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Show Small Stock Market Really Deflates to Negligible Proportions i - o ' ' m STEELS, RAILS LEADADVANCE By VICTOR EUBANK Associated Press Financial Editor NEW YORK. Jan. 28 WV-Stoclu put on a small-sized rally behind steels and i alls in Tuesday's early market prceedlngs, but follow-through follow-through wm larking and gain running to major fractions were cut to negligible proportions or turned lntoldecllnee at the close. Volume picked up at Interval, in the morning, then slackened after mlddny as light selling began to chip down quotations. Transfers Trans-fers were around 490,000 aharea, against Monday's lowest turnover in more th in four months, j The budget of business newt, including al long string of earnings statements exemplifying the bulge in Industry last year, helped Individual In-dividual s ocks from the start Buyers, h wever, still were diffident, dif-fident, bro cers said, in view of a lack of information regarding Hit-ler's Hit-ler's next Inove, forthcoming congressional con-gressional iction on the lease-lend legislation and other governmental government-al matters. In Faltering List Stocks In the faltering division were Bethlehem Steel, Republic Steel, Chrysler. General Motors, American Telephone, Western Union, Shell Union Oil, Texas corporation, cor-poration, Pennsylvania, Great Northern, United Aircraft, John. Manvllle and Allied Chemical. A show of renlstanre was put by IT. S. Steel. Youngstown Sheet, Southern Railway, Atlantic Coast Line, Amejricen' Smelting, Goodyear, Good-year, Paramount. General Electric, Deere, Douglas Aircraft, J. C, Penney, Pen-ney, Owens-Illinois and Union Carbide. Car-bide. In the Curb In the curb General Gas A Electric Elec-tric preferred "B" got up points on an Initial 10-ehare transfer. Ahead noW and then were American Amer-ican Gas. Gulf Oil and Lake Shore. Wall Street was only partly in agreement J with President Martin of tha N. Y. stock txctian(, who exprtascd ths opinion In a dinner add.rw Monday night that tha low vigor shown by markarts lately was due chleflyj to the war and taxes. Soma suggested the official should have mentioned excessive federal securltiea regulation as an important impor-tant factorl 1 Recent Jteady, If not buoyant, demand far carrier stocks and bonds, analysts explained, was due mainly to the belief many roads for Decern ber enjoyed the largest jrross and rjet revenues In a decade. Freight anl passenger traffic expanded ex-panded briskly and pressure of tha armament program was expected to bring continuation of improved transportation conditions throughout through-out the rerhalnder of 1941. I A little mora study wu given the aircrai ts as predictions were heard the Douglas company registered reg-istered profits for th fiscal year ended Nov mber 30, 1940, of around $13 a sham. This would compare with $4.81 In 1939. The concern deliveries n the year apparently set a new record at about double those of the year before. Just how hard new taxes would hit the aviation avia-tion manufacturer was a matter of debate. |