Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-02-11
RALLY IN STOCKS
|SLED BY COPPERS
Other Issues Register Sub
stantiaI Gains-Money
Drops to 7 Per Cent.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK February 11.-Staging
a robust recovery, today's stock market
turned strong in the second half of the
session after early irregularity and I'M
certainty. The recovery was effected at
the expense of the newly created short
interest.
Copper stocks were the leaders, in
spired by the hope of a further advance
in the price of the metal. Anaconda
made a new high for all time above
1872. Greene Cananea jumped over
points and other members OF the group
ran up proportionately.
The pool in International Combustion
put its favorite to the best in the his
tory of the stock. American & For
eign Power gained over 10 points.
United States Steel sold at its best in
the last hour, up over points in the
day. Many industrial specialtieS were
in urgent demand.
Money, which had renewed at per
cent, went to per cent half an hour
before the end and the market left
off not far from the tops
The MARKET had good deal to con-
tend with. In the first place there
was the special meeting of the directors
of the New York Federal Reserve Bank,
the object of which the Street could
only conjecture. It was not to be ex-
pected that the board would do any
thing to encourage operations for the
rise, but what it might do on the other
side was simply guesswork.
Credit Situation.
Money renewed at 8 per cent, which
was the highest initial charge since
January 4. That, too, was discourage
ing. The rapid run-up in the call rate on
Friday had the appearance of threat
against the market and today's opening
quotation was not reassuring
Under the circumstances the market
did well to display the steadiness that
it did
A few groups of stocks were Wig
orously supported, among them the cop
pers and some of the independent steels.
The leaders OF the coppers were Ana
conda, Smelling and Kennecott> Ana
conda was actually strong, up almost 8
points, but that Is not really surpriS-
ing, considering the yield at the new
per cent dividend rate. The feature of
the steels was Bethlehem, which was
actively bought around 80, up points.
Predictions Of favorable earnings we're
heard in we'll informed quarters.
The selling was directed against the
motors, especially Chrysler The stock
had proved itself sensitive to- pressure
last week and bearishly inclined oper-
ators offered it freely today. They
forced the stock below $500 share for
the first time in 1929. Studebaker was
up at the start, but sold off later. Gen.
eral Motors was fairly steady.
Steels and Rails.
United States Steel rallied a point or
two in sympathy with Bethlehem. Gen.
eral Electric fluctuated erratically, but
was mostly higher during the first half
of the session. Consolidated Gas held
its ground well. Industrial specialties
were irregular. with Columbia GRAPHIC
phone declining and Radio somewhat
higher
Trading In the rails was light. with
prices mostly higher. Delaware g. Hud-
son ran up points at 1876, Pere Mar
quette was 6 points higher at ITO and
Chicago Great Western preferred was
strong and the favorite among the
speculative issues.