Evening star., 1942-09-20
Stock Recovery
Is Halted by
Profit Taking
Pivotal IndustriuIs
Ease Slightly After
Week S Upturn
BY BERNARD s. OHARA,

NEW YORK, Sept. 19-The stock
market today ran into enough profit
taking to break the upward trend
generally maintained throughout
the last week.
While scattered specialties attract
ed good demands and low priced is
sues were lively in a narrow range,
most of the pivotal industrial which
rallied Friday backed away fractions.
Nothing really was weak.
There was scant bullishness dis
cernible in the news and the As
sociated Press average of 60 stocks
dipped i of a point to 81, but on
the week showed a net advance of
A. Transfers of It's, ,480 shares COM
pared with 116, ,450 last Saturday and
were the largest for two-hour
stretch in about month.
The list edged forward on balance
Monday, Tuesday, Wednesday and
Friday and was unchanged Thurs
day in the face of cloudy war bull
letins, persistent confusion in the
battle over tax legislation and doubts
regarding the anti-inf1ation pro-
gram which Congress worked
feverishly to put into shape before
the Presidents October l deadline.
"Penny" Stocks Active.
The penny" stocks, or those
quoted under $40 share, were given
a wide buying play from Monday
on to the exclusion of prime leaders,
although the latter revived yester-
day Individual reasons were given
for the interest in low-quoted issues,
although purchasing was ascribed
mainly to speculative inspiration.
Rails, for the most part, lost
some Of their recent buoyancy cred
lted to big earnings prospects as talk
OF wage boost demands by nom
operating unions was heard.
Today's slight setback was blamed
partly Oil the crisis at Stalingrad
and the desire of some in-and-out-
ers to trim commitments as a week.
end protection.
International Telephone was the
hVeliest performer in the brief ses-
sion, as we'll as on the week. tacking
on 70 at a. new top since 1910 and
making the weeks net gain a full
point. Others to finish behind plus
MARKS included Manati Sugar. Fran
cisco sugar, Swift & Co., Sunshine
Mining, Firestone Tire. Western
Union. American Water Works. yell
9loW sIruck. Northern Pacific, Texas
d Pacific, Southern Railway pre-
1erred, Public Service of New JERSEY
and General Electric,
Utilities Narrow.
The climbing utilities of the fore
part OF the week on the improved
TAX outlook for power and lioht
companies settled down to a slim
area. ''
On the losing end were United
states Steel, Bethlehem, General
Motofs, Chrysler, United States Rub-
per, American Telephone, Santa Fe
New York Central, Kennecott. Amer.
lean Can and Sears Roebuck
Ahead in the curb were Electric
Bond d Share, Humble Oil ana Re-
pubic Aviation. Declines were posted
lor American Cyanamid "B" Alumni
mum OF America and Glen Alden
Coal, The aggregate here was 34s55
shares versus 33,410 week ago.
Rail ROndS Aro;,, D:
continued broad demand for rail
loans gave the bond market fresh
llt and pushed the rail average close
70 lts pest figure for the year.
squirting speculative accumulation
Oh reorganization and other low and
medium priced carrier issues was
the generally favorable showing of
revenue statements for July and the
HrSt seven months issued in the 10 st
week oy a number of important
systems. '''AA'
among the more active issues in
todays short session were Rock
Island Refunding As, which closed
up ?s at l61a, and Kansas City. Fort
scout d Memphis As at so, up "a.
flnlshlng fractions to a point
nlgner were Rio Grande Western
Collateral Is at 28A, New York Cen
tral 412s at 477s, Boston e. New
YORK Airline IS at 26, Central Pacific
FIRST As at 82l4 and Florida East
Coast SIS at 1884.
Utility liens were in selective de.
mand and industrials were steady.
united States Governments anc
foreign loans were quiet.
transactions totaled S4,649 300
lace value against $4,1678O0 the
previous Saturday.