Evening star., 1947-11-02
Selected Stocks Gain,
But Market Registers
Small Loss for Week
By Victor Eubonk
Assoeiofed Press Financial Writer

stocks today edged into November
with modest recoveries but for, the
week the market was thrown for
another moderate loss.
The short session was propped by
bidding for a technical comeback
and q certain amount of short COW
ering by professionals who intended
to extend the weekend through
Tuesdays election day recess. AS
throughout the week, though. ac-
counts were trimmed by those who
felt that. the list had sounded a
bearish note by refusing to respond
to big batch of good corporate
news items.
Selling also was attributed to tax
doubts and the desire to await con-
gressional action on economic regu-
lations and European dollar relief.
The elimination of credit controls.
beginning at midnight, was mildly
optimistic. The increase in broker
age commissions, effective next
Monday, proved a negative influence.
Volume Drops to 100000.
Dealings for the two-hour, pro-
ceedings tapered to $50 900 shares
against 100000 week. ago and were
a bottom since last May "a. For the
week transactions aggregated 5 ,464,-
l261 shares compared with 1877 $50
the week before which were a top
since early February. The October
figure of 28.634, ,629 shares was the
best for any month since last De-
cember. The September total was
16,017,170. Activity exceeded the
million share mark in Is October
sessions, record since the 18 In
July.
The Associated Press 60-stock Sat-
urday composite was up i of a
point at 655 but for the week was
down 8. For October the index
held an advance of 8 after the two
previous losing months. OF 71S Is
sues registering in the brief session,
311 rose and 216 fell.
/ Low-quoted motors such as Gra-
ham-Paige, Hupp and Continental
Motors were up shade on the day
and accounted a sizeable part of
the volume Bethlehem Steel again
was the star performer in reflection
of the 3-for-l splitup proposal. 1t
ended at 100, up l at a 1947 high.
United States Steel and Youngs-
town Sheet were up fractions.
Chrysler Up Slightly.
Chrysler was more or less indif-
ferent to a hoisted disbursement
and finished up 2s at 637s. General
Motors added 3s at co. American
Smelling gained IL at 657s and Lior
Oil 13s at 81. Lesser plus signs were
retained by Montgomery Ward
Sears Roebuck, International Har-
vester, Boeing, sUnited Aircraft
Anaconda, Phelps Dodge, General
Electric, Texas Co., Standard Oil
(NO Maytag and Baltimore & Ohio
Eastern Air Lines dropped N al
173s. years low, in the wake of an
omitted dividend and third quarter
net loss. Behind were Santa Fe,
New York Central, Southern Pa.
cif1c, Great Northern Railway, Ken.
necott, American Telephone, Good
rich and Sperry.
The Saturday bond selection was
sluggish.
Kaiser-Frazer, up rs. was the
liveliest Of the days curb sprinters
In front were Graham-Paige pre-
ferred, Root Petroleum and Century
Electric. Backward were Atlas Ply
wood, Creole Petroleum and vene-
zuelan Petroleum. Turnover was
10000 shares versus 100000 last
Saturday.
Steels Active In Week.
On the big board. steels tilted
upward Monday but many pivotals
faltered on transfers of 85O,OOC
shares, smallest since October 8
Steels pushed ahead Tuesday morn.
ing, then conceded most of theil
upturn. United States Steel was
up rs and, after the close, directors
} raised the dividend and voted 6
special. 1t was the company's 6rst
special since October 20, 1929, the
day when the stock market suffered
one of its sharpest slumps in history
Prices turned irregular Wednes-
! day on 100000 shares with steel,
advancing l to points but with the
majority of pivotals off as much
Failure of the market to reflect 6
flood of hoisted disbursements or
, Thursday touched off discouraged
selling that put volume at the
weeks high of 100000 shares
Heavy offerings followed the Gov
ernments antitrust suit against Il
investment banking firms although
Wall Street for some time hao
known of this move. The days
average drop of 8 of a point was
the widest since September 23.
The market steadied Friday on the
thought that it had been oversold
Volume tapered to 100000 shares
another low since October 8. Beth
! lehem Steel was the days fastest
gamer, up rs after an early re-
cession.