Evening star., 1948-02-01
THE SUNDAY STAR, Washington, D. G.
SUNDAY FEBRUARY I, ls4e
Stock LIST Hesitant
Al Close Of Good
Recovery Week
BY Victor Eubonk
Associated Press Financial Writer

NEW YORK, Jan. 31.-The stock
market today emerged from good
recovery week and its first losing
January since 1941 with considerable
hesitancy in evidence.
Buying throughout the week, still
mainly professional, was based
partly on the belief that the list was
entitled to a substantial technical
comeback after its lengthy retreat.
A big batch of pleasing dividends
and earnings was helpful.
Doubts regarding murky foreign
affairs, a new round of wage de-
mands, outcome of the Marshall
program and the course Of business
later in the year caused numerous
customers to hold aloof or trim
accounts. Weakness of major COM
modities served as restraint.
Final Session Quiet.
In the final sluggish session the
Associated Press 60-stock composite
was up i of point at 63.S. For
the week there was gain OF l.3
points and for the month a loss
Of 19.
The number of issues registering
during the day was $50, the same as
last Saturday which was the mar
rowest performance since last NO
vember IS. OF the total, 235 rose,
217 fell and 208 were unchanged.
Volume for the short stretch was
290,000 shares, minimum since
November 8. 1t compared with
100000 q week ago. The weeks
turnover was 4,574, $40 shares, six
day low since last May, against
5.143. .72o the week before. For jan
uary the figure was 20,217 sos shares
versus 27,6O5,272 in December and
23,556,803 in the initial 1947 period
which was a bottom for that month
since 1881 sos in 1914.
On the day Du Pont added
point at 1901, Western Union y at
2oH Con hopes spring strike had
been averted), Firestone Tire y at
48A, City Stores y at 1874 ana
Elastic Stop Nut as at "a 1919
peak) on an extra dividend. Else
where plus signs for pivotals were
in minor fractions. Oils, steels, rails
and motors were narrowly uneven.
Lionel Shares Higher.
In the days curb Lionel Corp. was
nm point on an extra dividend.
Gamers included McCord Corp.
Standard Oil Of Kentucky ana la
cuban Atlantic Sales were 8O.ooo
shares compared with 10000 last
Saturday.
The Big Boards average slipped
a trife Monday to a low since last
June 10 but only $4,000 shares ap-
peared smallest for full session
since September 26.
Devaluation of the French franc
caused some market nervousness
although squirting fair sized ao-
vance in gold mining issues.
Prices stiffened selectively Tues
day on $4,000 shares with rails
leading. The utility index, though,
touched a 1947-48 low. Sentiment
was bolstered by the shakeup In
the Federal Reserve Board and
decision of the British to maintain
the pound sterling despite the
French attitude.
Carriers continued to revive
Wednesday with dealings at 100000
shares. Favorable income state
ments of prominent roads attracted
bidders. The United States Steel
compilation after the preceding
close was viewed as bullish. The
market hit rallying stride Thurs
day on 100000 shares, best for the
week and a high since January az.
The average upturn of 6 of a point
was the widest since December 80.
Predictions of real tax reduction
and other measures to aid capital
investment by Chairman Millikin OF