Salt Lake Telegram | 1940-01-17 | Page 18 | Few Shares Move Higher in Narrow Stock Market

fviai NCid FEW SHARES MOVE HIGHER IN NARROW STOCK MARKET Tn i nuiA nniAii Ih-i.a I T. T. '. T. . ! " t " Ti . TRADING SHOWS CAUTIOUS TONE Br VICTOR EUBANK Associate' Fnsa nnsuieial Editor NEW YORK. Jan. 17-A few la-sues la-sues trod slowly fractions to a point higher in Wednesday's stock market, -while their companions held to a narrow range, either on the plus or minus side. Trsders, whatever the reasons, were careful In choices and at no time In the session was there any general lift or decline. The opening open-ing was quiet and trading was lethargic leth-argic throughout Alrcrafts seemed most favored. Foreign markets were Irregular, although those at London and Paris steadied toward the close. Bonda were mixed and commodities tended tend-ed higher. In lata dealings cotton was unchanged to 5 cents a bale higher. At Chicago wheat added 1 to 2V cents a bushel and corn S; to of a cent Trfersjpj)roj(jrnated,00(L V Traders Stand Back Brokers blamed the failure to move one way or another on the "technical" reasons, which means buyers, looking at the position of prices, don't want to extend themselves them-selves and sellers were holding onto their equities, at least at this staga of the game. Possibility of government aid to Finland still was regarded In some quarters aa Increasing the chance of American Involvement In Europe's Eu-rope's hostilities, while others gave that little thought and concentrated concentrat-ed on the continuation of good business at home. Resistant some of them gave ground were Bethlehem, General Motors, Chrysler, U. S. Rubber, American Telephone, Douglas Aircraft Air-craft United Aircraft Chesapeake Ohio, Phelps Dodge, Philip Morris Mor-ris and U. S. Gypsum. Backward most of the time were du Pont, Union-Carbide and Allied Chemical. In the curb Aluminum Company, Fruehauf Trailer and Hazeltine posted modest advances. On the big board Cluett Peabody, up more than a point at one time, touched a new 1939-40 high. Foreign markets were irregular. Bonds were uneven and commodities commodi-ties mixed. Estimates that retail sales of automobiles au-tomobiles In the first 10 days of January were 26.6 per cent ahead of the 1939 comparative led some analysts to the thought there might be a further extension of J the uptrend which started mora than a year ago. I Not so optimistic was the decla-) ration of Iron Age that the high productive rate of the steel industry indus-try was largely at the expense of backlogs which "continue la- decline de-cline in face of the fact that new business has not snapped back from the dip it took at the end of last year." War Business Grows Wall streeters noted the growth of "war" business In the report of the department of commerce that December exports of 1358,000.000 were the largest for any month in nearly 10 years. Airplane, petroleum, metal and cotton shipments contributed heavily heav-ily to the total. Cotton deliveries for abroad amounted to $43,000,000 In the final month of the year against $30,288,000 in November. Italy, Spain, China and India were the principal purchasers. Of concern to followers of the oIIb was an Increase of more than 2.000.000 barrels in refined gasoline gaso-line stocks in the week ended January Janu-ary 13. Lack of foreign demand was held responsible.