Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-01-27
SPEC|A[T|ES HOLD
STOCK SPOTLIGHT
Montana Power Feature
Hupp and Packard Are
Motors Leaders.
by GEORGE T. HUGHES.

Special Dispatch TO The Star.
NEW YORK. January 27 - The
stock market staged another demon
stration on the side of advance today
II any further reinsurance were needed
1t came in the form of maintenance OF
3la per cent rediscount rate at New
York, announced after the close Of
business yesterday
The action OF the main body of
stocks since the Chicago bank rate was
advanced shows plainly that precedent
is being followed-namely. brief
period Of heavy liquidation followed by
renewed operations for the rise
Speculation centered not in the
prominent issues of the type of United
States Steel and General Motors. but
in the speciality favorites backed by
powerful pools. Steel was selling more
than point higher most of the session
and General Motors improved SINH
larly, but In other directions the ad-
vances carried many issues to a point
surprising all bounds of conservatism.
Montana Power Rises.
Montana Power. following its rise OF
almost 10 points yesterday. changed
hands above l4l. as against the pre-
vious final of l341.. Evidently Wall
Street was placing credence in the
rumor that other utility interests were
seeking control. Other public utilities
continued in demand, with Standard
Gas. Consolidated Gas and National
Power and Light the favorites.
The manner in which Hupp Motors
and Packard were taken indicated
great optimism as to the demand for
the company's latest models
The final report of Bethlehem Steel
Corporation. showing net equal to
$o,02 on the common, compared with
STAB share In 1926 was considered
satisfactory in view of the prevailing
conditions in the industry during the
period covered. Vanadium featured
the independents. advancing sharply.
while Youngstown continued to reflect
the latest developments in its merger
proposals.
American Safety Razor.
American Brake Shoe g. Foundry
common sold at its highest prices for
the present shares. accompanying opti-
miStic predictions of what can be ex-
pected OF its new auto brake product
The demand for A. NJ. Byers, which car
ried 1t to new high above ITO for a
gain of more than II points in the past
two days, was based on its new pipe
making process.
Talk of a so per cent stock dividend
for holders Of American Safety Razor
was followed by a further upturn in
that issue. Standard Milling's strength
was coincident with a further rise in
Postum company. with which the for
mer company Is reported 10 have dis
cuSsed merger
Savage Arms was another feature. SELL
Ing at its highest since 1926 on rurnors
that the company had closed several
important contracts.
The oils did little. The rails worked
higher. with Southern Railway promi-
nent. but with the industrials taking
away interest from this group.
General Motors Slumps.
In the afternoon General Motors
dropped below yesterdays final. but op-
erations for the rise were carried on az
greSSively in other directions. The up-
turn in Montana Power bordered on the
spectacular The objective of $50 COM
monty mentioned for this stock evi.
IDENTIFY was TO be realized and 1t sold
within striking distance of this level
Strength of local traction issues. not
ably Brooklyn Manhattan Transit. was
an aftermath of the tentative agree
ment reached by conferees OF the trac-
ton interests In the plans set forth for
the operation of transit lines.
Coty. Inc. sold into new high ground
for all time following declaration OF the
6 per cent stock dividend The only
effect OF the further calling OF $50. 000.-
600 loans by the banks was to check
activity III the late trading. 1t did.
however result In an advance TO A..
per cent In call funds after the renewal
rate had been fixed at per cent.