Evening star., 1938-03-27
SELLING TUMbLES
STOCKPR|CES|NT0
NEWL0W GROUND
Market Declines Fractions
to So, but Few Losses
Range to $5 or So.
RENEWED LIQUIDATION
STOPS EARLY UPTURN
Associated Press Average Slumps
to Lowest Point Since 1885.
1,3s3,370 Traded.
BY FREDERICK GARDNER,

Associated Press Financial Writer.
NEW YORK, March 26-An early
rally failed to hold in today's stock
market and last-minute burst of
selling swept leaders into new low
ground for the past three years and
longer.
Losses. on the whole, ranged from
fractions to points, but there were
few relapses of or So
With today's short session the list
finished one of its worst weeks since
the sharp break last fall. The ticker
tape was behind at the beginning and
end of the two-hour proceedings and
transfers totaled l,383,37O shares, the
largest volume for Saturday since
October %. 1t compared with 442, ,O7O
a week ago
The Associated Press average of 60
stocks was off 4 of point at 36. a
new bottom since March 26, 1885. On
the week the composite was down 40
points net, the fourth consecutive
weeks setback.
889 Issues Moved.
The breadth of today's session was
indicated by the fact 889 individual
issues changed hands, several hundred
more than is usual at the week end.
OF the aggregate there were Glib de-
clines, 81 advances and 1874 were un-
changed. New lows for 1888 were
registered by $50 stocks.
The list slipped at the start, with
overnight dumping of impaired mar
gin accounts and additional liquida-
tion from discouraged holders de-
pressing virtually all groups.
Offerings were soon absorbed, how
ever and leaders performed a quick
aboutface that converted initial de-
clines running to points or so into
advances of as much and put the re-
cordlng machinery in arrears about
three minutes while the run-up lasted.
The pace then slowed and traders
began to cash in profits. Another
slide then got under way which
picked up momentum in the final half
hour and landed most divisions at
lowest levels of the day Mild sup
port appeared at the last and extreme
declines were shaded in some cases.
Steels Lead Recovery.
Steels led the days recovery at
tempt but they retreated with the rest,
although they were only down minor
fractions at the end. U. S. Steel. for
instance, was off IS at 44as and Beth
lem u at 4634. Allied Chemical was
conspicuous soft spot, dropping
5"s at 1851 =. Losers of lesser amounts
included Chrysler at Al, Westing-
house, 10; NJ Y. Central, 1855: Con-
solidated Edison, 18; u S. Rubber,
25i4; Kennecott, 29&s: General Elec-
trio, 22ls. Montgomery Ward, 297s:
Standard Oil of N. j.. AZ; Du Pont,
1929, and Corn Products. 561s.
Among the handful of gamers were
Paramount at 63s. International Har-
vester, Sc; Air Reduction, 454; Ma
tional Steel, At; Schenley, 1S, and
Public Service of N. j., 2514.
The stock department lacked bal
ance throughout the week, but suf-
fered its worst slump since November
% on Friday, when virtually every
group hit the toboggan.
Blamed for the slide was no par
ticular development, but rather an
accumulation of forebodings regard
ing business, industry and the for
eign outlook.
Tipped Over on Wednesday.
The market tipped over on Wednes-
day. just before President Roosevelt
IN his speech at Gainesville stressed
his intention of not deviating from
his original reform program. There
was nothing new in this, though, and
analysts were inclined to attribute
the downturn mainly to trade pessi-
mism. While the recession seemed
to be f1attening out, there was dis
appointment that at least seasonal
improvement was not more pro-
nounced.
Action of the Senate Finance Com
mittee in trimming the House tax
revision bill was pleasing to Wall
Street, but the cheer inspired here
apparently was offset to some extent
by the growing belief the adnlinis-
tration's reorganization measure would
go through about as planned.