Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-28
OCKSlRREGU[.AR
AFTER..EA GAIN
Heavy Profit. aking Follows
Upward Trend in First
!: Trading.
BY GEORGE r. HUGHES.


special Dispatch TO the star.
NEW YORK, January. 2s.-Revers-
ing itself repeatedly, today's stock mar
ket pursued o. devious and uncertain
course, indicative Of considerable con-
fusion in the minds Of SPECTATORS. The
opening was higher all around, the
ly lower prices, the late afternoon saw
rally and just before the close there
was another but small reaction.
All day there were individual stocks
which moved independently. In the
last hour Important strength was dis
played by, Westinghouse Electric and
Commercial Solvents. The, utilities
were more consistent than any other
group, with the lower and medium
priced issues In steady demand. Amer
lean Power d Light featured this part
OF the list toward the end @. ~.
J The market had before 1t the favor
able decision OF the Interstate Com
merce- Commission on the /, New York
Central merger application. 1t had q
8 per cent call money renewal rate,
which, considering the approach Of the
nrSt Of the month, was low under pres
emit conditions. It had further advances
In O. number Of so-called speculative
favoriteS, but all these things failed to
stimulate the enthusiasm that traders
had been ledato expect. '-''-.. - ~
81 Rail- Stocks.
The railway stocks were higher at
the start, but the gains were not we'll
held nor were they evenly distributed.
New York Central opened on block of
5000 shares at 1913, up over points,
and later sold at 100, the highest in
- %1~M
q Ohio was up point in the first hour
Norfolk & Western did better it is
one Of the few seasoned, dividend. pay
ers still available on a 5 per cent basis.
The Chicago Great Western issues
were strong for time, and various
other carrier stocks were in demand,
but the movement did not carry
through. There were plenty Of stocks
for sale whenever the price was bid up.
i Weakness In one or two OF the re-
cent leaders made bad impression.
National Cash Register lost more
ground. as It's: late sponsors left 1t to
shift for .itself. : Then International
Nickel new had q setback, something
extraordinary for that stock. The oils
we're s, heavily ,l sold pafttsulsriy sinclair;
been q point ..or 80. higherS III, The first
part Of the sessions dipped under the
preceding close, al tlicuRh the directors
meeting from which the EtEeet has been
expecting much Is scheduled Tor to-
morrow. ~. q, ~. II
Strength Ia UTILITIES.
!. Other stocks In which the supply was
greater than. the demand Included the
mail order shares, -Roebuek and
Montgomery Ward. Columbia GRAPHIC
phone niade.a new low sons the move
naent, and that was Disappointing to
followers OF the general market. In the
copper list Anaconda. failed to reflect
the optimistic estimates OF $f4 o share
IN the coming year - ssas-as 80 . s4
The other side Of the picture was the
strength In the. low-priced utilities,
Electric Power and Light, National
Power D. Light ana others In that group.
American Telephone d telegraph set
. new record high when 1t sold at 22l
on the initial transaction, although It
receced thereafter under realizing.
American Smelling d Refining ut lit
was at z, new high for the present stock.
The same was true Of Electric Auto
Lite at t6o. international Harvester
ran up, sharply. international Telg.
phone d Telegraph went ahead with
American Telephone. g..
Motor stocks were irregular. General
Motors, new and old. were ND at first
and. then REACTED. Nash came down
from IFS best price. but 'Hupp was in
good demand. Elsewhere In the list
there was active speculation for the
rise In the Continental Baking issues.