Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-09-11
BULLS HOLD EDGE
IN STOCK TRADING
Studebaker One of Days
Features-RaiIs Sluggish.
Foreign Exchange Easier.
By the Associated Press.

by the Associated Press.
NEW YORK, September 10.-Con-
structive forces brought about a brisk
recovery in today's stock market. For
the second time within a fortnight,
One-day reaction yesterday proved suf-
ticient to correct, at least temporarily,
the top-heaVy speculative position
created in the recent rapid advance
While today's advance was by no
means uniform, it embraced wide va
riety of issues, with the gains running
from l to nearly points.
Speculative uneasiness over the
credit situation, which developed as
a result of the stiffening of the call
money rate to 4 per cent yesterday,
was allayed by the announcement
of q prompt over-subscription of the
new Government financing, and by
the large excess reserve shown in the
weekly clearing house statement.
From a trade announcement of a
gain of 54,023 tons in the August
untitled orders of the United States
Steel Corporation, made public after
the market closed.
Cotton Has Break.
Outside of the stock market, chief
interest centered in the break of
about 81 bale in cotton, wiping out
practically all of the gain recorded
earlier in the week on the publication
| of a reduced Government crop esti-
mate. Today's selling which SYM
pathized with the weakness of the
Liverpool cotton market, was in
spired largely by reports of better
weather in the cotton belt.
United States Steel common, after
opening fractionally lower at 1894
was run up to 155%, closing just be-
low that level for net gain of
point. General Motors (old stock ad-
Vanced to within fraction of the
years peak of 2521a and then sold
down to 2497s, up rs net. Dupont
duplicated the years high at 316b
by jumping more than points de-
| spite Irenee Dupont's denial that his
company had acquired any United
States Steel common stock since the
| original purchase of 114,000 shares a
couple of months ago.
Studebaker was one of the days
features, moving up points to a new
1927 top at 61a. Associated Dry
Goods, Bush Terminal, Detroit Edi-
son, Mullins Body and United Fruit
We're among the dozen or so other
| issues to reach new high ground.
While Briggs Body and Gulf States
Steel sank to new lows
Rails continued rather sluggish. al
though the average of 20 leading is
sues closed practically unchanged on
the day. Wheeling and Lake Erie pre-
ferred jumped Az points on two sales.
Foreign exchanges were easier, with
a drop of about Is points in Japanese
yen, which were again quoted below
At cents, as the only feature. Sterling
cables ruled around S4.S6 3-16 and
French francs held steady just below
1892 cents
The weekly clearing house state.
ment showed excess reserve of $54,-
356,900, an increase of $39,254 $40
above that of the previous week. Ag-
gregate reserved totaled $3.50, GIG. 900.
The detailed statement of actual con-
dltlon this day showed increases in all
OF the principal items except time de-
posts, which dropped S2,450. 900.
Loans, discounts and investments in.
creased S57,767000; cash in own
vaults, $500, 900; reserve in the Fed
eral Reserve Bank Of member banks
S42,8l0.O00 and net demand deposits,
S33 .418,00O.