Evening star., 1947-01-12
Stock Prices Suffer
Sharpest Setback in
More Than Month
By Victor Eubonk
Assoeicted Press Fincnciol Writer

Assoeiaied Press finoneiol Writer
NEW YORK, Jan. II. - Stocks
generally ignored three presidential
messages during the week but in to.
days concluding session the market
suffered its sharpest stumble fol
better than a month with distillers
and number of other issues hitting
new lows for the past year.
From Monday on mild replace
ment purchasing by those who had
previously sold for income tax pur-
poses aided trends. On the other
hand, numerous customers trimmed
accounts to await congressional ac-
ton on the budget, taxes and other
problems confronting industry.
Skepticism over 1947 business pros
poets also was a bearish factor.
The days trend was downward
from the start. Dealings quickened
as offerings became more urgent
and losses of fractions to points
predominated at the close although
extreme setbacks we're reduced in a
number of cases.
Transfers of 100000 shares COM
pared with 300, 600 last Saturday and
were the largest for a short stretch
since December 81 The weeks ag-
gregate was 5,146,i10 shares against
5,157,190 last week.
Average Down Sharply.
The Associated Press 60-stock
average was off g of a point at IS,
due to substantial drops of a few
key issues on meager sales. 1t was
the biggest dip of this barometer
since December 2. On the week the
composite was down full point. 1t
was the broadest Saturday market
since April II, 1946, 865 stocks reg
tstering. OF these, $40 fell and only
IS advanced.
At 1946-47 lows on the day were
schenley, off 3% at 41&; Park &
Tilford, TX at 49A; Publicker, IL
at 26as; American Distilling, at
39h; Twentieth Century-Fox, B at
32%; Paramount Pictures. ss at
27ss, and Transcontinental 81 West
ern Air, y at 1S.
Du Pont conceded S points at 1873
on 600 shares and Norfolk & West
ern 5 on 70 shares. Santa Fe was
down 3 at 81; Eastman Kodak, 2l2
at 2221z; Southern Railway, "a at
42%. and International Harvester,
~ at 72. Other casualties of the
day were United States Steel,
Bethlehem, Chrysler, General Mo-
tors, Goodrich, Montgomery Ward,
American Telephone, North Amer
ican, Westinghouse, Southern Pacific
and Standard Oil (New Jersey.
Bonds trailed with stocks to a
lesser degree.
Decline on Curb Market.
Among curb sliders were Alumni
mum of America, Brazilian Trac-
ton, General Plywood, Electric Bond
& Share and Gray Mfg. Turnover
here was 10000 shares versus 100,-
900 on the previous Saturday.
The big board Monday enjoyed
its best upswing of the week al
though top gains were established
before the state of the Union"
message. Volume was $4,000 shares.
Schenley was an isolated soft spot,
falling 3as points without any ollt-
standing news to account for it. On
the same aggregate the list backed
away Tuesday with late selloff in
steels, motors and rails. North
American contested the shift with a
gain Of point in the wake Of the
company's amended recapitalization
plan.
Mild recoveries appeared Wednes-
day with transfers dwindling to
100000 shares. The Presidents
economic message created little If
any stir. New York Central closed
unchanged at 18, failing to reflect
announcement that Allegheny Corp.
had bought 162,500 shares OF this
road. Woolworth jumped 2 points
on a lifted dividend and extra.
The direction was irregularly
higher Thursday although the pace
slowed t0710,000 shares, minimum
for a full session since last AL
gust 20.
LlQulQaClOH Tuleu rIludy pue tic
decline was heaviest before the
White House budget message was re-
leased. Liquors and amusements
were under cloud as these holdings
were trimmed because of doubts re-
garding the earnings outlook for
these industries. Transactions of
1060,0 900 shares were the largest of
the week. a