Evening star., 1946-09-15
THE SUNDAY STAR WASHINGTON. D G.
SUNDAY SEPTEMBER IS lsAe
Stocks Drop Further,
But Se|ective Buying
Appears in Week
BY Victor Eubonk
Assoeioted Press rinoneiul Writer


NEW YORK, Sept. IA. - Tn
stock market continued its slid
curing the past week on the heav
lest 5-day volume in about sever
wears, although selective recover,
tendencies appeared at interval
and there was one good rallvin.
session.
IL was the fifth consecutive los
Ing week for the share division
during which quoted values of al
listed stocks showed a drop of more
than sl3,000,000 600. Since the IS
year high established last May 90
the retreat topped the $4,000 900,
600 figure. About $1,000, 900 900 OF
this aggregate was registered in the
past two weeks.
Notwithstanding the big turn
overs of recent sessions. some of
which exceeded the 5000 ,OOO-share
mark, and the resulting sizable
profits for commission houses, a
stock exchange seat sold at S62. 900
during the week, fall of $4,000
from previous sale and a low
since July year ago.
Volume Largest Since 1899.
The weeks total of 12.723 900
shares compared with the 4-day
total the week before of 10,558 $40
and was the largest for any 5-day
stretch since the period ending
September 9. 1899, when the amount
was 17,539,360
The Associated Press 60-stock
composite hit new low Monday
since August %, 1943, and on Tues
day touched bottom since April II
the same year. For the week it
showed a net decline of 2.5 points
at 64.7. For more than month
the average was never up two days
In row.
In the matter of brokerage rea-
sons for the extension of the relapse,
again 1t was case of You pays
your money and you takes your
choice"
Some sscribed liquidation to
growing strikes and management
labor problems in addition to fears
that international affairs were
darkening. Others blamed govern
mental controls, thin" markets due
to elimination of margin trading
congestion during past months of
new securities offerings and the be-
lief in some quarters that the mar
ket has been diScounting economic
difficulties.
After the Monday Tuesday slump
In which numerous pivotals dived
3 to more than Is points on selling
waves that frequently put the high
speed ticker tape as much as min
utes behind actual floor trades. the
list enjoyed brisk upswing We'd
nesday, retrieving about 81 100000
600 of its lengthy setback.
In this instance some commission
men credited short covering and
qulck-turn bidding with the revival,
asserting the belief was growing
that the market was drastically
oversold and due for a sizable tech
nical upturn. Advances ranged from
W lIldll ~ pOlIALS lOl GdSt-
man Kodak.
Activity Dwindles Later.
The market acted somewhat
fatigued Thursday and the ticker
tape. for the first time during the
week. managed to keep up with
moderate buying and selling orders.
While the averages slipped a shade !
final prices were no worse than
slightly mixed Cudahy added 3I2
points on higher dividends, Norfolk
&, western and Barber Asphalt 334
Fridays activity tapered to the
smallest of the week but steels, mo-
tors, rails and assorted industrials
moved into the plus ranks for gains
of / to 3 or more generally with
isolated issues such as Hazel-Atlas
Glass climbing II or so on meager
sales. Assorted losers, however per-
sisted.
The recovery in values registered
over the final three sessions of the
week amounted to around S2,500.-
10000, falling so per cent short of
covering the first two days' decline.