Evening star., 1947-11-30
Scattered Stocks Gain,
But Many Leaders
Continue 10 Drop
By Victor Eubonk
Assoeiofsd Press Finoneiol Writer

NEW YORK. Nov. 20. The
wavering stock market today
emerged from a slow and losing
month with scattered leaders max
ing timid recovery gestures but with
many issues continuing in the minus
ranks
During the past week and month
sentiment generally leaned toward
the bearish side because Of doubts
regarding business prospects, possi-
BILE congressional approval Of rein-
stated Federal economic controls,
softening high-grade securities and
rising money rates and the growing
confusion enveloping foreign affairs.
The biggest flow of favorable divi-
dends and earnings in; years was
virtually ignored by most stocks con-
cerned. Selling for income tax pur-
poses provided a brake for trends
although switching operations were
mild Offset.
In the final relatively quiet ses-
sion Anaconda Wire g. Cable added
rs points at 1915 but it was an
isolated case. Minor improvement
was shown for General Motors,
Woolworth, Goodrich, Sperry, North
American, International Nickel,
Santa Fe, Pennsylvania Railroad,
Southern Pacific, Texas Co. and
Douglas Aircraft. Short covering
and other bidding was based on the
idea that the lengthy slide called for
technical revival.
Saturday losers of a point or so
included Warren Petroleum at 40
despite splitup proposaD, Mandel
Bros, l0l2 Ton an omitted dividen6,
Union Pacific, ISL; Deere, 4312, and
Flintkote, 33s4. Elsewhere recess
Sions were fractional
A. P. Average Unchanged.
The Associated Press 60-stock
composite was unchanged on the
day at 63.8 For the week the index
showed drop of is points, widest
since the period ended August 8,
and for November a net decline
of 16.
The two-hour aggregate of $780,
600 shares compared with 100000
week ago. The 5-day total of s.
874,960 shares stacked up against
4,989, $50 for the preceding six ses-
sions. The November volume Of
16,370.922 shares was low for that
month since 1912. The October fig
ure of 28,634,629 was the top for
the year to date
Whether it was the boosting Of
brokerage commissions as of the
first of the month, or other fac
tors, there were only two Million
share days in November.
Bonds continued to ease and re-
Gently buoyant commodities weak
ened during the Saturday proceed
ings.
Moderate forward inclinations
for the day in the Curb were shown
by Creole Petroleum, Derby OH,
Humble Oil and South Penn Oil.
Backward were Aluminium of
America, United Light, Illinois
Power and Pepperell. Turnover here
was 10000 shares versus 10000
week ago.
Decline Started Monday.
Special issues on the Big Board
strengthened Monday but the
averages slipped on 10000 shares.
The skid continued Tuesday on
100000 shares although individual
favorites breasted the trend for
good advances. The utilities aver
age touched 1947 low Allied
Chemical, which had climbed on
splitup talk. tumbled points as
only the regular dividend was voted
and no split proposed.
Activity expanded to 10000
shares Wednesday but the overall
trend still was downward with some
offerings emanating from those who
planned to stretch the Thanks
giving holiday through the week.
end. Bearish psychology prevailed
Friday on 100000 shares, a top for
the week. The average fall of 6 Of
a point was the widest since October
80. And the sixth straight decline.
Liquidation was fairly urgent in the
final hour with losses ranging from
| ! to better than points