggregating about 725.000 shares.
REPORTS of revolutionary disturb
ances in Vienna were practically dis
regarded as stock market factor. al
though they caused some uneasiness
In banking circles where detailed re-
ports were eagerly awaited. The days
business news was generally favorable
81 character. the +. w. Dodge cor
:;oration reporting record breaking
snne. building contracts for the New
York and Chicago districts. A few
MISUNDERSTANDING reports were pub
lished. the American Chicle and Mathie-
son Alkali companies making favorable
comparisons with the corresponding
period last year.
Erie Common Rises.
Speculative interest in the railroad
shares. which have been under &C.
emulation lately on expectations of
Increased freight traffic and official
approval of pending consultations.
centered in Erie common. which adj
vanced more than points to 81. a
new high record for all time. The pre-
ferred issues advanced fractionally.
but failed to eclipse their previous
peaks.
New York. Ontario and Western
duplicated its peak price, while Della
ware and Hudson. Southern Railway.
Western Maryland common. St. Louis
San Francisco, st. Louis Southwestern
and Chesapeake & Ohio advanced
point or two.
InduStrials were more irregular.
with such recent favoriteS as United
States Steel common. General Motors,
Allied Chemical, American Smelling,
Radio, Baldwin and Texas Gulf Sui
phur showing small net recessions.
On the other hand, new peak prices
were established by Arnold Constable,
Bayuk Cigars, Brown Shoe, Coty. Inc;
Electric Auto Lite, General Electric,
Manhattan Electric Supply and
Oppenheim Collins.
Oil shares. which have been sluggish
for weeks, developed several points of
strength. Atlantic Refining, Pan
American B, Texas and Pacific Coal
and Oil, Texas Pacific Land Trust
and Union Oil of California were the
leaders. Commercial Solvents B, broke
eight points and then rallied feebly.
American Piano preferred slumped 4
points to a new low and conspicuous
heaviness was shown by Great West
ern Sugar and Pierce-Arrow preferred.
Foreign Exchanges Quiet.
Foreign exchange trading was quiet,
with fluctuations narrow and irregu-
lar. Demand sterling held steady,
just below 1854 and French francs
were quoted slightly lower around
S.91 cents. Japanese yen rallied Z
points to 1920 cents.
The Weekly Clearing House state
ment showed excess reserve of $22,-
72.250, decrease of $2,431, TAO, below
tslow that of last week. Aggregate
reserve totalled $644,5S4,000 The de-
tailed statement of actual condition
this day showed decreases in all of the
principal items, except net demand
deposits, which increased $6,422, 900.
Loans, discounts and investments
dropped $52,701 900; cash in own
vaults, $5.512,000; reserve in the Fed.
eral Reserve Bank of member banks,
$4,000, and time deposits, $40, lis, 900.