Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-12-23
.COPPERS LEADERS
ON THE BULL SIDE
General List Irregular and
Pre-HoIiday Realizing
Is in Evidence.

Specjal Dispatcn TO Tho Star.

SpeclaI Dlspatcn TO inc star.
NEW YORK, December 23.--Trad-
ing on the Stock Exchange fell off
substantially today. Copper stocks
were still strong. most Of them at
new highs" Steels were in demand
again and at intervals some Of the
rails. but the general list was decid.
eddy irregular and there was evidently
a good deal of e-holiday realizing
going on.
Considerable attention was paid to
the credit situation. The increase In
brokers loans. amounting to $85 ,967.-
coo for the week, announced after the
close OF business Thursday, brought
the total up to the largest amount
ever recorded since the Federal Re.
serve Board began publication of the
| figures. The Federal Reserve Bank
statement showed the reserve ratio
not only ut the low of the year. but
| except for 1925 the lowest since 1921.
Gold reserves were at new low for
the year and simultaneously there
| was an increase in reserve note cir.
culation and in holdings Of discount.
ed bills. The margin between money
| ease and credit stringency is still
large, but it Is not as large as it was.
Coppers Are Strong.
Copper stocks were strong right
from the start. Before the session
| was half over kennecott. Chile. Cerro
| de Pasco and Anaconda had all made
new highs for the year. For the first
two this was q new high for all time.
Anaconda sold at the best since 1920.
| The turnover in all four was large and
| realizing sales made little impression
in the price. International Nickel.
which goes with the coppers. above
| 50. was at the best for the present $25
par shares. The demand for u. S.
| Steel plainly from the same sources
| that were on the buying side Thurs
day put that stock up above ISL to
the highest since early October. The
demonstration. however, did not have
| the same stimulating effect on the
! shares Of the Independents as 1t did
on the day before. While Steel was
going up. General Motors was barely
able to hold It's own and the motor
| stocks as q group were heavy.
Montgomery Ward surpassed all
| previous records as ii crossed 1872,
now familiar performance. but other
' recent favorites, such as international
Harvester. Radio. International Paper
and Congress Cigar were lower.
Harvester Loses Ground.
International Harvester at one time
was off between 8 and 9 points. Con.
tinental Insurace had another severe
| setback. 1t had lost 14ia points yes.
! terday and the old stock at sos was
down IL more points today.
From time to time brisk buying
would come into the rails. chiefly the
seasoned dividend payers. As long as
this special demand kept up the price
would respond. but when the stocks
were left to take care of themselves
they sagged back again. New York
Central made the best showing. On
the other hand Reading weakened and
New York. Ontario and Western went
lower. rejecting belief that there
would be no dividend this year.
Money. which had renewed at Az
per cent. went to per cent shortly
| after noon. but without effect upon
the market. In fact. the list hardened
and some of the stocks which had
been under pressure earlier in the day
came back. although trading was still
| In small volume.
Radio was one OF the later favor.
ties. while st. Louis.San Francisco
| and Rock Island led the rails. Then
Greene Cananea, having absorbed
proiit-iaking. began to move up until
at l45 1t was points higher than the
| preceding close. The pace was SC
! slow that at times the ticker came
| TO dead standstill.