Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-07-31
RAILS TAKE LEAD
IN STOCK MARKET.
Several New High Records
Are Established in the
Brief Session.


NEW YORK, July 3o-Switching
Of speculative interest from the in
dustrials to the rails featured the
resumption of the upward price
movement In today's stock market.
Although profit taking sales ran
rather heavy in the industrial group.
forcing some of the recent strong
spots back 1 to points, a num-
Der of new high records were estah-
lished, then, at gains ranging from
] to II points, trading was fairly
heavy for a Midsummer half-holiday
session.
Easy money rates continue to pro-
vide the chief stimulus for the up
ward movement, the further reduc-
ton in bankers acceptances to a
level "a of / per cent below the New
York Federal Reserve discount rate
more than offsetting loans this week.
crease in brokers' loans this week.
Indications of a quickening Fall de-
mand in some of the basic indus
tries and a further Improvement IN
the crop outlook also have con-
tributed materially to the solidifica-
ton Of bullish sentiment.
Respond to Investment Demand.
Rails shook off the sluggishness
created by the publication of some
relatively poor June. earnings state
ments and responded to the increas-
ing investment demand for the high =
grade issues. Pennsylvania was to-
days leader, moving UP more than a
point to 66H, the highest level since
1910. New peak prices also were
attained by Atchison, Erie common,
Great Northern preferred, Southern
Pacific, Union Pacific and Northern
Pacific. A better inquiry developed
for some of the non-dividend paying
issues, such as Missouri Pacific, Chi
l. cago & Eastern Illinois preferred and
Chicago Great Western.
Wall Street did not appear to be
greatly disturbed over the Federal
Trade Commissions decision to in
quire into the relationship between
| u. S. Steel. du Pont and General
Motors. Steel common closed u
| higher, at 1876, after huctuating with
| in a range Of 2 points. General Mo-
| tors closed unchanged, at 226A, after
! selling between 225h and 227%. DIT
, Pont closed 3 points lower, at 2S7
which was regarded as natural after
yesterdays sensational advance of Il
| points.
A sudden outburst of activity ir
Hudson Motors carried that stock
| up more than points to a. new
| top 1927 top, at 1914. Among the
many other issues to reach new higf
| ground were Allied Chemical Amer.
lean Steel & Foundry, Consolidated
Gas, Cuyamel Fruit, international
Harvester, Manhattan Electrica
Ter Bearing and Warren Bros.
| Oil Shares Stronger.
| Oil shares displayed much
stronger undertone, Atlantic. Rein.
| ing standing out with a gain of more
| than points. Selling pressure wa.
most effective against Radio Corpo
ration, F'reeport Texas and Bayuh
Cigars.
| Foreign exchanges held steady II
| quiet trading. Demand sterling ruled
around S485H and French francs JUS
below 3.91 u cents. Japanese cable.
were slightly firmer around AIS
| cents.
The weekly clearing house state.
ment showed excess reserve Of 81.
118.220, decrease Of $34,O46,05
below that of a week ago. Aggre
gate reserve totaled $63S,5S5, 900
The detailed statement of actual con
dition this day showed. mixed
changes. Loans, discounts and in.
| vestnents increased $69.420,000 ant
net demand deposits, $S3,534,000. De
creases were shown by the following
items: Cash in own vaults, $1,112,.
600; reserve in the Federal Reserve
Bank of member banks, $22,533,000
and time deposits, $571,000.