Evening star., 1947-08-10
Stock Market Extend!
Declines in Week,
But Volume Shrinks
By Victor Eubonk
AsseeIotsd Press NnanelaI Wrissr


NEW YORK, Aug. 9.-Stocks gen.
orally continued TO operate on the
downside In the past weeks market
although: volume was the smallest
since early June.
Liquidation was blamed on the
British economic crisis, European
and Balkan situations, growing
doubts regarding the domestic busi-
ness picture, intermittent labor
stoppages, the outlook for dwindling
exports and the thought that the
intiationary rrice-wage spiral might
eventually result In a nose-dive.
Earnings and dividends, on the
whole, propped sentiment but there
were exceptions here. Bonds were
Indifferent while commodities
scared and relapsed at intervals.
The Associated Press 60-stock
composite was of 1.s points at $50
on the week against a drop Of 1.5
the week before. 1t was low since
July l. 1t was the first week since
the fore part of June in which there
was not q single millions share day.
The weeks aggregate of 3,592,113
shares compared with 5,255, 800 In
the preceding week and was q bot
tom since the period concluded
June 6.
Decline Started Monday.
The averages skidded Monday
With light offerings depressing
steels, motors, rubber and oils. Corn
futures Jumped the days limit of 8
cents q bushel to record highs. The
share total was 10000 for the five
hours.
There was q moderate comeback
Tuesday on 10000 shares, with
professional short covering bolster
ing trends. The Ford strike truce
seemed to buoy optimistic con-
tingents. Packard Motors, though.
touched q low for 1947 on 43 200
shares es the company reported q
sizeable loss for the first six months.
Frisco Railroad common and pre-
ferred climbed on large dealings
when 1t was learned a merger of
this line with Gulf Mobile 81 Ohio
was being contemplated. Chesapeake
& Ohio hardened as directors voted
to distribute the roads Nickel Plate
common shares to stockholders.
On Wednesday the market lost all
Of Its recovery of the day before
with activity tapering to 10000
shares. The Attlee address to Par
lament, stressing Britain's plight,
had been pretty well discounted in
Wall Street but there was some
selling attributed to the Prime Min
ister's warning ON the United King
dom's imports. Moving< picture
stocks turned heavy. Nickel Plate
Railroad preferred, on the other
hand. added points on the thought
that a possible merger with Wheel
ing & Lake Erie would take care of
large-scale back dividends on this
issue.
Dealings held to the $50, 900 share
level Thursday with the averages
unchanged. Oils, rails and special
issues did well but amusements
again tumbled as the British
slapped IS per cent tax on all
United States film rentals. Ameri-
can Woolen was lively on the up
side following a 81 extra disburse-
ment. American Telephone dipped
with this blue chip" registering a
single block of 1000 shares.
Friday the market suffered it's
most severe spill-a full point in the
average-since June "A with activity
expanding to 100000 shares. best
s;1ice July 81. Films touched bottom
for the year as producers halted
shipments to Britain. Rails and
most industrials dropped / to 3 or
more points.
Reeves Brothers, Inc, cotton tex
tile manufacturer, has acquired the
mill and inventory of Eagle S