Evening star., 1939-01-29
Stocks Go Down
10 81
As Rally Ends
Profit Taking Stops
Early Attempt to
Extend Recovery
Total issues
BY FREDERICK GARDNER,
Associated Press Financial Writer.

Associated Press Financial Writer.
NEW YORK, Jan. 28-Rallying
fuel ran out Of the stock market
today and leading issues backed
down fractions to point or more.
At the opening the list attempted
to resume the sharp rally of the pre-
ceding session. Profit selling, how
ever, soon intervened and a lower
drift was in evidence in virtually
all departments at the close.
Spot news of stimulating nature
was lacking in the brief proceedings.
Many traders apparently decided
to cash in and await the barrage of
speeches to be made in the next
few days by the heads of the large
European governments. 1t was
generally felt that the tone of these
addresses, whether warlike or
peaceful, coming in the wake of the
insurgent triumphs in Spain. might
touch off pronounced move either
way in the markets.
Average Off Slightly.
The result of the days hesitancy
was that the Associated Press aver
age of 60 stocks lost OF of a point
at 48.l. On the week this compos-
ite was off 2.8 points, the biggest
drop for any similar period since
the week ended November 19. 1t
was the fourth consecutive weekly
decline.
The two-hour turnover amounted
to 582,530 shares compared with
657, $3.50 last Saturday. The weeks
volume was around 100000 shares
against some 100000 the week
before.
Prominent on the days setback
were United States Steel. Bethlehem,
Chrysler. United States Rubber,
Sears Roebuck, United Aircraft,
Sperry. American Telephone, West
inghouse, Du Pont, Loft, Great
Northern and Standard Oil of New
Jersey.
Aircrafts did we'll for a time on
the administrations approval of
French purchases of American
planes and prospects Congress would
quickly appropriate the s50,000,000
which the President requested for
the immediate start of aviation de-
Tense building at home. Only Doug
las Aircraft, however, was able to
emerge with a small net gain.
Hold Small Advances.
Retaining modest advances were
Johns-Manville, International Har-
vester and International Nickel
At Amsterdam, the only impor-
tant European market open today,
American securities followed through
on the rally begun in New York yes
terday. A little buying from abroad
was also reported in the domestic
market.
The Holland guilder again was
weak in foreign currency transac-
tions, but sterling and the French
franc changed only a shade either
way.
Of a bit In the curb were Elec-
trio Bond & Share, American Gas,
Niagara Hudson Power, Creole Pc
troleum and Pantepec Oil. Trans
fers here totaled $4,000 shares,
against $4,000 last Saturday.
Stocks suffered their worst tum-
BILE of the week on Monday as for
eign dispatches told of the irnmi-
nent@ fall of Barcelona and Wall
Streets nerves tangled with vague
talk of possible European explo-
sion coming in the wake of Franco
victory.
That the market may have been
oversold was indicated Tuesday
when. after bouncing over a wide
terrain, leading issues met better
support. There was another slip
up Wednesday and Thursday on
what brokers termed IAN accumu-
lation of uneasiness" over foreign
developments. War talk lessened
Friday and the list had it's best day
of the week.
Aside from nebulous overseas wor-
ries, the financial sector was none
too positive regarding a nearby re-
covery in business. Most industrial
chieftains, however, were mildly op-
timistic.