Evening star. [volume] (Washington, D.C.) 1854-1972, 1949-10-16
Stock Market Shows
Strength Despite
UnfavorabIe News
By Roder Wineet

AsSoCiofeo FFesS morkef writer
NEW YORK, Oct. 15.-A dem
onstration of strength In the stoc
market this week in the face {
adverse news bolstered Wa
Streets contention that the Ma
tons business is on a sound foot
ing.
Strikes in two of the country
biggest industries and NOR
strikes on the way-failed to un
settle the stock market. On tn
contrary. it ended the week highe
than it started.
Right now on average it is nea
its 1949 high after a four mont
climb from the years low set Il
mid-June.
On Friday the market was un
able to hold to early gains an,
ended the day with a net loss
In the selling that pressed price
down was lot of profit takin,
coming from security owners VIII,
believed now is the time to sci
and take profits.
In today's market that sellin,
didn't continue on any majo
scale.
The Associated Press average O
so stocks was unchanged at 67.2
The high for the year is CTS.
There were 748 individual ISSUE
traded. out of which ZIG advanced
and 274 declined, and 20 new high
marks for the year were set by
individual stocks. None touched
new lows.
The volume of business wa!
100000 shares in the two-hour SEES
sion as compared with $4,000
shares a week ago.
Radio-TV Shares Rise.
A feature was the sharp run.
up of radio-television shares which
advanced fractions to more than a
point, several uncovering new
highs on the move. Some in this
group were strong earlier in the
week on reports of high sales and
good earnings. Today's buying
enthusiasm encompassed the en-
tire group.
Rails were mixed but mostly
lower. Steels and motors were
unchanged to lower. Oils also
were mixed narrowly. with the ex-
ception of Houston Oil which
spurted 2 points to 40. setting a
new high. Homestake Mining
also set a new high and closed
up Is at 40 while other gold
shares were mixed.
The first four issues in the list
OF most active stocks were Emer-
son Radio & Photograph, up "a
at 1712; Radio Corp. up u at
1875: Magnayox. up 13s at 1917,
and Philco, UP " at 1874. Other
gamers were Motorola, up l at
2512; Admiral Corp, 70 at 28B;
Chrysler, u at 531a; National
Auto Fibre. 50 at 1873; American
Can, Il at 81, and Gulf Oil, "a at
68H4.
A little lower were Southern
Pacific. United States Gypsum,
American Smelling, Dow Chemi-
cal, American Wooden, United
States Steel, Republic Steel, Wool
worth, international Harvester
Boeing and United Aircraft.
Monday Losses Recovered.
The market started off the
week Monday under a severe men
tai handicap-it was at a new
high for the year on average, A
slow decline was the motif until
a later buying surge brought a
sharp recovery from the days
lows. The market closed virtually
unchanged. Brokers called this a
show of strength.
1t proved to be true on Tuesday
when the market went up to an
other new high mark for the yea1
in heavy trading that included the
broadest group of stocks since
mid-June. Belief in a near-term
settlement of the strikes was a
factor.
On Columbus Day the market
was closed, but on Thursday there
was a buying rush that put the
tape about a minute behind trans
actions for a short time. Again
the market broadened OUTFITS
time for a 1919 record of 1,13e
individual issues appeared on the
quotations tape and volume ex.
banded to the best since March
Gains were not held, however, in
the face of demands by John L
Lewis for a coal settlement thai
would cost 80 to IS cents a tor
and stiffening of operators against
any such scheme. Nevertheless, 6
small gain on average again set 8
new high for the market as &
whole
Friday there was a moderate
amount of profit taking that GU
gains back generally. 1t also be.
came apparent then that settle.
ment of either strike was out o.
the question for this week ane
peace wasn't in sight.
Despite this, today's market hele
It's own.