Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-25
ADVANCE IN STOCK
PRICES IS RESUMED
Trading Assumes -Tremen-
dous Volume as List Moves
to Higher Levels.
BY GEORGE T. HUGHES.

NEW YORK. January 25.-Violent
advances in high-priced industrials of
an extent rarely seen even in the long
bull market featured the days trading
in stocks With the turnover running
well over 100000 shares and carrying
such stocks as United States Steel Cen
eral Electric and Consolidated Gas to
new high levels, there was riotous
demonstration which left out only the
rails.
In the last hour General Motors new
swung into line, while United States
Industrial Alcohol, which had been
strong all the session. sold at 154 for a
gain of over Is points General Motors
old, above 211, was up over 9 points.
Profit-taking at the end brought prices
down from their tops, but still left the
leaders far up on the day.
1t was not simply that United States
Steel sold at the highest in the history
Of the corporation, or that stocks of the
grade of Johns-Manville and Nash
Motors went ahead anywhere from 10
to 16 points, but that the excitement
spread like wildfire throughout the in
dustrial list
There was nothing spectacular in the
railroad section nor very much sensa-
tional in the low and medium priced
stocks but there seemed no limit to the
buying power back Of the leaders.
Advance of Steel.
Steel was only one of the features
1t had been heavy yesterday, but opened
today up over points on 10000
share block, stimulated by the overnight
announcement that Bethlehem had been
put on dividend basis. From the
initial price, with only fractional re-
actions, the stock mounted until at
1929, which was reached before noon,
it was at a new record high. Except
for the belief that the shares would be
split up sooner or later there was moth
ing new in the steel situation. But
the speculative element did not require
anything new. They followed the tape
and that was enough.
Then there was Consolidated Gas,
moving more sedately than Steel, but
just as surely forging ahead into new
high ground for the present shares.
Johns anville rushed UP with extreme
violence for 16-point gain as it touch
ed 237 National Cash Register, the
star performer yesterday, was only up
a comparatively small amount, but Nash
Motors, which had also stood out strong
in the preceding session when other
stocks were weak, ran up 9 points under
a tuSC IuiIlONCI.
Long strings of transactions in the
favorites came out at steadily advancing
prices For instance, -Manville
sold in this order, ''130, 131, 1904, 1874,
1876, 1874" Lots of five and ten thou
sand shares at clip were not uncom-
mon.
In the first half hour the volume was
934, 400 shares, compared with 100000
yesterday The ticker fell far behind.
Other industrials in feverish demand
included Allied Chemical, up points at
$50; Vanadium up nearly 4 points.
American Steel Foundries up almost 6,
Union Carbide and Carbon UP nearly
10 and United States Industrial Alcohol
up points under las, and at a new
high. Air Reduction went along with
Alcohol. also to new top. The two
companies are closely connected.
/ Utilities in Demand.
For time there was demonstration
in the utilities, notably Electric Power
g. Light and National Power & Light.
which was connected with the stories of
a contest for control of the general
power situation in the East. American
Sugar Refining went to a new high for
year under predictions of dividend re-
sumption, to which was added the state
ment that this stock was destined to
regain its old investment status.
Money renewed at 6 per cent I'M
changed.