The Washington times., 1929-01-19
UPRUSH
IS MARKET
FEATURE
By w. 8. COUSINS


All other developments in the week.
end stock market we're over.
Swallowed today by the uprush In
United States Steel stock to 1S9,
a new gain of 9 points for the
day and is points from yesterdays
lowest price.
This is the most sensational adj
vance recorded in big steel on
the stock exchange since war days,
and 1t carries the stock well be-
yond any price level ever reached,
even before the 40 per cent stock
dividend was distributed two years
ago. Enormous blocks of the steel
shares passed through the market
sbuying demand snrged nj from
all sources
u. s. Makes Refund
The United Steel treasury recent.
~ received a check for $26, 200, 900
as a refund from Uncle Sam for
excess tax exactions. this being but
a part af the $1O1 .000, 900 claimed
by the Steel corporation heads.
IL the total claims are allowed
the big steel company will have
about $l4 share in new money
for its surplus account in addition
40 the huge earnings above dividend
requirements. Steel is said to be
earning at the rate of $40 a share.
against the 81 annual dividend. II
this keeps up, a juicy melon will
be cut for stockholders, according
to the bulls, whose enthusiastic
buying over-ran the market today.
Despite weekend profit-taking I'm
market which over-taxed the facil.
titles of the big board, the market
was steady at the close, with nu.
merous speculative favorites making
new high price records. The motor
stocks were irregular. with slightly
lower prices. International Nickel
and st. Joseph Lead led a new ad.
vance in the metals stocks.
There was q little unevenness in
the weekend business reports. which
made it logical for traders in the
fast-steppers to take their profits on
the accommodations of the last few
days. These have ranged all the
way from 5 to rs points. and ex-
tended over such a broad list of
stocks that switching could be in
Obliged in without unsettling the list
= any great extent.
ment stocks carried prices of Isoew's.
Warner Brothers and For film to
slightly higher levels. Ioews
mounted buoyantly to above rs. the
highest price in two years, and =
gain of points from Yesterdays
low. Radio x eth .Orpheum was
also a favorite in this division,
though the stock has as yet been
- AZ
Al.
ing gong and the ticker fell behind
about 10 minutes at the beginning
OF the second hour. At this time
the weekend profti.taking sales were
pouring in thick and fast. The
motor car stocks slipped down the
grade from 1 TO 3 points. with
Chrysler and Studebaker freely
offered point or two below FRI
days close.
Pere Marquette, Rock Island.
Pennsylvania, and New York Cen.
Iral led moderate advance In the
rails on the prospect OF divided in
creaaes which are quite likely to
come through in the first half of
TINS year. United States Govern.
n1ent bonds were irregular and com.
modify markets quiet.
Most OF the steel, copper, lead ana
speciality stocks which participated
IN the vigorous advance OF the week
We're ready TO perform for the bene-
TT Of the bulls at the beginning Of
today short session OF the market.
Vanadium Steel marched up boldly
| TO 11sh for new gain Of about two
points. st. joseph Lead was boOste6a
into new high ground at so. and In
terpationaI Nickel, New York. sailed
along TO new high ground 1T es3h.
Rock Island led the move in the
high-class rail shares, with an ad-
vance OF points to 1873, and new
life was injected Into National Cash
Register by . burst OF buying
which carried the price OF the stock
sbovs los. There was also another
0itburst In Anaconda, the wonder
stock Of the copper list, which
boosted that stock to liz, for q gain
| of nearly 3 points