Salt Lake Telegram | 1927-01-23 | Page 18 | But Late Selling Against Motor Shares Causes Market to be Reactionary; Lake Erie and Wheeling Resume Their Advance

SLIt Sut late Selling Against Motor Shares Causes Market to Be Reactionary lake Erie and Their Denver Rio Grande Preferred One to Reach High Highest t r Point in Ten Years Year but Some High High-Gade High Inv Investment Invest Invest- st- st ment Issues Were Reactionary General 0 Motors Carried Cried Down Dow Under Sudden Sudden Sud- Sud den Burst of Selling Orders NEW V E YORK Jan 22 By the Associated The stock marl r displayed Ed another sharp reversal of form today heading upward the leadership of the priced low merger rails ris in the first hour and ji turning reactionary when selling pressure was renewed against th t- t motors and other othet leading industrials in tile the last few foss- minutes of r. r Tills This reversed the movement of yesterday when a hea op opening ning followed by a strong close Trading was fairl fairly heavy half a r hol session total sales running above one million shares Wheeling Lake Erie issues issues' their advance te cOI common mon touching a new high 1 49 8 a and then 48 2 1 1 i to 6 8 L 8 net net and the f- f touching a new top at 68 up 5 I 51 1 1 points net Pittsburg West vt ginia which is mentioned as as a 11 ly purchaser of Wheeling Lk Eie Erie shares jumped jumpe 7 points point to closing a point below the toP West Vest em ern Maryland common crossed 26 to a new peak and then 6 back to 24 4 3 and the second pr pi- pi fell from of 32 5 fel a high 7 1 31 2 1 up 8 5 net Wall Vall street was d with wih about stocks ot of these hese three roads but all al j confirmation from sources ei Widespread speculative act i also took place in other priced low low railroad issues Eie ie common tou t Ing 42 2 1 the highest price in tep years and nd the highest prices in year or more were recorded by A bash B Denver W. W 2 Grande preferred and Big FO Fou P. P rB 5 On the other hand Several of lIlg grade investment issues w we r rG e he he Y net declines of a point o I mo me- being recorded by Ohio and Atlantic Coast Line dropped i 3 p points ints A sudden outburst of ot selling in General rotors Motors carried that sto c down nearly 2 points pints to S S j age Arms dropped 2 4 3 to a new new- neW low at 64 also developed in auth suc recent strong spots a as American Smelting Cohn Coln Aikman Aik- Aik man man Pierce Arrow preferred Pull Pullman Pul man man F. F H. H Shattuck and worth U U. S. S Cast Iron Pipe 4 points Pressed Steel Car and am r Producers and Refiners 1 their highest prices price in a year year o- o J longer The commodity market were firm l n Foreign exchanges exchange held steady 1 demand sterling ruling just und i- i 1 and French Fench francs around 97 1 cents Strength of Peruvian change was in anticipation ot of s sol r Peruvian financing here next few weeks 1 lJ I nUTT BUTTER R RE REVIEW w t X I. I C I G. G Jan 22 By tIle L Press Pres-Duter Pres marKets during the teve weiL r ending January 2 H a rather course coure In a fairly steady i Monday the te advances advanced effected latE I the previous week were evidently a little e a lUt too sharp Buyers Buers for a tra trade e did not take kindly to tile tie prices and curtailed their purchases T t withdrawal of this support caused ac- ac In o most quarters Quarte cause acl- acl elf f fancy Cancy butter butte and In an effort lq olear log Ing policy floors dealers dealer adopted a tree free sI sell uh New ew York and Philadelphia were p pei haps tile the weakest ot of the tour four large m leets as lS the price on 92 score sore at thae poInts declined sharply on 92 9 score ore at New ew York and Chicago i I rarely quotable at It the same ae figure s there there I is usually a spread equal equa to t tle e- e approximate amount ot of the a lion ton co cots s between Chicago and Nf York Tilts This situation practically aly any shipping from Chicago Chi cago co to the Eastern Jarle 1 and and hii cago receivers were dependent dependent Ilmo almot t. t exclusively on local loal trade As prices pries declined to lower er levels level froth day to day the feeling that a reaction reaction- was Imminent grew and some began to relax x In their r e efforts ts to moyo This relieved I the fu t b and at the close cose the markets markets- all ni appeared a trifle trie steadier but were still sti far tar tram from firm Tile The position gave little basIs basi for the weakness Storage holdings holing showed sizable reductIons and receipts receipts' were lighter than the te wash wash-i precedIng A possibility of at a a of et fresh butter butt Is indicated not due 10 r any decrease In the make make but to the fact that that storage stoles have havo been quite closely picked over and users user of slora ate are turning to fresh stock stok for tor their S PI e spit of at tile tle lighter storage storage In the te United States on January 1 1 1927 f than In 1926 thus r. r this month indicate that lat last year yer out of at storage movements will wil be exceed J ed by several several million r el elThe The Te trade general generally estimate this Ja Jau Uary's withdraws withdraws-Is In the entire entre country at from fifteen to seventeen 1 million I This would to dm mean that with the exception os' rio the years year 1923 13 to 1924 the storage holdings will wi be the t record since United Unite States monthly r r. r t ports on en holdings became beame available I h I n nI NEW i YORK BANK Jan 22 m Tile AP-Tile act I I condition i of clearing house i I and tua trust companies for the week weel sho excess reserves of 0 TIlls This This' an Increase e In reserves of 1 i compared with wih the eel w before when eX V ex 1 cess ces reserves of at was r ta 7 ported The detailed statement statement follows c investments e t Loans Loans discounts discount s 's decrease decrease j. j I Ca Cath h In own vaults Members Member F era I Reserve bank decrease f t i l i Reserve banig Res Reserve r e In Federal member banks 2 Inc 3 1 I. I r r Reserve in own vaults state banka and trust 11 increase demand deposits Time deposits St Circulation increase State deposits deducted 29 Aggregate reserve Excess reserve Summary of state banks and companies in Greater New York f eluded in clearing Loans discounts increase lf Gold decrease Currency and bank notes decrease Deposits with Reserve bane decrease Total deposits t- t Do due reserve depositaries and from and trust companies in New and U S. S deposits 1 Banks Banks' cash in vault 4 Trust companies companies' cash in vault vault- 9 S CHICAGO Jan 22 AP Receipts 90 cars on track tots United States pra cally no demand o nar establish