Evening star., 1948-05-23
THE SUNDAY STAR, Washington, D. c.
SUNDAY, lo4s.
Stocks Resume Rally,
But Fail 10 Equal
21-Month High
BY the Associoted Press

NEW YORK, May 22.-The stock
market advanced for the fourth day
running today but failed again to
match the 21-month high hit on
Monday.
Backbone Of today's market were
oils, rails and metals. Most other
issues moved around more or less
aimlessly, few changing more than
fractions either way from the pre-
vious close.
Volume of $4,000 shares was
comparatively good for a Saturday
5ut looked small along side of
2,590,000 shares a week ago, the
largest for any weekend session
since 1888.
Oils in Spotlight.
Among the fastest stocks were
Skelly Oil and Mission Corp. Skelly
pulled out of a three-point losing
streak to close unchanged at 155,
while Mission sprinted ahead three
to 6912. Pacific Western at SO was
up a point and smaller gains were
tackled on for Sunray, Tide Water,
Standard Oil of New Jersey, and
Texas Co.
Interest in oils, which have been
market leaders for good part Of
the spring advance. was heightened
TODAY bv news that J. Paul Getty.
PaoiFc Western Oil president, had
ro~iTtercd for possible public sale
47n shares Of the companys
stock, his personal holdings.
Skelly, Pacific Western, Mission.
Sunrav and Tide Water have all
been linked in various past rumors
and discussions of merger deals. |
Other stocks marked up included
Colorado Fuel & Iron at 1875, Ken
necott. 575s: American Telephone,
157as; Denver & Rio Grande pre-
ferred, 495s Cup $50, and common,
80 Cup 2a4D.
On the losing side we're Republic
Steel 1915; Studebaker. 275s;
Douglas Aircraft, 81; American Dis
tilling. 49, Westinghouse Electric,
3l1s, and Pan American Airways, H.
Ahead in the Curb were Kaiser
Frazer, North American Rayon b" I
Tishman Realty and Alaska Air
lines. Cities Service, recently in
demand, slipped bit.
Average Up Slightly.
The Associated Press average of
so stocks advanced L of l point i
to H.
The spectacular advance on Fri
day a week ago carried over into
this week and on Monday the mar 1
ket, on a small average gain reached
a peak since August, 1896 L
On Tuesday, though, the market
suffered an attack of acute indigeS- j
tion caused by overindulgence in
stock purchases. In one of the
sharpest breaks in some three
months, the market on average I
dropped g of l point. Slow gains
for the balance of the week whitfield
away at the Tuesday loss but at the
close today the price level was still
3 of point under the high.
Volume each day was well main
tained-certainly far above normal 4
and the weeks total of 1892 338
shares topped the preceding week
and reached high since January,
1896
Wall Street began the week in
high good humor and even in the
face of Tuesdays setback continued |:
In an optimistic frame of mind.
Toward the end, of the week, when
steady buying couldn't send prices
racing ahead caution became more
pronounced.
The financial district figured that
basically the market was in position
for a further advance. Disagreement
on this point revolved around the
probable duration of the advance,
with predictions ranging from a few
months to couple of years.
Setbacks to Be Expected.
Temporary setbacks could be ex-
pected from time to time, it was
heard downtown, but they are a
routine phase of rising market.
The week. according to this view,
was typical. Sharp advances at
tracted profit taking sales. Some
stocks which have led the recent