Evening star. [volume] (Washington, D.C.) 1854-1972, 1949-04-17
Stock Market Stirred
ByS1,OOO, Deal
In ChrysIer Shares
by the Assoeio.ed Press

NEW IoISkA, APl ~ 4V.-0oAC Va
q 100000 block Of Chrysler
stock for cash high lighted today's
stock market.
The Chrysler transaction was
one of the largest cash deals since
the end of the war.
The market generally began to
rise after a wobbly start and final
prices in many cases were the
best of the day. Demand for oil
issues, with gains of more than a
point End scne ct top prices for
the year, provided the power for
the improvement.
Almost on the same scale as the
Chrysler deal was transfer Of So
900 shares of Seaboard Air Line
at 16. a decline of "a point. Sea-
board later rallied and closed 20
higher at 1873.
Included 1892 Shares.
The Chrysler sale consisted Of
1892 shares at 50A, or a dollar
total Of $996,055.50. The price
represented an advance Of "a point
over Thursdays close. Chrysler
moved up rapidly later and fin
ished IA ahead at 517s. Total
sales In Chrysler amounted to
27,522 shares.
Brokerage houses reported that
the stock was sold by Canadian
interests who feared the effect of
an anticipated increase in the par
value of Chrysler to s25 share
from SIS. Stockholders will meet
Tuesday to decide the matter.
One broker said that Canadian
law treated an increase in par
value as an increase in income,
which is not the case in this
country. Selling of Chrysler by
Canadian holders has been heavy
all week and has pushed the price
down to the 1889 low of so. To
days block, 1t was suggested, re-
moved the last Of any important
holdings hanging over the market
and the price rebound was aided,
according to one source, by short
covering purchases.
The sale was made for cash
incidentally, the cash angle was
all the more unusual because
banks are closed on Saturday-to
secure immediate delivery of the
stock. Normally delivery would be
made Wednesday.
Volume Boosted to 100000.
The days turnover amounted to
100000 shares. largest for a two
hour session since March 5. This
compared with 100000 a week ago.
Comparatively brisk trading came
as somewhat of a surprise to Wall
Street, for many brokers and their
customers had used the Good Fri
day recess as an excuse for long
week end.
The Associated Press average
Of 60 stocks advanced 2 of one
point to 81. the largest change
of the week. The rail compo-
nent was unchanged but the in
dustrial section advanced and
the utility group reached a new
high for the year.
OF the TOO issues which ap-
peared on the ticker tape. 2S6
advanced and 203 declined.
Top prices of the year were
paid for Panhandle Producing,
up W at 8h; Plymouth Oil, up
~ at 1917; and Richfield Oil,
up q at 31A.
Southern California Edison was
another issue at q 194s top, gain
ing ~ at 32A. The rise fol-
lowed news from Los Angeles that
directors had voted q quarterly
dividend of so cents a common
share, In contrast with the stu
cents previously paid.
Others marked up included
Mid Continent Petroleum, Stand
ard Oil New Jersey. Barns.
dali Oil. United States Steel,
Bethlehem Steel, General Mo-
tors, United States Rubber. Sears
Roebuck, United Aircraft. Ameri-
can Telephone. Consolidated Nat
ural Gas, j. C. Penny. New York
Central and American Air Lines.
Backing down were Glenn Mar
tin, Western Union, Kennecott