Show STOCKS SHOW LOWER TREND NEW YORK Jan 28 UP The RI-The The stock market displayed a downward slant Monday although trading was still relatively dull The rails and metals led the drifting movement with declines of around 1 to 2 or more points The utilities were re re- re The close was heavy Transfers approximated shares The markets apparently Ignored a gain of 3 points in Steel tion The American Iron and Steel Institute reported operations at per cent of capacity Foreign exchanges ex cx- changes rallied briskly after early weakness Grains and cotton sagged with stocks Carrier bonds dipped The December earnings statements state state- meats ments of most of the railroads were not too pleasing Word that the president would send four transportation transportation tation messages to congress soon did not inspire any particular en en- thu Shares of Union Pacific lost about 3 points while the preferred Issues of U. U S. S Steel Republic Steel Bethlehem Bethlehem Beth Beth- lehem and Bohn Aluminum were off around 2 to 3 Others I 1 or so in arrears included U. U S. S Smelting J. J C C. Penney Spiegel Stern May May Stern Youngstown Sheet and Tube General Gen Cen- eral Electric Case Johns Du Pont Chrysler Santa Fe NewYork New New- NewYork York Central Radio preferred B Band Band and Inland Steel American Telephone Telephone Tele Tele- phone was about even and Consolidated Consoli dated Gas was only a trifle lower |