Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-02-05
STOCKS ARE FIRM;
C0PPERS ADVANCE
Rails Encounter Heavy Prof
it-Taking- Motor Group
Shows Gains.
BY GEORGE r. HUGHES.
,ial Dispatch to The Star.

Special Dispatch to The star.
NEW YORK, February 5.-Starting
with the copper shares today's stock
market broadened out to include many
other industrials in an upward move
ment, which, however, omitted the
rails. Except for the coppers, the rise
was not pronounced, but 1t did serve
TO allay the nervousness in evidence
on the day before.
Money held at per cent throughout
the day and was available at conces-
sions on the oatside. The turnover was
only moderate and the ticker kept we'll
up with the market on the floor.
Strength in the copper stocks was
based on the advance in the market
for the metal, which was quoted today
at 171a cents pound, an advance
of IA cent. The movement gained
momentum when the news came OF the
raising of the Anaconda dividend from
Sc to 81 annually American Smelling
a. Refining sold at new high for the
split-up stock.
Coppers Advance.
Greene Cananea ran up rapidly for
a Appoint gain early in the session. The
report was that Anaconda would make
an offer for the stock at an attractive
price. Anaconda itself was strong and
going through 100 made a new high.
It was announced the stock has been
put on ST annual dividend basis.
Kennecott, Nevada, Cerro de Pasco and
Calumet and Hecla were bid up SYM
pathetically.
There were a number of outstanding
strong industrials One of them was
American Can, which above 119 was
higher than ever before for the present
stock. Coca Cola started in at new
top at 1873. Then the airplane stocks,
particularly Curtiss, continued to rise,
inspired by the Lindbergh trip to Pana-
ma. This may not be logical reason
for bidding up stocks, but logic does
not count for so much nowadays.
The motors did better today. Shorts
in Packard and in Chrysler took in their
contracts and the price advanced ac-
cordingly. Chrysler was up more than
Mack Trucks was in demand at higher
prices and among the accessory issues
Timken Roller Bearing stood out around
the best of the movement.
The rails were temporarily in disfavor.
Sizeable profits had accumulated dur
ing the past 10 days or so and these
were being turned into cash by traders.
AS result nearly all the leading
railroad stocks were lower. The strik-
ing exception was Delaware g. Hudson,
up over S points above 206. Delaware
g. Hudson often moves independently
Of the other rails as reports gain ground
that the shareholders are to benefit by
the large profits made in the sale of
Wabash and Lehigh Valley stocks.
Further Gold Imports.
In the early trading United States
Steel was distinctly heavy and dipping
below 1873 made a new low on the re-
action. 1t rallied afterward. however.
There is still talk of a stock dividend
or a split-up in April, but the stock
has been in supply ever since it began
to come down from its record top above
1872.
Money renewed at per cent and was
in good supply at that rate. No atten-
ton was paid to the Stock Exchange
brokers' loans statement, showing an
other new record high. Further en-
gagements of gold for import from Lon
don strengthened the impression that
there was nothing to fear for the pres
ent at least on account of credit.