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Show PROFIT TAKING STALLS RALLY ON STOCK MARKET SELLING PARES EARLIER GAINS; By VICTO TCKJLKK . I Asasriatesl Free Fhsaswial sUlte NEW YORK, Jan. 4 The rising I stock market stalled Thursday a I proflu were cashed oa the five- T day advance. B Although a number of Issues were able to retain portions of a , forenoon upturn, most leaden backed away and Initial gains of -tractions to a point or so were converted into louts of aa much . for the majority at the close. Dealings, fast at the opening oa . the extension of Wednesday's lor. ward push, slackened appreciably , in the subsequent retreat Trans fers were in the neighborhood of ' 850.000 shares. Some speculative contingent stepped aside in order to study the . president's budget message, which congress received shortly after . noon. Wall Street, however, at first glance apparently found few surprises in the administration's fiscal recommendations, these eon lng up fairly well to expectations. Business New Ifevefabts Business news brought in buyer for individual stocks and served to keep offerings relatively light else rhere, Droitdrs saia. Boeing was a Strang spot III aa Indifferent artatkm froup. This Issue was believed to have come ' Into favor on reports the oom party would finance expansion through bank loans instead of new stocky Loft moved to a new 1939-tO high en earnings estimates for Pepsi- cola. In which the former la heavily Interested. Resistant were Studebaker, Tel- . tow Truck, Coca-Cola, Lock head, , Wool worth, J. L Case, Du Pont, i General Electric and International Harvester. Oa the down tad the greater i part of the day were U. a Steel. Chrysler, American Telephone, U. i 8. Rubber, Western Union, Santa i F and Montgomery Ward. , Beam Market Lad Bonds lagged after a good start ' Securities were up at London and , Paris and mixed at Amsterdam. t Wheat at Chicago dropped 1 to 1 S-a cents a bushel. Cora was; unchanged to up to. Cotton, In late transactions, was off 10 cent to SO cent a bale. Supported In the curb were Borne Scrymser, American Cyana mid "B," Todd shipyards and Pep-perelL Pep-perelL Backward were Creole Pe troleum. Lake Shore and Niagara i Hudson Power. ; While market analysts seemingly were less apprehensive over a poe- slble spring slump la the economla - structure, new orders for capital , good were understood to be run-; run-; nlng currently some 60 per cent . under the September peak and ' only a bit above the purchasing level just before the sharp upturn v In that month. ; Iii th matter of tUM thac. though, on of the) principal producers pro-ducers wtu Hid to havo wffldcnt beacklogi to kNp mill oporatioiw round tho rcnt posk capacity rat for tha nxt thi-aa or four month, avvn though naw buying haiu. At tha sama tim It waa. d.Kloaad saw tl lnqulrlas wara ralatlvaly Mtiai4uory. iUlla had tha banaflt of tora casta that Last waek'a fralght IkmoV ingt, official summary of which was dalayad by tha Daw yaars holiday holi-day until sfritlay, waro off much lass than asaaonally. |