Evening star., 1927-11-20
STERLING At NEW
HIGH SINCE 1874
Motors Center of Rising Mar
ket-UpWard Movement
Is Broad.
By the Associated Press.

BY the Associated ffese.
NEW YORK, November 19.-Re.
sumption of the upward movement
accompanied by the establishment of
a new high since 1914 by sterling ex.
change. Bullish operations in stocks
Influenced largely by the continued
ease OF money rates and the turn
for the better in some of the basic
industries, lifted more than score
issues to new high levels for the
year. or longer. the net gains rang
ing from l to points. Trading was
unusually heavy for half.holiday
session.
Motors were again the center of
speculative interest. General Motors
moved within a range of less than
point. closing q of a point net higher
at 1925 on a total turnover of about
Is. 900 shares.
Hupp opened with block of 10.-
900 shares at 2S1a set a new 1927
peak and then fell back to 27%
for a small fractional loss on the
day. Packard established a new high
at 52a4. closing at the top. Pierce
Arrow preferred fell back more than
: points, but most of the other motors
improved fractionally. Motometer,
with gain of more than points.
featured the accessory group.
Midland Steel Products lip.
Midland Steel Products preferred
continued its sensational gain by soar
ing : points to A new record high at
201, or nearly double the years low
of 106. United States Cast Iron Pipe,
one of the favorite speculative Ve-
hices of William G. Durant, advanced
another points to 222L. United
States Steel common closed three
fourths higher at 1441s. Wall street
is eagerly waiting to find out the ef-
fects on demand of the recent in
crease in steel prices.
Pools again were actively at work
among the specialties. The list of
new 1927 highs included Anaconda
Copper. Associated Dry Goods, Arnold
Constable, Beechnut Packing, Brook.
lyn Edison, Congress Cigar, Congo
leum, Freeport Texas, International
Paper. Intercontinental Rubber, Mont
gomery Ward. National Biscuit, Radio
Corporation, Sears-Roebuck and Shu-
bert Theaters.
Continental Insurance dropped 3
points. and about a score others
showed recessions of point or more.
Although the railroad average
showed a small gain on the day. sub
stantial recessions took place in Lack
awanna. Pittsburgh & West Virginia
preferred and Norfolk & Western,
although the last named attained a
new peak at 1873 in the early trading,
closing at 1876. Rutland preferred
jumped nearly points in reflection
of downward revision of earlier es-
Inmates Of New England flood damage.
Raw Sugar Drops.
Except for a drop of 1-1S of cent
pound in raw sugar, there were no
changes of Importance in the COM
modify markets.
The weekly clearing house state.
ment showed excess reserve of S10,-
621 $50. an increase of $5.266. .140
above that of a week ago. Aggregate
reserve totaled 1864, ,S02 900. The de-.
tailed statement of actual conditions
this day showed mixed changes.
Loans. discounts and investments in
creased $50. .729 900: reserve in the
banks. S2O.s95, 900. and net demand
deposits. s120.477 900. Cash in own
vaults dropped $2,356,000 and time de-
posits. $4,000.
Demand sterling touched a new top
at 4.S7 25-32. Japanese yen rallied
about Il of a cent to around As cents,
but most of the other leading rates
showed slight recessions.