Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-23
INDUSTRIAL STOCKS
SHOW PRICE GA|NS'
Heavy Trading Marks Ses-
Sion-UtiIities Prominent
in Upward Trend.
BY GEORGE T. HUGHES.
Special Dispatch to The Star.

NEW YORK, January 23.-Opera-
tons for the rise we're resumed on a !
large scale in today's stock market. |
Utilities, industrials and rails all par
ticipated more or less.
The utilities took the lead at the
start, then the industrials we're taken
up and finally, in the afternoon, some
of the rails.
In the first half of the day the turn
over was larger than at any time in
three weeks, but in the afternoon &C
tivity fell off somewhat, although the
list continued strong.
When the carrier stocks were being
bought the features were Canadian
Pacific, Delaware & Hudson and Chi
cago & Northwestern. Canadian Pacific
at $50 was up over points and at
new 1929 high The fact that Pennsyl-
vania directors declared only the reg
ular dividend was without effect on the
stock, which held steady around the
80 level.
Motor stocks were prominent in the
later trading under leadership of
Studebaker, which sold at the highest
for the present shares. There was
heavy short covering in Chrysler.
Realizing in the last hour brought
prices down from their best, but left
the general list higher on the day.
The amusement stocks, Warner Pic
lures and Paramount Famous. were IN
heavy demand. International Tele-
phone g. Telegraph sold at it's high to-
ward the close but U. S. Steel dragged.
Central Alloy Steel, on the other hand,
manifested independent strength,
block of 10000 shares being taken at
so. a new high on the movement.
Money held at per cent all day.
Utilities were prominent in the early
trading. The feature was Consolidated
Gas. which at ia was at new high
for the present shares. North Ameri-
can also sold at the best for the present
form of capitalization. international
Telephone g. Telegraph entered new
high ground as it sold at 218. In the
lower priced group there was active
speculation in National Power & Light
and Electric Power & Light, the latter
at new high.
Although there was the usual crop
of merger rumors af1oat in the Street,
the turning to the utilities probably was
nothing more than the ordinary
maneuver when the rest of the list is
inclined to falter. There were, how
ever many strong industrialS. Union
Carbide & Carbon performed sensa-
tionally, running up IL points in the
first hour. Columbian Carbon had
sympathetic advance about the same
time. United States Industrial Alcohol
moved upward and there was recovery
in Air Reduction, as both are controlled
by the same interests.
Elsewhere, Allied Chemical duplicated
its previous high at $50, up 9 points on
the day. and Montgomery-Wa and
Sears Roebuck were in demand. Gen.
eral Electric and Westinghouse advanced
substantially.
Realizing in United States Steel car
ried that stock down from the preced-
ing close, and there was noticeable
heaviness in the oils. The problem of
| overproduction is still to be solved, and
sentiment toward the oil stocks is not
as favorable as it was month ago.
In the copper group. American Smelt-
| ing and Refining new was the leader,
mounting to new high for the split up
shares, while Greene Cananea had one
of its characteristic upturns of some
| thing like points. Anaconda was mod
erately higher for time. but Chile did
little.