Show RAilS SAVE DAY FOR BULL MART Most of Early Rise Lost Lost but Carriers Come Up in Final Dealing ted Press r By A saved NEW YORK Jan 14 14 RailS Rails stock market market mar mar- for the bulls buUs in the the day ket Thursday Most of or a brisk early advance was lost in the afternoon but dealings rails came up in the final and a few stocks closed about 1 to 3 points higher although most changes were narrow The turnover was roughly shares and the closing clos cbs In lag ing tone stead steady The da day be began an with a rush of short covering giving the market a half hat hour of the busiest trading in weeks Gains of 1 to 4 points appeared throughout the list but were lost or orcut orcut orcut cut in half haU during the afternoon Many tany traders felt that the advance may have proceeded too rapidly and took profits RAIL RISE GIVEN Eastman which had been up 4 points closed less than 2 higher Rail issues up 1 to 3 included New York Central Union Pacific Santa Fe NewHaven NewHaven New NewHaven Haven Baltimore Ohio and Norfolk Norfolk Nor Nor- folk Western Tobaccos were a firm group and gains of around 2 points were retained at the close in I Liggett Myers Reynolds and American Amerlean Amer Amer- ican lean Tobacco class B shares American Can and American Telephone finished finished fin fin- up about 1 1 U. U S. S Steel closed virtually unchanged Wall street was inclined to regard as distinctly constructive the news that the National Credit corporation had called cabled for a second 10 per cent payment on the subscriptions to its debentures This indicated it was said in authoritative quarters that its loans to banks already approximated some This corporation has worked so quietly that some bankers bankers bank bank- ers feel that the full fun import of its operations operations op op- op- op have not been appreciated What effect upon its operations the formation of the more powerful reconstruction re rc- rc construction finance corporation will have is not clear to Wall WaIf street but itis it itis is felt that the two concerns will be supplementary I SETBACK EXPECTED The advance in share prices has now been under way subject to only slight interruptions since January 6 and some brokers were Inclined to feel that a t technical setback may be beabout beabout beabout about due Nevertheless the recovery reco ery cry has been accompanied by a substantial substantial sub sub- restoration of confidence for during its course It has been reported in usually well informed banking quarters that several financial situations situations situa situa- which had caused considerable worry had been rectified Strength in the tobaccos was regarded re reo re- re as a further response to the recent recent re reo re- re cent report of R. R J. J Reynolds company com corn pany pan providing confirmation of the ability of this industry to make new earnings records regardless of general general gen gen- eral business conditions Wall street sentiment regarding the steel industry industry industry indus indus- try also has improved While some ome estimates indicate that U. U S S. Steel will show little if anything earned on its common stock in the current quarter and undoubtedly ran in the red inthe inthe in inthe the previous pre quarter there is now an inclination to look for tor relatively favorable favorable fa fa- fa dividend action at the end of this month instead of an omission as expected in many quarters re re- re |