Evening star., 1942-10-18
Stock Prices Uneven,
But Low Volume
Cheers Traders
Weeks Losses Regarded
As Correction of
Long Advance
BY BERNARD S. O'HARA,


NEW YORK, Oct. 1.-THE stock
market today stepped out of its
first losing week since early Septem-
ber with trends slightly uneven.
Mild selling during most of the
four sessions-the exchange recessed
Monday for Columbus Day-was at
tributed partly to profit cashing on
the belief a technical reaction was
due as a correction of the lengthy
advance. In addition accounts were
because of the somewhat
cloudier war news from Stalingrad
and the Solomons.
Among bullish factors was the
lack Of any real pressure at any
time and the dwindling of volume
in contrast to the broad activity when
the recovery was in full swing Ex-
pectations of much improved tax
law being passed by Congress also
served as an anti-liquidating argu-
ment. Especially cheering was the
agreement of House Senate con-
ferees permitting corporations, par
ticularly railways, to buy in their
bonds at a discount without tax Ii
ability on the difference between the
purchase price and par. Dividend
and earnings prospects stimulated
assorted stocks.
Carrier Shares Quiet,
Disappointment over N. Y. Gen.
trails failure Wednesday to act on
a dividend despite the roads mount
ing revenues was overshadowed to
some extent by Southern Paciflc's 81
declaration Thursday, first in 10
years. The carriers, however, made
only faint response.
On balance the market was up a
shade Tuesday, down Wednesday
and suffered its worst tumble since
July % on Thursday. There was an
irregular comeback Friday, with
many leaders still hesitant.
Today the Associated Press av-
erage of 60 stocks was off i of a
point at 1875 and on the week
showed a decline of s. The COM
posite in the October 10 session hit
a new top since last November g.
Transfers today totalled 245 ,25O
shares compared with last Satur-
days $500, the latter a peak for
an abbreviated proceedings since
January 3. The weeks turnover
of 2,863,720 shares was about half
that of the week before.
Patino at New High.
On the day Patino Mines was up
q at a new high for 1912 as the
outlook for tin demand and rising
prices spurred bidders. Delaware
& Hudson had a last-minute rally
and was up a point at 1lA, also a
new years high.
On the losing enc were American
Telephone, Santa Fe, Western
Union. Bethlehem. Chrysler, Gen.
eral Motors. Dupont, Anaconda,
United States Rubber. Sears Roe
buck, Consolidated Edison and
Westinghouse. In the plus division
were Standard Oil IN. j., N. Y.
Central. Montgomery Ward. Youngs-
town Steel Door, Dome, American
Gable and Phelps Dodge.
In a narrow curb advances were
recorded for Gulf Oil, American
Cyanamid "B," Creole Petroleum
and Cessna Aircraft. In arrears
were American Gas, Sherwin Will
liams and Niagara Hudson. The
aggregate here was 53,975 versus
78,675 last Saturday.
Rail Bonds Active.
Bond market volume today was
close to the oest Saturday figures
for the year on continuation of
heavy speculative trading in low
priced reorganization rail issues
many of which pushed up to new
high levels for year or longer.
Dealings totaled $7.999 300 face
value compared with s7l32.00O the
previous Saturday. Industrial and
utility loans were generally quiet
and steady.
Active leaders in the rail division
included st. Paul IS, which closed
at 1871, up q. and Rock Island re-
funding As of "a at l9M, up %.
Talk of interest payments spurred
demand for these and many other
rails in the defaulted class. The
North Western, Frisco and Sea-
board Air Line obligations had ac-
tive followings at higher prices.
There was comparatively little
trading interest IN United States
Governments, which were steady
Foreign issues were slightly irregu-
lar.