Evening star., 1947-12-28
SUMMARY NEW YORK STOCK EXCHANGE Market Clos
Adverse Week in
biQ SnoWstorm
BY Victor Eubonk
Associated Press Finoneioi Writer

BY Victor Eubonk
AssoeIofed Press FinoneioI Writer
NEW YORK, Dec. 27.-In addition
to tax selling and other troubles,
the stock market during the past
week had to contend with the heavi-
est snowstorm in New York history.
The final short session of the year
was handicapped by staff shortages
on the exchange and the desertion
OF boardrooms by most customers
due to transportation breakdowns.
The board of governors decided just
before 10 m. to continue business
as usual mainly because 1t was the
last day in which tax sales could be
made in the regular way. Beginning
Monday such transactions must be
for cash.
Throughout the week there was
considerable cashing of profits by
professionals who felt that the usual
December rally may have been &C
complished in the two preceding
weeks upswings. A certain amount
Of liquidation was attributed to de-
fation fears following action of the
Federal Reserve Wednesday in re-
ducing its support level for Gov
ernment bonds Listed Federal is
sues and many preferred stocks hit
new lows for 1947. Reinvestment
demand, although light, provided a
partial offset.
Prices Fracti0nally Uneven.
Prices were fractionally mixed and
the, ticker tape frequently idle in the
days opera tions. Transfers of 410,-
900 shares compared with 5000
last Saturday, top since last May.
and were a low since November 29.
For the 5-day week the aggregate
was 5,335 800 shares against 6,94l,-
58l in the previous 6-day stretch
and was the best for a similar period
since that of october l8.
Among the days modest gamers
were Bethlehem Steel, Chrysler.
Goodyear, Woolworth, Boeing, West
ern Union, North American, Con-
solidated Edison. Anaconda. Ken
necott, Du Pont, Philip Morris,
Southern Railway, Chesapeake &
Ohio. United Air Lines and Para
mount pictures.
In the minus column were United
States Steel. Studebaker. United
States Rubber. Goodrich, Firestone
Tire, Sears RoebUck. International
Harvester, Americ lean Telephone,
Westinghouse Electric, G n era
Electric, Dow Chemical, Union Car
bide, Johns-Manville, A meri n
Woolen, Radio Corp, Loew's, Pacific
Western Oil. Sinclair Oil, Illinois
Oil, Illinois Central, Atlantic Coast
Line. Southern Pacific and New
York Central.
The Associated Press 60-stock
composite on the day was un-
changed at 64.9 although, Of 754
issues registering, 376 fell and l74
rose. The index for the week was
off 5 of a point, first dip since the
week of December 6.
Volume in the curb dropped to
100000 shares for the day versus
10000 a week ago. A bit higher
were Schiff Co., United States Ra-
diator, Gellman Mfg. and Niagara
Hudson Power. Backward were
Aluminium of America, Long Island
Lighting preferred, United Shoe
Machinery, cities Service and
Pantepec.
Started Week With Drop.
The Big Board skidded trifle
Monday on 1,450,00O shares, largest
since October "a and the best of the
week. The question of how far the
European relief program would go
chilled bullish sentiment. A stock
exchange seat though, sold for $780,
900, up $4,000.
Prices revived Tuesday on 1,360,-
600 shares with rails and oils in
front Carriers were buoyed by ex-
panding income and hopes for rate
boosts while mounting crude quota
tations and demand spurred the
petroleum group. The overall aver
age touched a high since October 29
The list stalled Wednesday on
100000 shares, the ninth successive
full season above the million mark,
Accounts were trimmed as Washing
ton pulled the plug" on Govern
ment bond support. Pessimism pre-
vailed in Fridays post-Christmas
session but, while the index suffered
it's widest fall since December 5,
activity dwindled to 100000 shares.
a low for hours since December 3.
The start of the big snow storm
tended to restrict dealings. Expec-
tations of technical correction in
spired considerable cashing In by
quick-turn traders. At the same
time. another exchange membership
cold for S61 nm IN 81 O00