The Washington times., 1929-02-25
PROFIT TAKING
WIPES OUT
ADVANCES
By W.. s. COUSINS
News Service Financial
Editor

international News Service Financial
Editor
NEW YORK, Feb. 25.-Despite
the, pinching Of the call money mar
ket, the rise of the call loan rate to
per cent, and frequent assaults on
the industrial stocks by the bears,
,the stock market moved forward con.
fidently today. Weakened selling
of the industrial stocks brought about
a sharp reaction at midday. but a
rush of buying in the final period
swept the whole market forward to
the highest prices on the recovery,
with numerous 5-to-10-point gains in
the market favorites.
United States Steel was the
recognized leader Of the bulls today,
selling in the last period above I6S
for a 6-point gain. Bethlehem fin
ally reached it's goal of 500 a share,
Nash led the motors. with a 3point
jump to 112. Collins and Aikman.
at the head Of the low.priced equip.
ments, jumped 10 points to So. Ad-
vance rumely led the specialties. in
a 4.point move TO II, and Con-
tinental Babing class A, was up 4
points to SO.
Enthusiastic buying OF United
states Seel common near the close
accompanied reports of a large in
crease in the business Of net earn.
ings OF the big corporation. Fabu.
lous prizes were predicted for big
steel in a market which radiated
bullish enthusiasm from every
quarter, and not even the predic.
ton of a severe squeezing of the
money marke by the Reserve Bank
heads could restrain the bullish
confidence as expressed in the in
sistent demand for this stock. Cop.
pers weakened near the close and
were unable to rally rails and mo-
trs were quiet.
Call money closed at . per cent.
Stock values melted quickly in the
early afternoon. T. s. Steel. which
had reached a high of 1891 in the
first hour reacted 1 points to 1874
Bethlehem Steel. after recording
new high at 99la, reacted to 81.
Andes Copper. American Can. st. 10
Lead and other favorites, after gain.
ing point or two. sold below the
level of Thursdays close.
The nervous and fidgity shifting
about of stocks today is typical
of an 'in-between" market. Elm
ination of large part of the
small fry traders through losses
in the market and raising of mar
gins, has concentrated more of tha
present action of the market in
the hands of the professionals
fpu1
concerned in each days grist of
profits than in long-puH speculation.
For the time being. at least, a mar.
ket OF this kind will be more
acceptable to the Reserve bank
heads. since it will assuredIv cut
down the volume of speculative
loans and leave more money for
business.
/ Another boost in domestic copper
prices to 1SA cents a pound was
reflected in the strong market for
the copper stocks. Anaconda hung
up a new high record above 1877 for
gain of 4 points, and price gains
OF from l to 3 points were recorded
Tor the American Smelling, Ana
conda and other leaders in this
group. Though the early afternoon
stump wiped out the bulk of these
advances, the volume of selling at
the low prices was comparatively
small the market as usual drying
up" on falling prices.
Bulls in United States Steel were
particularly cheerful over the future
prospects of their favorite. Can1ella.
tion of bonds bought in the open
market from surplus funds adds
materially TO the net annual income
of the corporation, which in their
opinion is earning a great deal more
than current official reports show.
The same is true of Bethlehem,
which sold today within fraction of
500 a share in one of the most re-
markable comebacks in recent years.