Evening star., 1943-01-17
Selected Stocks Rise
Further Despite
Profit Taking
Uneven Goins Rule
At End Of Best Week
Since Mid-December
WHAT STOCKS DID
Total issr
BY BERNARD S. O'HARA,
Associated Press Financial Writer.

Associated Press Financial Writer.
NEW YORK, Jan. 16.-The stock
market today finished its best week
since mid-December with assorted
leaders making modest headway in
the face of profit taking on the ad-
vance to highest average levels in
more than year.
There was little change in the
news picture and some recently
buoyant pivotals were sold on the
idea that the upswing may have been
a trifle overdone. Fractional ad-
vances were we'll distributed at the
start and irregularly higher trends
ruled at the close.
1t was the fastest short session
since November 7 last, transfers
totaling 5O4,780 shares compared
with 437790 last Saturday. The As
sociated Press 60-stock composite
ended with net advance of / of a
point at 427, its third successive
penetration of new high ground
highest since early October 1941,
despite slight dip in the rail group
and lack of any progress by the
utilities.
A. T. & T. Is Soft Spot.
American Telephone was a soft
spot in belated recognition of lower
earnings but cut an extreme loss of
l4a to ss at the end. Santa Fe
tackled on II as the system reported
l1-months' net of $24.l5 q share on
the common against s8O5 in the like
l941 period. United States Steel and
Bethlehem were off 81 and y, re-
spectively, in the wake of downward
reV1slons in fourth quarter earnings
estimates for the principal steel pro-
ducers.
The war news was a sustaining in
fluence throughout the week and
the list was up on balance every ses-
sion except Tuesday. Business de-
velopments and hopes that Congress
would shy away from piling more
taxes on corporations inspired selec-
tive bidding. The Presidents $780,
000,000,000 budget message, highhght
OF the week, failed to stir the market
to any appreciable extent. Broadest
advances on the largest turnover of
the year appeared Friday, with
prime stocks leading the bulge. Part
OF the buying was attributed to con-
version of idle funds of important
investors into dividend payers as a
means of offsetting heavy income
tax demands.
Touching new 1e42-43 tops today
were General Electric, Woolworth,
Deere and Oliver Farm, among
others. Moderate improvement was
retained by Chrysler, Anaconda,
Western Union. American Car g.
foundry, Texas Co, Goodyear,
omnibus common and preferred
Sperry and Montgomery Ward. Los
ers included Southern Pacific, Great
Northern, Southern Railway, Amer
lean Can, Eastman Kodak, J. C.
Penney and Douglas Aircraft.
Tilt Upward on Curb.
Fitting upward in the curb we're
Gulf Oil, American Cyanamid "Bn
Brazilian Traction and Cities Serv-
iSO. SAiOlidllSeu W easier were Glen
Alden Coal, Sherwin- Williams and
international Petroleum. The ag-
gregate here was 116,030 shares YER
sus 1920 a week ago.
Further broad buying of rail loans
enabled this department of the bond
market to extend its sharp Decem-
ber-January rise and established the
Associated Press average of 20 car
rier issues at the highest level since
early 1888.
There was also a fair demand for
selected industrial and utility liens
ranging from speculative to top in
vestment ratings.
Closing fractions to around 2
points higher were Great Northern
512s at 1861, Burlington 41as at
68A, Baltimore g. Ohio Southwest
ern Sos at 44l2 and Delaware &
Hudson refunding As at 58.
Transactions totaled s6,767 900
face value against last Saturdays
sl0,214,600, which was the largest
volume for a two-hour session since
how 1nQn