Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-11
ADVANCE IN COPPER
PSSTOCK LIST
Metal Shares and Utilities
Take Leadership as Ad-
vance Is Resumed.
BY CHARLES r. SPEARE.
snecial Dispatch 70 The Star


NEW YORK, February 1.-THE
stock market today had to absorb heavy
proflt-taking sales before it could de-
velop the momentum that later carried
it for the third time this week into new
high ground. This it did in the first
half hour of trading, when transactions
were so per cent under those of the
same period on Tuesday.
Sentiment was influenced at the
opening by the cautious tone of the
iron and steel trade reviews, weaker
grain markets resulting from the denial
of rumors that affected it the day
previous, and further evidence in the
car-loading reports that business Is
showing an unsatisfactory pickup.
There was less evidence also that the
short interest was active, with issues
that had been performing sensationally
moving today in more normal man
ner.
Shorts Again Cover.
Shortly after the opening, however,
speculative restraint was removed and
the market took on the buoyant aspect
that it had on Monday and Tuesday.
Speculation was concentrated in the
public utilities and in the copper shares
rather than in the iron and steel, motor
and rail stocks as previously. At the
same time the short interest again be-
trayed its discomfort In sharp advances
in II. Case, Vanadium, Gillette Razor,
Westinghouse Electric and Columbia
Carbon. Auburn Auto fell back 10
points and later advanced about z.
Feature of the market was the
strength in the public utilities. Here
there was strong suspicion that the
professional bears were reducing their
commitments. They have been exerting
pressure for some time against such
stocks Is American & Foreign Power,
American Water Works, Columbia Gas
& Electric, International Telephone
and United Corporation, all of which
were heavily bought in the forenoon
at advances ranging from / to 81
points.
International Telephone crossed 80
by midday. Large blocks of United
Corporation were dealt in at level
about 712 points above the low Of the
year. Consolidated Gas, American Tele-
phone & Telegraph and Brooklyn Union
Gas moved up from 2 to 4 points on
moderate transactions. That this &C
tivity and strength originated in specu-
lative quarters was apparent, for the
figures of electric output for the past
week showed decline Of about 6 per
cent from those of year ago and were
also well below those Of the same period
in 1929.
Rally in Morning.
After a slightly lower opening, the
market followed the example set by the
two preceding sessions and climbed
sharply higher.
With an advance in the price Of cop
per, the interest was focused on the
red metal shares, virtually all of which
made new high prices for the year. The
leader in this group was Anaconda with
a gain of over a point. Kennecott,
CRANKY Consolidated, Cerro de Pasco,
American Smelling and Calumet and
Hecla had sharp advances.
Trading during the first half hour
was given as 400, 900 shares, against
100000 in the like period Tuesday.
However, before the end of the first
hour volume was again high. Money
renewed unchanged at ~ per cent.
Case ThreShing was a feature In the
industrials. 1t opened higher, dropped
2z points and then jumped points
to q new high for the year. Other new
highs in industrials included Best e.
Co., A. M. Byers and oBrdens. United
States Steel opened lower, but subse-
quentIy followed the general trend.
Brooklyn Union Gas featured the t1tili-
ties with 3-point gain to o new
1881 top.
In the rails, Southern Pacific made
q new peak at 1091a and Canadian Pa
ciflc equaled its previous top at 44%.
OIL shares were quiet.