Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-02-06
MANY NEW HIGHS
ON STOCK MARKET
Bulls Renew Operations, Par
ticuIar|y SteeIs-RaiI-
way Shares Lag.
BY GEORGE T. HUGHES.

spcriaj Dispatch to The Star.
NEW YORK, February 6.-The Gle
ment favoring continued price apprecia-
ton on the Stock Exchange today lost
sight. for the moment at least. OK last
weeks unfavorable developments In the
credit situation. 1t devoted its undl-
vided attention to conditions prevalent
IN outside industry and based its opera
tions in the market accordingly. New
high records for the year were numer-
Gus. and in several instances the pest
prices represented the highest rcacnen
under the present share capitallzatlonS'
Speculative Wall Street had the I'M
provement at the steel centcrs 10 con.
,idcr with the various advances in steer
coupled with increases in untitled TON
mage and higher operating schedules. IL
concentrated It's efforts IN TINS quarter
VI the market today. More conScrVa-
tive traders. however, were disposed 10
question whether the increased tonnage
represented an actual picking up IN
business or was due to the desire 10
place orders at current prices because
of the outlook for even higher prices
later on.
u, S. Steel Works Higher.
United States Steel was not as proml-
nent as most independents. but X
dunn was the outstanding feature, again
extending It's l6 points gain of last
week more than points when 1t cross
ed o. It's action gave every indication
OF the existence of a technical corner.
Sloss- Sheffield was within fraction OF
tho 1927 when 1t touched 1874 Republic
Iron ard Steel gained some points.
crucible at 81 was up almost z ana
Bethlehem Steel was carried to 81. a
gain of more than 3 points.
Strength OF the steel shares failed
to communicate itself TO all sections
OF the list. Nevertheless the upward
movement was predominant. The up
bidding pool specialties continued.
Merchandising companies and depart
ment store issues which benefited ma
terially because of the huge volume OF
gross business in 1927. were again
among the favorites. Best e. Co. was
IN some points and Montgomery Ward
got across l3l again. Shares OF SILK
companies, notably Gotham, were ac-
tive.
So far as the railway shares we're
concerned the Street still had In mind
the unfavorable December traffic state
ments. They Jagged behind the gen.
eral market. Delaware & Hudson was
selling some 2 points lower at intervals.
Erie issues were IN supply ana NoIioik
e. Western was lower most OF the ses-
sion.
Nevada Copper at New High.
Renewal of the special operation
which had been in progress last week
in Navada Consolidated Copper carried
the price to a new high since 1917.
Those in close touch with the market
for the stock attributed the demand TO
interests long affiliated with the COM
pany. Rumors were current OF pros
poets for an increase in Anaconda divi
dend. but 1t was difficult to see any
basis for such action in the situation
of the market for copper metal.
General Motors after early strength
dropped back around last weeks final.
In the meantime. however. special
strength was noticed in such issues as
Studebaker. Hupp and one or two lower
pri-ed members Of the group Tn
casiness over the keen competition
which Is to be felt later in the year as
a result of resumption of Ford activity
was not so much of factor as 1t had
been month ago.