Evening star., 1938-01-23
STOCKS CO DOWN
FRACTIONS TO 81
|NSL0W TRADING
Gold and Rail Issues Make
Recovery Gestures, but
Others Ease.
MARKET IS RESISTANT
TO ADVERSE RULINGS
Oils and Utilities Suffer Slight
Setbacks Due to Unfavorable
Court Decisions.
BY FREDERICK GARDNER.

ny uhNDENLn,
Associated Press Financial Writer.
NEW YORK, Jan. %. - Financial
markets finished quiet but rather
unsatisfactory week today with vir-
tually all categories suffering net
losses.
In the concluding two-hour session
gold mines and rails managed to make
recovery gesture. but many issues
were down fractions to point or so.
The days dealings were exceptional
ly light, transfers totaling 4O5, ,29O
shares. or the smallest volume since
December II. The weeks turnover
was the lowest since late last Sep
tember. The Associated Press average
OF 60 stocks was off 3 of a point at
45.9, but the net decline for the week
amounted to 2 full points.
The ability of the list to absorb So
called bad news" with equanimity
tended to impress analysts.
Utility Losses Small.
Even utilities generally held recess
sions to minor fractions following the
Governments sweeping T. V. A. court
victory at Chattanooga. At the same
time the ruling against l8 power COM
panies had been expected by many
financial observers in view of decisions
previously handed down by other
courts. A little hope was seen in an
nouncement an appeal would be taken
to the Supreme Court.
While the New Deal continued its
winning stride at Madison, Wis, where
a jury found 46 defendants in the oil
ANTITRUST case guilty, petroleum
shares were down only a shade.
Sellers were said to have been timid
IN view Of the belief of many that
most depressing developments have
oeen discounted. In addition there
was a disinclination to expand Offer
lngs because of the likelihood the Pres
1oents rearmament message, which
may propose heavy spending for ma
tional defenses, would reach Congress-
Monday.
Fairless Statement HELPS.
Some cheer was derived from the
statement of President B. F. Fairless
OF United States Steel read to the
Senate Unemployment Committee, in
which he estimated the concern
earned about 6 per cent last year on
Its investment. He also disclosed
plans for an outlay of some 80OOO,-
600 over the next nine months for
plant modernization and thought
steel prices could not be cut without
a corresponding reduction in wages
and other costs.
Bonds were quiet and uneven
Wheat at Chicago was up J. to l
cent a bushel and corn was un-
changed to u of cent lower. Cotton
yielded rs to so cents bale. The
French franc improved after the
Chamber Of Deputies had given the
new Chautemps cabinet a vote OF
confidence.
Shares Of Ovens Illinois dropped
5's points at So. Much smaller set
backs were registered for General
Motors at 35a., United States Rubber
29s4; American Smelling, SOS: Du
Pont, ll5l2; Westinghouse, 1021s;
Consolidated Edison, %; Western
Union. 26i2; North American, 19ss
and Standard Oil of New Jersey, 49s.
Finish on Upside.
On the upside were Homestake
at 81, Dome, 565s; Santa Fe, 371a;
New York Central 17a4: Southern
Pacific, 1915; Bethlehem Steel, 621s
and General Electric, 42h2.
Tending to bolster sentiment a bit
during the week were the string OF
presidential conferences with business
chieftains and the hope these would
result in a cooperative plan to battle
the recession.