The Washington times., 1929-01-12
STOCKS CL|M B
] IN WEEK.
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BY w. s. COUSINS

NEW YORK, Jan: IL u.N.S.).-
With few exceptions stock prices
moved upward this week, carrying
to a higher range the Industrial
stocks which closed the year 1928
in a blaze of glory. Profit.taking
and speculative selling blocked the
progress of most of the high-priced
specialties, but the rank and file of
the motor car, copper, steel, rail-
road, and equipment stocks were
marked up by the confident bulls in
market averaging about 1000, 900
shares day.
AS was expected, the money mar
ket showed a distinct improvement,
due to the return flow of the Janu.
airy interest and dividend funds to
the banks. There was also a small
decline in the amount of brokers'
loans outstanding. as disclosed by
the reserve boards report. which
indicated that the big fellows"
have again been buying stocks with
their own money. rather than carry
ing on margin trading.
The brokerage houses said that
the number of inactive accounts"
siderably. Many small traders have
remained out of the market for the
time being, in order to find out
which way the "cat will jump" be.
fore committing themselves with
their usual holdings of stock. In
many cases they are waiting for a
break" in prices before buIing
their favorite stocks, but, in the
meantime, they have seen prices
steadily climb, and their stocks slip
farther and farther away.
Studebaker Gains
The motor stocks were the star
performers of the week-or, per.
haps, it would be more correct to
say the motor stock-Studebake
having practically monopolized the
spotlight in a new move which car
ried the price Up about IL points to
the highest level in 10 years.
Compared with DEFENDERS flash
ing market. the price movements in
the big "jazz babies" were unusually
small. Some of the headlines have
SO withdrawn from public gaze that
they are now travelling in as mar.
row a circle as 10 or IS points a
day. Once in while they strike
up their 20 to 3O-point straddle, but
that is an event rather than an
incident of the day. Radio and
Victor have, apparently, lost their
punch as speed kings in a fast.
moving market. and thus far there
have been none to take their place.
All of the steel stocks were strong.
IInffn1 -.
reported for December an increase
OF 100000 tons in untitled orders, a
remarkably favorable position for
the giant of the industry. and the
steel mills of the country, as a
whole, were reported operating at 81
per cent of capacity. against 70 per
cent at the same time last year.
Steel Common gained about points
for the week, with its new rise to
above 165, and higher prices were
quoted for the principal Independent
steels, including CrucibIe, Steel
Foundries. Bethlehem, Vanadium,
and Youngstown.
Move Forward
Among the specialties, Gold Dust,
Columbia Graphophone, Postum.
and Johns Manville continued to
move forward; Anaconda and Inter.
national Nickel led the metals; Pub
lie Service of New Jersey and Con.
solidated Gas, the utilities, and
Standard of New York the oils.
Prospects of better business in the
tire and rubber industry stimulated
good buying of U. S. Rubber Com
mon, which forged ahead to above
so in an active market.
The New York City public utility
stocks finished the week in strong
form, partly in response to the
activity of the Morgan bankers to
form new gigantic merger OF
light and power companies with out.
standing securities valued at close
to 81 900. 900. 900.