Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-01-31
.SPEC|A[T|ES SOAR
IN BULL DEALINGS
Speculative Pool Favorites
Hold Interest-No Sign
of Recent Liquidation.
BY GEORGE r. HUGHES.
a, D;snatch tn The Star.

Special Dispatch to Inc star.
NEW YORK. January 3l.-The main
tendency of the stock market To-Day was
the reverse of that which prevailed our
ing the greater part of yesterdays SEES
sion. The industrials moved dennltely
upward, and in some instances gooo
sized advances we're recorded IN the
rails.
At intervals in the afternoon realiz-
ing sales had the effect of reducing the
early gains. but new leaders were taken
I'D when the forenoon favOrites showed
signs of hesitation. The volume OF buSl-
ness fell off appreciably In the alter-
noon. but the trend continued nlgneT'
The close was comparatively quiet.
The money factor was not SO mucn
an influence in calculations as IL hao
been Immediately following the chicago
reserve bank action. Call money re-
Moved at per cent, the highest. rate
since January 4, although new loans
had been arranged at this ngure late
Monday. The consensus OF opil.lon
seemed to be that the Tightening teno,
ency was merely incident 10 WlIiiula aimo
of funds for tirst-of-the- montn rebuff
ments and was only temporary coii-
dition. S..,
The disposition was 10 await o..
no,,ncement of the fourth quarter eau II
inps statement of the Steel CorF'Eal,oii
before doing anything IN tne niaihI.
for Steel common. In the neanMiinS
Colorado Fuel and Iron was accoi ueo
the same support 1t mas recelVeo a
Gently. and others OF the group "e'e
we'll maintained. .. o.rter-
al in Hudson. Those credited Win
having purchased an extensive llle VI
this stock on the previous upturn were
said not to have fully obtained theH
requirements and were responsible 1oi
today's buying. Hupp Motors apparent
" had absorbed profit-taking ana was
carried across the 40 level again, "hiie
Chrvsler Nash and Studebaker neio
firm. .o,so,+ ~ tho
entire proceedings was the unusuai
strength of high-priced public utl!itles.
Montana Power scared spectaculariy'
crossing l6l to its highest on RECORD.
All sorts of rumors were In clrcuiatloii
concerning affairs of the company. put
the one given most credence was ina.
It was to figure prominently IN ueai
With a company. other than a utility
with which it long has been associated
Brooklyn Edison Scars.
Brooklyn Edison sold up sharply 70
its highest on record, BROOKLYN otiioIi
Gas went to new high Tor the pIesens
share capitalization and Peoples Gas "a
Chicago sold well above It's previous
top for all time. Most high-prlceo IS
sues in this category have oeen moving
forward sympathetically and altnougn
special developments are penoing III llle
affairs Of one or two companies otiieIs
were merely adjusting themselves 70
the higher price level OF the Leaders.
Federal Light and traction 1eatuIeo
the low priced members OF the group.
raachinc a new top In more than a
year. ,,x !. .,,;.
After the demand spent itself IN this
group. the equipments were taken up
Under the lead Of American Locomotive.
which went to its best since 1879
American Car and Foundry got TO Win
in a fraction OF its previous niyn west
inghouse Electric. New York AInfaKe
and Pullman new shared in the improve
nent. There is no doubt that the equip
ment companies face better prospects
81 far as earnings are concerned tiaan
they did a year ago. and this Is wnat
the market apparently was oiscouhIiiis'
Finance Ignores Money Drop.
The market ignored the drop TO 49,
ner cent for call money in the alter
noon. Trading fell of in volume, but
prices held up to their best. Numerous
iow-priced issues came in for consider Ter
able attention. One of these was Ma
tional Acme, which was bid up sharply.
II was announced that the company
had received from Ford CONTRACT LOT
the manufacture OF shock aosoroers;
AuiosaIes sold at a new high for the
wear, still responding to the favorable
Earnings statement. American Brown
Boveri common was discounting pros
poets of new business as the result OF
pending Government contracts, Inc
rise 70 a new top for the year IN Gimole
common was attributed to short cover.
ing by those who had SUBSTANTIAL
profits.