Evening star., 1947-08-31
Trading Pace SIowest
In Nearly Four Years
By Victor Eubonk
Associated Press Financial Writer

NEW YORK, Aug. 30-Doldrums
was the word for the last weeks
stock market with dealings the slow
est for nearly four years and trends
irregularly lower Bonds were mar
raw and commodities spotty.
1t was the fourth successive week
without single million share day
and brokerage houses, depending
mainly on stock commissions, con-
tinued to operate "in the red" as
they have been doing for several
months.
An exceptional flow Of pleasing
dividends and earnings brought
little response here and there but,
on the whole. was ignored by the
majority of issues concerned. This,
in itself, was a cautionary signal so
far as speculative and investment
contingents were concerned.
There was a certain amount of
bidding and short covering based
on the hope for a September rally
when soldier bonus spending was
expected to provide a prop for BUSH
ness. On the other hand, it was not
forgotten that the post Labor Day
session last year witnessed the
sharpest market break in l6 years
with quoted values dropping about,
$4,700 100000.
The principal purchasing handicap
in the latest week apparently was
growing apprehension over the dark
ening export situation as the dollar
shortage abroad curtailed purchases
of United States goods. This, to-
gether with the living cost spiral at
home, accentuated pessimism re-
garding the outlook for corporate net
income. Accounts were trimmed by
those who felt that the rising break
even point for most companies
would prove notably embarrassing
for profits If even a moderate re-
cession should eventuate.
The Associated Press 60-stock
composite was off 6 of a point at
65.2 on the week. The index showed
a net loss Of 1.6 points for the month
and was back around the low of last
July The weeks aggregate of s.
059 800 shares compared with 3,073,-
065 the week before and was bot
ton for any five or six day stretch
since November, 1943. The August
total was 14,153,4 ,458 shares against
25,472,787 for July and was a low
for any month since April. 1914.
The market suffered It's sixth
straight Monday decline, with fall.
of g of a point in the average, widest
since August g. Turnover of $4,000
shares was the best of the week.
Pacific Telephone tumbled II points.
at one time and ended off 9% at the
years low on word directors would
be asked to omit the next dividend
for the first time in 20 years. At Chi
cago corn futures dived cents
bushel, permissible limit for day.
The average was unchanged Tues
day and Wednesday as timid cover
ing by shorts stemmed the tide
Tuesdays activity ran to $4,000
shares with the Wednesday figure
dwindling to 100000, minimum for
a full session since September 18.
1914. The direction, on balance,
} was downward Thursday with trans
actions expanding to $4,000 shares.
, Pacific Telephone rallied as the
! company was granted rate boost.
American Telephone stiffened.
} Good dividends put American Agri-
cultural Chemical, Abbott Labora-
tories, Thomas Steel and Black &
Decker at tops for 1947. New York
& Harlem Railroad fell II points on
the first sale since July l and
emerged with net loss of 10.
The list enjoyed its only advance
of the week on Friday as shorts
trimmed commitments in prepara-
ton for the lengthy week end. Prin-
} cipal exchanges will recess through
Labor Day Monday. Volume held
at the level Of the preceding session
but gains of fractions to a point or
more were widely distributed. The
. average was up S of point, best
swing since August Is.