The Wilmington morning star., 1947-04-13
STOCKS SUFFER
SHARP DECLINE
New Average Low Since
Early December Reported
From Wall Street
By VICTOR EUBANK

By VICTOR EUBANK
NEW YORK, April r. Rj =
Stocks this week suffered their
sharpest relapse in better than six
months and today hi: a new aver
age low since early December in
the broadest and Iiveliest Satur-
da, market since March 8.
Selling in the final session, rela-
lively heavy for. an interval,
dropped leading %steels, motors,
rails and i%ndustrials fractions to 2
points. From Monday on, with the
exception of a slight recovery
Thursday, liquidation was blamed
mainly On the stalemated tele-
| phone strike, chances of a walk
out in the steel field at the end
of April, generally confusing wage
price situations and doubts regard
ing business prospects and tax re-
lief. A little bidding here and there
was credited to the hope that the
list was in shape to negotiate a
good technical comeback.
After a fast first hour in the
short proceedings, dealing tapered
at intervals and extreme declines
were reduced in the majority of
cases at the close. Transfers of
$50, 900 shares compared with 270,-
900 a week ago. For the six ses-
sions the aggregate was 1868, $40,
largest since the period concluded
March IS. In the preceding 5-day
week the total was 3,12O, 400, a low
since Oct. IA, 1914.
The Associated Press 60-stock
composite was off Z OF a point
at 62.7 on the day, a bottom since
last Dec. 3. For the week the drop
was "a points, which was the
widest retreat since the period of
last Sept. 20. Both the rail and
utility indexes recorded new lows.
OF $50 issues appearing in the
short stretch, 1854 fell and only 81
rose.
The days casualties included
Eastman Kodak, off 2 at 236 IL;
Du Pont 1 7-8 at 1872 7-8, Chrysler
l IL at 81, Youngstown Sheet i
7-8 at 81 1-8, Bethlehem l IA at
81 ID, Douglas Aircraft 2 at SO
and Southern Railway l IL at 8.
Others on the offside we're U. S.
Steel, General Motors, Santa Fe,
Southern Pacific, Baltimore &
Ohio, American Telephone, North
American, Electric Power &
Light, Anaconda, Montgomery
Ward, Gimbel, Schenley, Ameri-
can Wooden, Westinghouse and
General Electric.
Burlington Mills was one of the
few stocks to advance, adding IL
at II IL following an extra divi-
dend.
Bonds skidded with shares.
Commodities were cratic. Cotton
was unchanged to down SIPS q
bale. At Chicago wheat ended I'm.
changed to off l 3-4 cents a bushel,
corn down 2 "a to 70 IA and
oats off 3-4 to up 1-8.
Among the days curb stumblers
were American Cyanamid, Ameri.
can Gas, Consolidated Steel, Elec.
trio Bond & Share and United
Light. Turnover here was 100, OOc
versus 80, 900 last Saturday.
The big board backed away sub.
stantiaLy Monday with volume
dwindling to 60, 600 shares. Light
offerings were attributed to the
communications ID pute anc
safety" mine stoppages. Ameri
can Telephone reached a low TO,
more than two years but rallied
to finish off 3-8.
Pessimism deepened Tuesday
and selling swamped all depart
ments with the ticker tape az
much as 4 minutes late for the
first time since March Z. Wore
the President had called a specia,
cabinet meeting to discuss 'Eseri.
ous' price moves accentuatec
bearishness. Dealings of 1920, 0O(
were a top since March z and
the market the broadest since
March II.
Volume slipped to $50, 0G0 shares
Wednesday with trends q BIZ
steadier as it was reported the
Truman cabinet had made nc
plans for action on the price sit.
u~ation. Losses, however, exceeded
advances by a good majority,
There was a mild revival Thurs.
day on $50, 900 shares as more soft
coal miners returned to work, The
average gain of Il Of a point was
the only one of the week and the
first since April l. The President
remarks on wages and prices left
the market cold.
The slide was resumed Friday,
with $50, 900 shares changing
hands. Late selling undermined all
groups when there was no follow.
through on a modest forenoon re-
covery. Libby McNeill was an ex.
ception, up a fraction on a pleas
49,