Evening star., 1943-01-31
Stock Market Edqes
|rreguIar|y Higher
In Brisk Trading
Industrial Fuvorites
Set Many New Highs
For More Than Yeur
WHAT STOCKS DID.
BY BERNARD S. OHARA,

Associated Press Financial Writer
NEW YORK, Jan. 30-The stock
market today edged out of a rally
ing month with leaders moving
irregularly higher in the broadest
and most active short session since
late December, 1941.
Fractional advances predominated
at the start and. while recently
buoyant steels, rails and rubbers
failed to follow through. many
industrial favorites scored new
highs for more than a year, with
gains running to point or so at
the close.
The Associated Press average of
60 stocks held net plus sign of OIL
Of point at "A. equaling the peak
of September l8, 1941. On the week
the composite was up IL points.
For January, the improvement
amounted to 25 points, one of the
widest for this period in several
years. The month usually has been
a losing one. Transfers of 612,010
shares compared with 32l, ,780 week
ago and were the largest for
Saturday since December 27, 1941.
1t also was the broadest Saturday
market since that date. OF 1853
individual issues traded, 352 were
up and 406 down or unchanged.
The list did not have a single
losing session throughout the week.
In fact, its last previous recession
on balance was January TO- Brokers
credited the swing principally to the
pressure of idle investment funds.
slight revival Of imitation psychol-
ogy and persistently good war news.
Market Response Slight.
The highlight of the week was
announcement of the Roosevelt
Churchill conference at Casablanca,
but, except for rebound in utilities.
the market was unresponsive to this
development Profit taking on the
lengthy recovery, virtually uninter-
rupted since last April, was encoun-
tered daily. This was we'll absorbed,
though. Board meetings of the two
big steel companies revealed sub
stantial decreases in 1912 net from
1941, but regular dividends were
voted and steel stocks rallied briskly
Friday. Rails came to the fore late
Thursday but failed to push through
their 1912 highs and subsidized in the
remaining two sessions. Rate and
wage problems still confronted this
group.
Stocks in the new high" division
today included International Tele-
phone, Western Union, Montgomery
Ward, General Electric. Eastman
Kodak, Standard Oil of New Jersey,
Radio Corp Hiram Walker, Foster
Wheeler and Coca Cola. New York
Central and Southern Railway were
a shade better, but Pennsylvania,
Southern Pacific and Great North
ern slipped. On the offside were
United States Steel, Bethlehem,
Chrysler, Woolworth, Texas Co..
Glenn Martin, International Nickel
and North American.
Rail Bond Average Up.
Stiff ross-currents of profit TAX
ing and liquidation cut across the
uptrend Of rail bond prices, but
bullish influences held the upper
hand at the close.
The advance was solid enough to
push the Associated Press average
Of 20 carrier loans to new 1928
high at 68. up OIL. This made the
January gain 36 points against 81
in January. 1912. For the last two
weeks the index has been around
the highest levels since January,
1898.
Fairly heavy volume in sizable
list Of reorganization issues boosted
the total for the day to $8,443 900,
face value, against $7,799,20 a week
ago.
Active, but showing little change
on the day, were loans of such roads
as Southern Pacific, Baltimore &
Ohio and Frisco. Rock Island con-
vertible AIS gained u on sales of
s380,000, while the refunding Is lost
Il on a turnover of 100000.
United States Government issues
were steady in over-the- counter
markets and almost neglected on
the stock exchange.