Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-17
COPPER AND STEEL
STOCKS IN ADVANCE
Traders Are Encouraged by
Drop in Money Rates.
N-l --..

BY GEORGE r. HUGHES.
Special dispatch to, The s.ar.

special Dispatch TO Inc oar 81 - 4
NEW YORK, January i7.-It was
another day Of pronounced strength in
the stock market. Prices were higher
at the opening, and although interest
other, the gains were well held and for
many stocks the best prices Of the day
were made in the last hour.
Money renewed at 3 per cent and
dropped first to per cent and then to
per cent, indicating the end Of the
strain caused by the, mid-month dis
bursemeflts.t The market showed no
concern over the loan situation, the
figures on which were to be announced
after the close. Pools were actively
at work ali day in their respective spe-
cialties and short covering was In large
volume. I'll.
Among the late features were Johns
Manviile, above 200 q share and at a
new 1929 high; Pennsylvania Railroad,
which duplicated its previous top, and
Columbia 0raphophone, which had
rapid run-up.
In the initial trading United States
Steel, which had been the object Of
such a remarkable demonstration yes
terday, was again in urgent demand
and crossed 173 to . new high. Then a
certain amount Of, realizing appeared
and attention was turned to the copper
shares.
The movement began. with Chile, al
though all OF the issues In the group
were more or less strong. Chile, closing
around rs. yesterday, started in higher
points or so and then on running
transactions ran up across % to . new
high. Anaconda went along but at a
more moderate pace than its subsidiary.
The story was that Anaconda would
make an offer for the minority Chile
stock and the market was engaged In
discounting the basis Of exchange.
Kennecott and Greene Cananea
worked upward along with Cerro de
Pasco, Influenced by the strength in
the other copper stocks. Sentiment to-
ward the metal market was more favor
able today. Prices are holding firm and
that there Is no over production. st.
Joseph Lead initiated an independent
advance, rising nearly points to new
peak. =
A few Of the rails did better. Balti-
more & Ohio was higher on what
seemed to be investment buying. Rock
Island ran UP q couple Of points and
New York Central for time was very
strong. The market seemed confident
that the decision on the application OF
the Central for authority to lease its
subsidiaries would be favorable.
Elsewhere In the list there was Gus
tonlary bidding UP Of various industrial
specialties. Electric Auto-Lite was one
Of these and Borden Co. was another.
A new favorite was U. 8. Realty, which
advanced points In the early trad
ing. Columbia Gas was the leader. of
the utilities, and among standard stocks
General Electric. was feature, with .
gain amounting ut one time to more
than 5 points. Westinghouse Elec-
trio responded moderately.
Money renewed at 8 per cent .un-
changed, but the supply at this rate
was fully equal to the demand. Trad
ers were waiting for issuance Of the
weekly statement on brokers' loans after
the close of the Federal Reserve. Judg-
ing from the course Of the market over
the past week. 1t ought to show an in
crease, but the experts" were reluc-
tant to make any estimates. The
turnover today was higher than that OF
yesterday.