Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-02-05
STOCKS co HIGHER
ON HEAVY BUYING
Utilities, Rails and Food
Issues Are Featured in
Broad Advance.
BY STANLEY w. PRENOSTL.
Associated Press Financial Editor

NEW YORK, February 5.-Easier
money rates and favorable trade news
provided the background for another
broad rally in prices in today's mar.
ket. although flurries of profit taking
and short selling occasionally slowed
up the advance. Ticker DELAYS were
again the rule as blocks of 5000 tn
nearly $4,000 shares changed hands and
started a buying stampede in certain
stocks believed to harbor a large short
interest. Scores of issues were marked
up 2 to points, and there was a SCAT
tering of to point declines.
Call money dropped from AZ to a
per cent as February l dividend and
interest disbursements returned to the
banks. Wall Street felt rather con
fident that the Bank of England would
cut its discount rate tomorrow. with
opinion still sharply divided as to
whether the New York Federal Reserve
Bank would Immediately follow suit or
wait for few weeks. In some quarters
it was believed the cut in the New
York rate might be delayed until inst
before the offering of the German in
ternational loan.
Favorable News.
From the automobile trade came re-
ports that ChrySler's January Shipments
were so per cent above the same month
last year, and bullish statement on
the automobile outlook by John N.
WHY'S, following his conference with
President Hoover in Washington. The
latest freight car loading figures shovel
a gain of 1928 cars over the preceding
week, but drop of 1888 cars below
the same week of 1929. Crude oil pro-
dustion again declined sharply last
week.
Iron Age reported that the general
rate of steel output was now 1877 per
cent of capacity, with all but two pro-
ducers doing 10 per cent or better. It
points out that "in their extreme eau
ton in November and December buyers
underestimate their requirements after
the turn of the year, with the result
that these were Immediately translated
into orders" Now that this readjust-
ment of demand to production has been
made" 1t adds, "the trade is more con-
sentative in forecasting further improve
ment."
New York & Harlem which has been
huctuating over wide range in the last
two weeks. jumped points in the early
trading. Philadelphia Co. advanced 71a
and Houston Oil s. Gains of 4 to 5
points were recorded by General Rail-
way Signal, Warren Bros, Brooklyn
Union Gas. American Power & Light,
American Water Works, Standard Gas
& Electric, Westinghouse Electric and
American Bank Note. United States
Steel. which sagged to 1925 in the early
trading, rallied to 18415, but met heavy
profit-taking around that level, and
backed up again.
Other Changes.
American Locomotive sank ga points
to new low for the year at 94&, but
rallied to 100 on President Woodin's
denial of rumors that directors were
contemplating reduction or omission
of the dividend. Several large railroad
equipment orders we're made public to-
day. Simmons ran into further sell
ing and dropped 3 points. Gillette Safe
ty Razor also was heavy, despite the
denial of rumors that the production
of the new razor and blades had been
delayed.
United States Steel closed at 185 tc
new top for the year in the last hour
and pulled up other popular shares to
levels considerably above yesterdays
close. Amusement stocks were heavily
bought. Fox Film A moving up Az
Houston Oil gained Z, Western Union
612, Johns-Manville and American
Telephone 4 and General Electric 2. The
closing was strong. Sales Appropriated
4, ESQ, 900 shares.