Evening star., 1947-04-13
Stocks al New Low
As Selling Persists
Al Week 'scIose
By Victor Eub1nk
Associated Press finareiaI Wrisss

4 80 80 II
Associated Press FinaneicI Wrissf
NEW YORK, April IL. Stocks
this week suffered their sharpest
relapse In better than six months
and today hit a new average low
since early December in the broadest
and Iveliest Saturday market since
March 8.
Selling In the final session, rela-
lively heavy for an interval, de-
pressed leading steels, motors. rails
and industrials fractions to 2 points.
From Monday on, with the excep-
ton of a slight recovery Thursday.
| liquidation was blamed mainly on
the stalemated telephone strike,
| chances of walkout In the steel
confusing wage-price situations and
doubts regarding business prospects
and tax relief. A little bidding here
land there was credited to the hope
that the list was in shape to negoti-
ate good technical comeback.
EAtIcIHt LOSScS nGuVCeu.
After fast first hour in the short
proceedings, dealings tapered at in
tervals and extreme declines were
reduced in the majority of cases at
1.-THE close Transfers of $50 900 shares
compared with 27o,00o week ago.
For the six sessions the aggregate
was 4,663, $40, largest since the period
concluded March Is. In the preced-
ing five-day week the total was
3, 100, 400, low since October IA, 1914.
The Associated Press 60-stock
composite was off 4 of point at
62.7 on the day, a bottom since last
December 8. For the week the drop
was "a points, which was the
widest retreat since the period OF
last September 20. Both the rail
and utility indexes recorded new
lows. OF $50 issues appearing In
the short stretch. 664 fell and only
|61 rose.
The days casualties included
Eastman Kodak, off Q at 2361s;
Dupont, 17s at l82Hs; Chrysler, III
lat 81; Youngstown Sheet, Ia at
|621s;; Bethlehem, IA at 87k; Dou-
glas Aircraft, at SO, and Southern
Railway, 1a at 36.
Others on the offside were United
States Steel, General Motors, Santa
Fe, Southern Pacific, Baltimore g.
Ohio, American Telephone, North
American, Electric Power g. Light,
Anaconda, Montgomery Ward, Gim-
bel, Schenley, American Wooden,
Westinghouse and General Electric.
Burlington Mills Boosted.
Burlington mills was one OF the
few stocks to advance, adding u at
171a following an extra dividend.
Bonds skidded with shares.
Among the days curb stumblers
were American Cyanamid, American
Gas, Consolidated Steel, Electric
Bond 81 Share and United Light.
Turnover here was 10000 versus
10000 last Saturday.
The big board backed away sub
stantially Monday with volume
dwindling to $4,000 shares. Light
offerings were attributed to the COM
munications dispute and safety"
mine stopages. American Telephone
reached low for more than two
years but rallied to finish off "a.
Pessimism deepened Tuesday and
selling swamped all departments
with the ticker tape as much as I
minutes late for the first time since
March 7. Word the President had
called a special cabinet meeting to
discuss serious" price moves ac-
centuated bearishress. Dealings of
100000 were top since March 7
and the market the broadest since
March IL.
Volume slipped to $4,000 shares
Wednesday with trends a. bit steadier
as 1t was reported the Truman cab
met had made no plans for action
on the price situation. Losses, how
ever, exceeded advances by a good
majority. There was mild revival
Thursday on 680,000 shares as more
soft coal miners returned to work.
The average gain of i of a point was
the only one of the week and the
first since April l. The Presidents
remarks on wages and prices left
the market cold.
The slide was resumed FRIDAY.
with 850.000 shares changing hands
Late selling undermined all groups
when there was no follow-throueh
on modest forenoon recovery. Lib
oy-McNeill was an exception. up q
fraction on pleasing dividend.
American Airlines also made q new
high for the year.