On the Stock Exchange today rails were deluged with buying orders in response to the Interstate Commerce Commission's grant to Eastern railroads of a passenger rate increase, There was nothing in the news to explain the late sell-off, which experts ascribed to the reduction in quality buying tending to induce heavier profit-taking, This indicates a temporary top of the current recovery. Sentiment was slightly more cautious. Construction awards are New York, July 7
The Board of Governors of the Federal Reserve System, in their report for the week ended July 6, respecting the entire body of reporting member banks of the system, reveal no change on bills bought as compared with the previous week but show a decrease of $3,000,000 compared with the corresponding period of last year.
United States securities held showed no change compared with last, week, but registered an advance of $38,000,000 compared with the corresponding period of last year, while the Federal Reserve ratio lost 02 per cent. from the previous week but showed a gain of 2.7 per cent. from the corresponding period of last year.
Credit outstanding to the Federal Reserve, as compared with last week and the corresponding period of last year, showed gains of $13,000,000 and $25,000.00 respectively. Monetary gold stocks were higher by $5,000,000 from the previous week and by $591,- 000,000 from the corresponding period of last year.
Industrial advances by the Federal Reserve declined by $229,000 from the previous week ahd by $5,424,000 as compared with the same period of last year.
Bills "bought during the period under review totalled $1,000,000; U.S. Securities held $2,564,000,000, while the Federal Reserve Ratio was placed at 823 per cent, Credit outstanding to the Federal Reserve amounted to $2,603,000,000 monetary gold stocks $12,967,000,000 and industrial advances $16,361,000, —Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.