Evening star., 1940-01-14
Stocks UNDERGO
Worst Week in
Ten Months
Downward Trends
Blamed Partly
On Tax Fears
What Stocks Did.
BY FREDERICK GARNER,
Associated Press Financial Writer.

Associated Press Financial Writer.
NEW YORK, Jan. l3-With ir-
regularly lower tendencies prevail
ing. the stock market today emerged
from its worst week in about 10
months.
While the feverish selling of
Thursday and yesterday dried up
appreciably and an assortment of
issues managed to post modest re-
coveries, buying power was lacking
throughout the brief proceedings.
Some of the days speculative nib
bling was attributed to the belief
that the market. having virtually
Cancelled its fall upsWing and broken
through the November lows, was in
a position to regain a portion of
the lost ground.
On the other hand, brokerage
quarters continued to blame down.
ward trends partly on tax fears,
possibility of a fairly large business
recession this spring and the in
ability of most financial prophets
to come to any conclusion regarding
pOIltlCdl WedtnerVdneS.
Small Rally at Start.
The list tried for small rally at
the start, but didn't get far and
the majority of "pivotals" soon
stepped behind minus signs.
The Associated Press average of
60 stocks was off 2 of a point at
49.5 and, on the week, was down
81 points, actually the largest
weeks decline since April 8, last
year. The weeks turnover, though,
was much under that of April. A
year ago the composite stood at
5l.3. The 1939-40 high was II and
the low Ais. Transfers amounted
to 424,l30 shares against BAL ,820 last
Saturday.
Losses of l to 2 were posted for
Du Pont, Westinghouse. and East
man Kodak Elsewhere fractional
| setbacks were shown for United
States Steel, Bethlehem. General
Motors, Kennecott, American Tele-
phone. Western Union, Santa Fe,
Chesapeake & Ohio, Standard Oil
OF New jersey. and Goodyear.
American Woolen preferred was
an isolated strong spot in the short
session, holding an advance of 90
points at ASH following announce
ment the company had voted So a
share on this issues arrearages.
Retaining some improvement were
Loft, United States Rubber, Chrysler
and Anaconda. Reynolds Tobacco
"B" edged forward on a better than
expected earnings statement.
Commodities Mixed.
Bonds were mixed. as were COM
modities. Wheat at Chicago was
of i to 81 of a cent a bushel and
corn up Il to y. Cotton was 10
cents a bale higher to 20 cents
lower.
Curb losers of fractions included
American Cyanamid "B," American
Gas & Electric. Gulf Oil, Bellanca
Aircraft and Northern States Power
"A.' BreWser Aero and Republic
Aviation inched ahead. Turnover
of $4,000 shares compared with g.
Markets found few cheerful
signs in industrial news, although
forecasts of a sharp fall in next
weeks steel mill operations was
dampening influence. Depart
ment store sales kept we'll ahead of
of the 1899 week and it looked as
though motor production for jan
uary might set a record for the
month.
Specialties did well Monday, but
the general run of stocks got no.
where. Thoughts of receding busi-
ness put crimp in prices Tuesday
but quotations stiffened Wednes-
day when there was a prolonged
contraction OF offerings. The tax
bogey again was encountered Thurs
day and leaders tumbled / to 8
points on expanded volume. The
big dip of the week came yesterday
as tired holders shelved commit
ments as a measure of protection
over the week end.