Evening star., 1940-01-07
Stocks Decline
.|rregu|ar|y at
eek'sC|ose
Losses in Majority;
Scattering Of Small
Gains Recorded
BY FREDERICK GARDNER,
Associated rress Financial Writer.

BY FREDERICK GARDNER,
Associated rress Financial Writer.
NEW YORK, Jan. 6-The stock
market today shuffled out Of the
first 1910 week with slightly irreg-
ular lower trend.
A few utilities, motors, mail or
ders, rails, coppers apd specialties
managed to retain modest advances.
but issues unchanged to shade
down were well in the majority at
the close.
While business news of the mo-
ment was fairly cheerful, traders
generally showed a disposition to
keep commitments light or stand
aside altogether pending illumina-
ton on forthcoming congressional
activities. In addition, some in Wall
Street began to express fears the
economic curve was due for sizable
setback in the near future. Opin-
ions, though, varied regarding a pos
sible recession and, here and there,
the belief was expressed that the
spring drop in industry would be
less severe than expected.
The list started the short day
with prices slipping. 1t was an up
and-doWn jog until near the finish,
when a number of stocks attracted
mild support. Dealings were slow
throughout.
Average on Slightly.
The Associated Press average of
so issues was of i of point at
516, but on the week held a net
gain OF a. A year ago the compo-
site was at 524 Transfers of 341,-
800 shares compared with 655, ,955
last Saturday.
On the offside fractions to point
or so today were United States Steel,
youngstown Sheet, American Tele-
phone, Union Pacific, United States
Rubber. J. I. Case, Douglas Aircraft,
Kennecott, Westinghouse, Union
Carbide. Johns Manville, Standard
Oil of New Jersey and Du Pont.
Loft made another new high with
an advance of point. Others end
ing ahead included American
Hawaiian Steamship, on reports of
the sale Of four ships to the British;
International Paper preferred. Elec-
trio Power & Light preferred, Brook.
lyn- Manhattan Transit, Bethlehem
Steel, Chrysler, General Motors,
Montgomery Ward. Boeing, Conson-
dated Edison, Southern Pacific and
Anaconda.
Helpful marketWise were indica-
tions next weeks steel mill opera
tions would hold around the recent
sharp rebound, that department
store sales are well up on year ago,
that freight loadings are expanding
and motor car demand exhibiting
few signs of slackening.
Improve on Curb.
Higher by fractions in the Curb
were American Cyanamid "B,"
American Gas & Electric, Techni-
color and Fisk Rubber Bath Iron
Works and Humble Oil slanted
downward. Turnover of $4,000 shares
compared with $4,000 a week ago.
United States Government bonds
improved, but corporation loans were
about as uneven as stocks. Com
modities were spotty. Wheat at Chi
cago was unchanged to of y of a
cent bushel and corn unchanged
to down as. Cotton was up Is to 80
cents bale. in last-minute furry.
The stock list edged forward Tues
day following the New Year recess
and the relaxation of December's tax
selling. Gains broadened Wednes-
day, with little attention being paid
to the opening Of Congress. Prices
having climbed in five consecutive
sessions, there was a letdown Thurs
day and further quiet declines Friday
which could be attributed to no out
standing developments. Volume was
up on advancing days and down in
declining periods.