Evening star., 1947-05-11
Stock Market Quiet,
Narrowly Irregular
After Losing Week
By Victor Eubonk
py... Financial Wy;,se

/
NEW YORK, May l0-The stock
market today finished q generally
losing week with mild irregularity
prevailing in one Of the slowest and
narrowest sessions Of the past sew
eral years.
For the short proceedings, as
throughout the week. speculative
and investment caution was predi.
Gated partly on skepticism regard.
ing wage-price situations, taxes, Ia
Dor legislation, the business outlook
and foreign affairs. From Monday
on professionals continued at the
market helm. Some extended COM
mitments selectively due to the be-
lief favorites may have been over
sold in the light of cheerful earnings
and dividends. Brokerage CUSTOM
ers, on the whole, still held aloof.
The ticker tape loitered from the
| start of the final session. Plus signs
lhad a shade the majority at the
close. Transfers of 240, 900 shares
compared with CSC, 600 last Saturday
land were minimum since July %.
1914. The weeks aggregate OF B.
702,77I shares was a low for six
| day stretch since the period con-
cluded April Z, 1945. In the pre-
vious weeks volume was 4,328,820
shares.
The Associated Press 60-stock
composite was up i Of point at
62.1 but on the week showed q net
loss Of 8 of point. Only 557 issues
registered on the day, bottom since
September 4. 1943. OF these, 1876
rose, l67 fell and 1914 were un-
changed.
On the day Lion Oil was up az
at 49A, new 1947 high, in further
response to a splitup proposal. AL
lied Chemical added ~ at 170a ana
Union Pacific at 1884. Wilson Is
Co. tackled on Y at 1875 in the wake
of raised quarterly.
Improved were General Motors,
despite widespread layoffs in this
industry due to material shortages:
Santa Fe,. New York Central, Great
Northern Railway, Standard OIL
(New Jersey, United Aircraft, Glenn
Martin, Goodyear, American Tele-
phone, Western Union "a" Kenne-
colt, Anaconda and General Electric.
American Sugar Refining pre-.
tferred dropped 8 points at 131 on Q
single sale, first since May /. Cas-
ualties included Bethlehem, Republic
Steel, Chrysler, Goodrich, Interna.
tional Harvester, Eastman Kodak,
chesapeake & Ohio, international
Nickel and Phelps Dodge.
| In the days curb market advances
were retained by Puget Sound Power,
Acme Aluminium and Lane-WellS.
Stumblers were American Gas, Cities
Service, National Transit and Tex
tron. Turnover here was T0,000
shares, the same as q week ago.
| The big board was up a trifie on
balance Monday although declines
outnumbered advances on total
of 100000 shares. Chrysler was .
Feature In further reflection Of the
lsplitup plan and doubled dividend.
THE list suffered its sharpest average
retreat of the week ON Tuesday with
lactivity equalling the previous ses-
sion. Profit cashing on five success
lsive upturns received the principal
blame. A number of lows for the
lyear were in evidence.
The decline was resumed Wednes-
day on 100000 shares, smallest for
La full session since April 28. Steels
land motors softened in the final
hour. More selling appeared Thurs
lday although dealings amounted to
only $4,000 shares. Oils showed in
dependent strength, buoyed by divi-
dends and the profits outlook. Stand
lard (New Jersey touched top for
1.-THE year. The Friday session in.
volving 100000 shares left the over.
all average unchanged although los
ers predominated. Lows for the year
again were plentiful. Motors stiff
fened in the face of Chrysler's De-
troit assembly suspensions caused by
. steel shortages