Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-22
STEEL AGAIN LEADS
IN STOCK ADVANCE
New High Record Made as
Industrial Favorite Crosses
100 Mark.
BY GEORGE T. HUGHES.
ecial Dispatch to The Star.


NEW YORK, January 22.-The stock
market forged ahead again today and
more uniformly than in recent ses-
sions. U. S. Steel was again the fea-
ture. selling above 1870 and at new
high record, but General Motors adj
vanced sharply and three of the newly
split-up stocks, International Nickel,
Du Pont and American Smelling, made
new highs for the present shares.
In the last hour there was Demon
stration in Public Service Of New Jer-
sey, which put that stock up nearly
points, while Johns Manville scored
gain of almost 20 points.
Coppers were the leaders when trad
ings was resumed. Anaconda pushed
its old peak and above 1913 was at the
highest in the history of the company.
The same was true Of Chile. above 81.
Both stocks were turned over in large
volume and the two movements were
sympathetic, apparently anticipating the
exchange offer that Anaconda will
make to the minority Chile interests.
Steel Price Record.
other copper stocks in demand in
cluded Nevada at a new peak, Calumet
and Arizona and Cerro de PaSco. Inc
new International Nickel shares, up
more than 3 points, were at a
new ton since issuance. Part OF these
gains was lost under realizing. in the
latter trading.
The fireworks in United States Steel
did not come until about noon. The
stock was up q point at the start and
gradually crept forward, recovering the
ground lost yesterday. Then just be-
fore midday huge buying orders were
thrown into the market and the price
was rushed up above 100, higher than
ever before in the existence OF the pre-
mier industrial corporation Of America.
All sorts of stories were afioat as to
the intentions of the directors IN re-
gard to a stock dividend or some other
special distribution, but none Of them
was conf1rmable.
Motor stocks did better today. Evi-
IDENTIFY the bearishness of yesterday had
been overdone. BroadcaSting of Elm
formation" that bear pool had been
formed in Chrysler had the result not
Of depressing the stock but Of running
it up almost 3 points. Nash was OUT
standingly strong, up 3 points, while
General Motors old made a larger gain
and the new was in vigorous demand.
Studebaker, in which strong pool was
at work, went to new high and Pack
ard recovered with the others.
Quiet accumulation Of the rails was
in evidence at intervals Southern Pa
cific, above 1873, was higher than at
any time since 1910 Southern Pacific
could increase its dividend, but that
has been true long while. and moth
ing has been done. The next dividend
meeting is scheduled for February IA.
Industrial Specialties.
Chicago Great Western issues were in
| good demand among the lower-priced
railroad stocks, and New Haven was a
| shade higher.
Industrial specialties in favor included
Johns-Manville, up points; Interna-
tional Combustion, National Biscuit, As
ISOLATED Dry Goods. Borden Co. and
Adolf Gobel. Published reports that
the news print manufacturers and pub
fishers had reached an agreement on
the price Of paper brought heavy buy
| ing into the paper stocks, International
Paper and Abitibi Power and Paper.
The former ar IS was up 5 points.
Money renewed at per cent and was
in supply at that rate. Funds were
available in the outside market at con-
cessions from the official rate.