Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-21
STOCKS IRREGULAR
IN HEAVY TRADING
Steel Loses Part of Last
Weeks Gain-Copper
Prices Up.
BY GEORGE T. HUGHES.
Special Dispatch to The Star.

NEW YORK, January 21,-Heavy
realizing sales and price recessions went
on simultaneously with sharp advances
in ether parts of the list throughout
today'S stock market session. The turn
over was the largest in over two weeks,
although activity fell off somewhat in
the afternoon. The selling was heaviest
in the last quarter of an hour.
The copper stocks were the leaders
all day. North American was in active
demand among the utilities, but the
steelS and most of the motors sold off.
Studebaker was striking exception in
the last-named group.
The feature was Anaconda, Just as
U. S. Steel had been in the latter part
of last week. Anaconda opened on a
block of $4,000 shares at l24l2, COM
pared with the preceding close of, 1872.
From the initial quotation it advanced
to new high record as it crossed 126k
The stock changed hands in enormous
volume on the way up and took along
with it, but for much more modest
gains, some of the other copperS, in
Guiding Kennecott and Chile Calumet
& Hecla was another strong member
of the group.
Selling in Steel.
While this speculation in the coppers
was going on, selling came into the
steel stocks. United States Steel was
carried down more than points from
Saturdays high-not a large reaction
however, for stock that had gone up
nearly % points in week. Steel rail-
lied after the early profit-taking had
been effected. Bethlehem Steel dis
played independent strength, but Vana-
dunn weakened.
The most persistent selling was wit
messed in some of the motors. ChrySler
dropped points and Hupp lost about
as much. Studebaker, under what
seemed to be skilled guidance. was
rushed up across 81, higher than at any
time this year or last General Motors
was not particularly active on one side
or the other
The rails made a good showing.
Southern Pacific, Baltimore & Ohio and
Great Northern preferred were strong,
and so for time was Chesapeake &
Ohio. Rock Island held the sharp adj
vance it had recorded on Saturday.
The talk was of an increase in the divi-
dend at the next meeting, with pos
sibly something in the way of an extra.
Pennsylvania sold off, but not impor-
family, meeting support around the 30
level
Leading induStrialS moved confuSedly.
United States Industrial Alcohol was at
new high in the first hour. but Air
Reduction, which is controlled by the
same interests, dropped more than 6
points under it's best of last week, rally
ing subsequently. National Cash Reg
lister was an early feature, selling at
the highest since listing and up 4
points from the preceding close. Shat
tuck was higher also, but Westinghouse
Electric, International Nickel new,
Allied Chemical and Postum were lower.
Traders Hesitant.
Money renewed at 6 per cent and the
expectation was for comparatively easy
day-to-day credit for a week or more.
Traders nevertheless continued to talk
about the possibility of an increase in
the rediScount rate. They were willing
to go along with any stock which
showed signs of moving" but when it
faltered they were quick to liquidate.
Notwithstanding the show of strength,
there was none too much confidence in
the general situation.