Evening star. [volume] (Washington, D.C.) 1854-1972, 1940-01-31
Stock Averages
BY VICTOR EUBANK,

NEW YORK, Jan. 3l.-Stocks
struggled inconclusively today with
the problem of lifting themselves
by their own bootstraps-and got
nowhere.
Approaching the close the general
level was just about that of yester-
day, with shares changing hands at
rate approximating only $4,000
shares
For an hour or SO averages crawled
upward gradually-for no particular
reason; the nthey declined-with
just as much cause. European and
domestic developments were lacking
and traders moved warily, on the
theory that no news is not WORTH
while news and that commitments
should not be undertaken without
a basis for market predictions.
Touch New Highs.
The days outstanding performers
were Loft and Studebaker, which
touched new highs for 1939-4O, and
Bigelow-Sanford, which for a time
was up more than a point follow
ing an exceptionally good earnings
report.
Other shares showing buoyancy
included Continental Motors, Mont
gomery Ward, Sears Roebuck,
Sperry, Westinghouse, Canada Dry,
Brooklyn Manhattan Transit and
Allied Chemical Among the re-
dictionaries were American Smelling,
International Harvester, Chrysler,
United States Steel, Great Northern
preferred and American Can.
Bonds were mixed Commodities
were slightly better, although wheat
at Chicago was % to q cent a bushel
lower and corn was y to g cent
down. Cotton was Is cents a bale
higher to 10 cents lower.
Curb Is Uneven.
The curb was uneven, its few
gamers including Aluminium Co. of
America, Heyden Chemical, Nehi
and Pepperell.
A pessimistic note in the steel in
dustry's symphony of increased
earnings was sounded by Iron Age
magazine, which asserted that, ex-
cept for an expected pickup in auto
mobile manufacturers orders, there
is nowhere convincing evidence of
broadening of steel demand in the
immediate future"
Nevertheless, said Iron Age, steel
men derive degree of satisfaction
from steady flow of orders" now
being received.
OF cheering flavor was the Chi.
cago report, that Sears, Roebuck
and Montgomery Ward, the worlds
largest mail order houses, had
broken all records with sales of
81, 100, 100000 worth of merchandise
IN 1889. Their executives said they
attributed this volume to improved
economic conditions in the United
States.
Railroad Earnings Up.
Three railroads. headquartered in
ST. Louis-the Frisco, Wabash and
Missouri Pacific-reported net OPP
Grating gains last year over 1888 Of
237 per cent, 174 per cent and 81 per
cent, respectively
Boardrooms looked with interest
| at the s41,116,039 profit report for
1899 of United States Steel Corp,
noting that about go per cent of the
profit-s28,8 1886 ,282-was made in the
last three months of the year under
war stimulated draught.
The vast stimulation in United
States exports, which in December
set a 915- year record, was regarded
on Wall Street as leading indicator
of the position of firms engaged in
trading abroad
The Department of Commerce re-
ported foreign trade for 1889 at
about S., SOC, 900 900, an increase of
S440, 100000 over 1885, Exports ran
$3.50. 100000 above imports. Much
of the new business is with Latin
America.
Also of wide interest was the As
ISOLATED Press compilation of the
earnings of the first 100 corpora.
tons reporting for 1899 an increase
of 7 per cent in profits over 1879.