Evening star., 1938-01-30
BY FREDERICK GARDNER.
Associated Press Financial Editor.

NEW YORK, Jan. 29-Financial
markets hit the toboggan this week
and efforts at rally in todays brief
stock session failed to halt the slide.
In the concluding two-hour pro-
ceedings. rails took 4 turn for the
better, along with an assortment of
specialties, but steels and aircrafts
skidded Just before the close and wiped
out most Of the buying courage that
manifested itself at the opening.
The Associated Press average Of 60
stocks for the day was of O.2 of a
point at 42.l, or just o. above the
1887 low. On the week, the composite
was down 3.8 points, the most severe
break since the latter part of No.
vember. Transfers amounted to 434,-
ITO shares, compared with 4O5, 200 last
Saturday.
Allied Chemical on.
Among the days principal back
sliders was Allied Chemical, of 6la
points at l541z on four separate trades
involving 100 shares each. There were
many other thin" spots.
On the losing side for as much as
2 were Union Carbide at 6s7s, U. S.
Steel, So; Bethlehem, 537s; Chrysler,
Sis: Douglas Aircraft, 37a.: Boeing,
2Sss: Westinghouse. 9lls: Oliver
Farm. 24l.. and U. s. Gypsum, So.
Moderately higher at the finish were
Santa Fe at 331a. N. Y. Central, 1894;
Southern Railway. lO1.: Eastman
Kodak, l57; Libbey-Owens, 32s4;
Cerro de Pasco, 3Sl2; International
Harvester, 59'., and Woolworth, 3834.
Steels on the final lap seemed a bit
depressed by action of the U. S. Steel
Corp. in inaugurating cut in white
collar" salaries and hours, thus re-
viving the "share-the- work" plan in
vogue during the worst of the de-
preston. A slight- dip in next weeks
mill operations was also forecast.
Aviations Decline.
Aviations tumbled principally on
profit realizing following the rearma-
ment message Of the President, which,
in some quarters, was thought to have
recommended smaller naval in
crease than had been expected. 1t
also was remembered the aircrafts had
recently been rising against the rest
of the market.
Better action Of carriers was be-
lieved to have reflected more hopeful
sentiment aroused by the opinions of
five important railway chieftains that
the back of the recession had been
broken and improvement would be we'll
under way by spring. During the
week, however, the rail average toppled
to new bottom since 1888 as Decem-
Der revenue statements exemplif1ed
the inroads made on income by grow
ing operating costs. In addition the
latest freight loadings total was down
contra-seaSonally.
Mild imitation talk buoyed gold
mines. with Dome and Mcintyre
touching new highs in the week.
Coppers Resist.
Coppers had q setback on Friday
when producers and smelters reduced
the domestic price Of the metal to a
uAAAAOAul AdtC VI ~ CCIltS pOuEO.
They displayed some resistance to-
day, though, on prospects of expand
ing consumption due to the belief the
current price will hold.
Stocks suffered their worst tumble
Wednesday following the Presidents
remarks at his press conference the
day before regarding the necessity of
wages being maintained and prices
lowered. Helping to unsettle the list
at the same time was flood Of divi-
dend omissions, which served to sub
stantially dampen the outlook for
shareholders.
Bonds slumped during the week. but
secondary rails found some support
at the last. Commodities slanted
downward throughout, and today
wheat at Chicago was of "a to IA
cents bushel, and corn lost u to "a.
Cotton was unchanged to IS cents 4
bale lower.
The French franc registered fur
ther recovery after a heavy fall earlier
in the week. On the day it was up .0l
Of cent at 3.27la cents.