Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-20
NEW HIGHS SCORED
IN STOCK ADVANCE.
Traders Still Follow Buying
Side as Confidence in
Market Grows.
BY CHARLES F. SPEARE.
,ial DISPATCH to The Star.

Special Dispatch to The Star.
NEW YORK, February 20.-The good
effect on public sentiment of markets
that have been able to resist unfavor-
able developments. and have shown
disposition to make the most of those
that we're satisfactory. was again evil
dent in today's higher price range for
stocks and periods of trading that near
ly equaled the most active of the month.
Many new high quotations for the
year were established in the various
groups of shares without the accom-
paniment of manipulation of the kind
that brought the stock market into dis
repute recently Commission houses
were large buyers, and there were indi-
cations that the short interest, which
has been openly announcing that it
would make another raid on stocks, I'M
willingly contributed to the days up
ward movement.
Business Betterment.
From market standpoint the bonus
bill appears to have become dead is
sue 1t has also ceased to have any in
fluence on bonds. for prices Of many
high-grade securities today were de-
cidedly firm Not much developed in
the way of actual news but the inf1u-
ence of such indications as betterment
in the iron and steel, automobile and
copper industries had apparently not
been fully discounted in the prices of
shares of companies operating in these
fields
From a technical standpoint the mar
ket was helped by Thursdays rise in
the averages of the industrialS and pub
lie utilities above the previous high point
of the year. This was improved on to-
day by gains in such stocks as U. S.
Steel, which in the forenoon sold frac-
tionally above it's former high price be-
fore losing its advance, and in Ameri-
can Can, General Electric, Westinghouse
Electric, International Harvester, Wool
worth and Johns Evansville.
In the public utility group new high
prices were established before midday
in American & Foreign Power, Electric
Power e. Light, Standard Gas & Elec-
trio, Consolidated Gas and International
Telephone, with gains of IA to 3
points. The motors were more active
and responsive to the strength in other
parts of the market, General Motors
again advancing after several days of
neglect by those who have been spon-
soring the movement in this stock.
Opening Prices Higher.
The market at the opening resumed
it's advance into new high ground for
the year. Trading was in large blocks
and the ticker fell four minutes be-
hind during the first hour.
United States Steel went to new
high for the year and this. with new
tops sprinkled all through the steel and
speciality steel stocks, set the pace for
the rest of the list. During the first
half hour trading amounted to 100000,
against 100000 on Thursday. This
was the second most active day OF the
year Call money renewed unchanged
at y per cent.
Active industrials that reached new
peaks, with gains ranging from l to 2
points, included American Can, Byers
Pipe, Radio. General Electric, Wool
worth and Worthington Pump. Case
ThreShing, Westinghouse and United
States Industrial Alcohol were all strong
Mine shares after slow start, followed
the rest higher. CRANKY and Kennecott
reached new tops. Rail stocks were firm
but quiet.
In the utilities Electric Power &
Light and International Telephone ad-
vanced to new 1891 highs. Specialties
like Foster Wheeler and Freeport Texas
we're nearly 2 points improved and
above their previous best prices. In the
motors the gains were smaller. but no
less unanimous. Oils were quiet.