Evening star., 1947-11-16
THE SUNDAY STAR, Washington, D. c.
SUNDAY, NOVEMBER i6, lsl,
Some Stocks Sfeadier
After Fourth Straight
Week Of Decline
By Victor Eubonk
Assoeiotsd Press Finoneiol Writer


NEW YORK, Nov. 15.-Steadying
tendencies persisted for selected
stocks today but 1t was the fourth
straight declining week for the mar
ket as q whole.
A little professional short cover
ing and buying elsewhere cropped
up at the weekend on the idea a
technical rally was overdue.
Throughout the week, however,
skeptical customers trimmed ac-
counts to await the action of Con-
gress on European relief and do
nestic imitation.
The, thought that record earnings
statements by numerous corpora
tions might bring the reinstste-
mert Of excess profits taxes inspired
some selling. Adjustment Of ac-
counts for income tax purposes was
q restraining factor.
A big batch Of raised and extra
dividends was virtually ignored.
Possibility of a business recession
next year tended to chill senti-
ment.
In the slow-going final session
Pacific Western Oil added 2 points
at 564s and Mission Corp at 501a
on revived merger hopes; Texas
Pacific Coal and OIL Ia at 44H "a
1s47 top) and Allegheny Corp. pre-
ferred IL at 40%. Talk Of Canadian
dollar devaluation lifted Dome
Mines 1 ut 40 and Mcintyre Porcu-
pine IL at SO. Elsewhere plus signs
were narrow.
New lows for the year were
recorded for Consolidated Edison.
which finished of a at 21%: Ever
sharp IN at 11& and Cero de
Pasco " at 22A.
Average Gains Slightly.
The Associated Press 6o-stock
composite was up i of a point at
e4.5 but for the five days showed
at net loss of S. Transfers for the
two hours totalled 100000 shares
against 25o,ooo last Saturday. OF
635 issues registering, 252 rose and
1873 fell with 1876 unchanged. The
weeks aggregate of 1886 shares
compared with 3,s64,411 the week
before and was a minimum for any
similar period since August 20,
which, In turn, was q low since
November, 1913.
Bonds drifted idly during the day.
Forward movers in the. Saturday
curb included Ryan Consolidated
Petroleum. New, Mexico u Arizona
Land, National Pressure Cooker and
Automatic Products. In the minus
column were American Republics,
Baldwin Rubber d McCord Corp.
Dealings amounted to 100000 shares
versus 100000 in the previous short
session.
The MARSHALL relief proposals in
volving billions touched of a GER
tain amount OF purchasing Monday
on the big board but advances out
numbered declines only by shade
and volume of 10000 shares was
the smallest for a full stretch since
September 26.
List Depressed Wednesday.
Late liquidation in the postholi-
day proceedings of Wednesday
knocked over pivotals to or more
points although a number Of indus
trials successfully contested the
trend. Aircrafts weakened on the
grounding OF DC-6 planes. Activity
of 900, 1000 shares was the weeks
best and the most pronounced since
November 5.
The retreat was resumed Thurs
day but the pace slowed to 10000
shares. The averages touched q
low since September 20 which was
not far from the June bottom. Mack
Trucks and International Paper
weakened despite dividend boosts.
The overall average managed to
show o modest gain Friday, due to
the presence In the index Of several
wider movers, but actually declines
were In the majority. Volume
tapered to 10000 shares. Rails
were up In the face of a wage in
crease granted operating trainmen.
The outlook for another freight
rate hoist was an offsetting element.
Such issues as Frisco Railway, |
Nickel Plate Railway and Allegheny
Corp. climbed on word the TCC
had recommended against the
Santa Fe entering st. Louis.
L.. p.:->.