Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-18
ADVANCE. IN STOCK
PRICES CONTINUES
Steel Becomes Leader as
Selected Groups Are
Pushed Higher.
BY GEORGE T. HUGHES.

special DlSpaLcn TO Inc Quar-.
NEW YORK, January 1S.-With
stock of the investment caliber of
United States Steel and Pennsylvania
Railroad selling at peak prices, the
former at the highest for all time and
the latter at the highest in a quarter
of a century, traders in the stock mar
ket resumed operations for the rise on
huge scale today.
Steel was the leader all the after
noon. Stop loss orders were uncovered
on the way up and at 3 o'clock 1t
was UP almost z points. Another spec
tacular performer in the late dealings
was Vanadium. Money held at per
cent all day.
The opening was higher, but it was
not until well toward noon that United
States Steel, coming to the front,
crossed l74 to new record high. Once
the movement got under way offerings
seemed to disappear. More or less this
was characteristic of the market. A
buying wave having appeared in any
one stock, rail or industrial-mostly the
latter-traders made haste to get
aboard" and few were so daring as to
bear element retired from the field.
Large Blocks Change Hands.
Dealings in various specialties we're in
extraordinarily large blocks. For in
stance 10000 shares of Postum were
taken at rs, and then block of 5000
shares changed hands fractionally
higher, after which the price crossed n
for a gain of some points on the day.
Gold Dust was put up in similar FASH
ion. In the first hour one lot of 7,70e
shares was bought and later one OF
$500 shares, in each case at higher
quotations Johns-Manville performed
sensationally, jumping nearly Is points
in the early trading and holding most
of the gain.
The striking feature in the railroad
list was the demand for Pennsylvania
Recommended publicly by one OF the
largest investment houses in the Street
the stock opened today at 50, the high
est since 1902. It was very active just
under this level. Opinion was veering
around to the idea that the Pennsyl-
vania would offer rights to shareholders
to subscribe to new stock rather than
give them higher dividend.
Other Rails Advance.
Other rails which worked higher at
one time or another included Baltimore
g. Ohio, Rock Island, Norfolk & West
ern, Erie first preferred and Missouri
Pacific preferred There were no sud-
den uprushes in the rails as there were
in the industrials, however.
In the metal group international
Nickel was the star performer. The
new stock opened at new high, up
over points. 1t continued to creep
forward as the day progressed. The
only explanation offered was Canadian
buying.
Copper shares were steady around the
preceding close. Expectation that Ana
conda would make an offer for the
minority holdings in Chile was the in
centive in the copper group. st. Joseph
Lead, which had gone up more than
10 points yesterday, scared 4 more
points to a new peak.
Money renewed at per cent, and
there appeared to be concern on that
account among traders. They paid no
attention to the increase Of $71,00O, 600
in brokers' loans reported by the Fed
eral Reserve. Probably they paid no
attention to the increase in the reserve
ratio both of the New York Bank and
of the reserve system as a whole, al
though that was favorable regardless
of what view might be taken of the
loan situation.
The only thing spectators were in
terested in was the story told by the
tape. Up to noon the turnover was
larger than on any day in a week.