Evening star., 1948-01-18
Stock Market Uneven
And Quiet al End
OF Losing Week
By Victor Eubonk
Associated Pres. pineneioI Writer

AloAACV VOAdy CulCIScQ lIO4U announcer
losing week the slowest six-session
stretch since last May, with mild re-
coveries appearing for selected fav-
orites although rails, oils and many
leaders remained in the minus
ranks.
Timid professional short covering
and other buying cropped up at the
tail-end of the week on the idea the
recent lengthy decline called for
technical rebound. From Monday
on, however, traders trimmed ac-
counts mainly because of pessimism
regarding taxes, long-term business,
European relief and possible ration
ing and price control moves by Con-
h. gress. Brokers reported that the
public virtually was "out of the mar
ket."
In the final apathetic session rails
slipped as strike of brotherhoods
Threatened. Motors were almost at
standstil as a new round of wage
demands loode in this field. De-
clines of fractions were shade in
the majority at the close.
Follansbee Stock Weak.
Follansbee Steel, one of the weak
spots lately as an investigation of
purported deal to purchase control
of this company proceeded, was off
"a on the day at 281z but suffered a
net dip of 91s points for the week.
The stock rallied a bit near the
close as it was announced the con-
cern would issue a favorable state
ment on its financial condition.
Plymouth Oil for the day dropped
i% at 43%. Lesser recessiols were
shown for United States Steel, Santa
Fe, Pennsylvania Railroad, Southern
Railway, 8 outhern Pacific, Stand
ard Oil Of New Jersey, Gulf OIL
Packard Motors, Douglas Aircraft,
American Telephone, Westinghouse
Electric, ]. C. Penney and 1nterna-
tional Paper.
Modest improvement was retained
by Bethlehem Steel, Chrysler, Good
rich, Montgomery Ward, Sears Roe
buck, Boeing, Glenn Martin, Pan
American Always, American AIR
lines, United Airlines, Transconti-
mental & Western Air, Allied Chem
ical, Paramount Pictures, Loew's and
Du Pont.
The Associated Press 60-stock
composite was off Oh of a point at
64.3 for the Saturday shift and on
the week was down IA points, widest
recession since the final week OF
November. It was the narrowest
Saturday market since November
%, OF 684 issues registering, ESQ
fell and 244 rose. Volume of 300, 1000
shares was a bottom since Novem-
Der Is. The weeks aggregate OF
4,616,550 shares compared with
5.178,086 the week before and was
minimum for any six-day period
tsince that ended last May 10.
Curb Market Uneven.
Uneven tendencies prevailed In
the final curb session. Ahead were
Old Poindexter, Ryan Aeronautical,
Glenmore Distilleries and McCord
Corp. Easier were Woodley Petro-
leum, Standard Oil of Kentucky,
Humble Oil and Benrus Watch.
Turnover here was 10000 shares,
versus 10000 last Saturday.
The big board received the Presi-
dents budget message Monday with
out much enthusiasm, and pivotal
issues generally gave ground on
100000 shares, a top for the week.
Aircrafts revived on the outlook for
big military orders as envisaged by
the administration. Gulf Oil sank
as additional stock was offered to
shareholders.
The sharpest average skid since
December S was negotiated Tuesday
on $4,000 shares, with oils heavy
in response to talk of new financing
for important companies. Declines
predominated Wednesday on 100000
shares, with the presidential eco
nomic report having scant effect
marketwise. Oils did better. Fol-
lansbee Steel began its nosedive.
Thursday brought further lqui-
dation, making it the sixth straight
Nsession without an average plus
mark. Activity tapered to 100000
shares. Rails turned upward Friday,
with sufficient gains to give the
overall index It's first small advance
since January 8, but activity tapered
to 100000 shares, low since the in
itial session Of the year. Aircrafts
also hardened.