Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-01-23
BULLS GAIN HOLD
0NST0CK MARKET
Motor and Steel Shares Rise,
Hupp Feature of the
Trading.
BY GEORGE T. HUGHES.

Special Dispatch to The Star
NEW YORK, January Whatever
hesitation was displayed last week to
come in on the buying side OF the
stock market was not in evidence today.
The market was active and strong,
with the volume of business at the rate
OF more than 100000 shares for the
full session.
The most noteworthy incident was
the action OF the motor and steel
shares. Wall Street now has the
highly favorable December sales figures
of the General Motors Corporation at
hand. but the current demand appears
to be based more upon the outlook for
first quarter results than upon what
has occurred In the past. 1t is not ex-
pected. however, that anything more
than the quarterly SIPS will be de-
clared at the February meeting, al
though well informed interests are of
the belief that extra dividends will
then come up for discussion.
Hupp Motors Feature.
The feature of the motor group was
the heavy turnover at new high prices
since listing in Hupp Motors. This de-
mand Is said TO be coming from promi-
nent sources. who believe that with its
new models Hupp Is in position to
duplicate ChrySler's achievements in the
past. Hudson Motor was outstandingly
strong despite the fact that final 1927
results did not come up to the most
sanguine expectations.
The Steel Corporation has made 1t
plain that the 81 a ton advance is for
first quarter delivery only. The in
creased demand already noticeable FORE
shadows belief that further upward re-
vision OF steel price schedules are likely
70 occur. United States Steel was SELL
ing point higher most of the session
and the independents were sympathetic
cally affected. Vanadium was at its
highest since 1920. youngstown and
Inland were taken up again following
announcement of the tentative plans for
absorption OF the latter company by
the former. Republic Iron and Steel
extended its rise Of more than points
recorded last week.
Rails Not Neglected.
The rails were not neglected and gave
better account of themselves than
they have for some time. The upturn
in Nickel Plate which carried 1t to
within point of the 1927 high, ap-
peared TO be based not so much upon
the merger outlook as 1t was upon the
fact that December earnings brought
the 1927 net result to $3.50 a share.
without taking into consideration its
equity earnings in Pere Marquette. New
Haven featured the low-priced issues
with gain OF more than a point The
outstanding weak spot. Southern Rail-
way, Mobile and Ohio certificates which
declined Is points following the state
ment by officials discrediting reports
responsible for the 80 points rise last
week.
Specially issues that attracted atten-
ton were those Of the mail order. dis
tributive and department store COM
panies. Montgomery Ward was active
again. The statement of Sears Roebuck
mace public today brought about re-
newed buying in that issue and expecta-
ton of a favorable Woolworth report
tomorrow was the incentive for the
demand for that issue. Gotham
Hosiery went to new high for more
than year and the demand kept on
Tor Julius Kayser and Cluett Peabody.