Evening star., 1950-12-24
Stock Market Records
New 2O-Year Highs in
Prices and Trading
By Williom D. Horeon
Associcted Press Finoncioi Writer

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Associoted Press Finoneiol Writer
NEW YORK, Dec. 23.-The
market offered a rich fare this
week-prices at a new 20-year
high and trading the heaviest
since 1899.
Millions Of shares of stock were
offered for sale in the exchange
They were snapped up by buyers
at gains running to around 81 a
share.
It was a war-plus-inflation
market-a bull market.
The market value of all stocks
listed on the exchange increased
by roughly SIS billion. Since the
bull market started paving its
way, back in June last year. the
paper value of all listed stocks
has increased by nearly $40
billion.
Traders chose to ignore news
that might be expected to send
q shudder through the exchange
rising taxes, more controls. mill
tary reverses, the possibility of
global warfare.
Trading Rate Gains.
Instead they concentrated on
the long and slow but deadly
decline in the purchasing power
Of the dollar. People with money
to invest looked to the market
for a haven for their funds. Peo-
pie with money to speculate
looked for, as usual. a couple of
fast dollars a share in a churn-
ing market.
The week started off with trad
ing at one of the fastest rates in
II years. Volume piled up to A.
100000 shares and prices advanced
a few cents to more than 50 a
share. It was a quick follow
through 10 last Saturdays buoyant
market, when war baby issues
raced ahead if the first response to
President Truman's call to the
Nation to arm against Com
munism.
Stocks that were given protec-
tive treatment in a pending ex-
cess profits tax legislation were re-
parded as particularly attractive.
Rails, for instance. made an excel
lent showing and airline issues,
which have been more or less ig-
nored for a long time, made a bid
for favor.
On Tuesday and Wednesday the
advance lost more and more mo-
mentum until on Thursday no
progress was made at all on av-
erage.
On Friday new demand. mostly
IN the automobile division, started
prices edging ahead once more.
Looking back on the week it
was a question which was more
startling: The markets ability to
absorb the liquidation of huge
amounts of securities; or the food
OF money that kept pouring into
Wall Street in the face of alarm
ing threats to domestic and inter-
national stability.
Most active issue during the
week was New York Central with
. gain Of $2.12 a share at $21.50.
Other rails in demand included
Missouri Kansas Texas, up to
$3.50 at $11.50; Lackawanna, up
rs cents at $3.50; Pennsylvania,
up 81 cents at $22.25; Canadian
Pacific. up 81 cents at $22.37: and
Northern Pacific, up So at $3.50.
Motors Stronger.
Automobile issues, given a Fri
day flip by news that General
Motors and Chrysler had finally
bowed to the Governments order
TO roll back prices to the Deem
Der 1 level, came through hand
eomely.
General Motors finished $1.62
higher at $46.62 share; Chrysler,
"a higher at $69.87; WHY'S Over
land up 81 cents at $10.25; and
Packard Is cents at $4.25.
The motors also were prodded
by news of plans for huge Gov
eminent purchases of vehicles
and tanks. .
Some other favorites included
Curtiss- Wright. up II cents at
Sits; Radio Corp. up $l.25 at
$16.75; International Telephone,
UP Slip at $14.25; U. s. Steel, up
Is cents at $40.75; Allegheny
Corp, up 81 cents at $4.12; Pepsi
Cola. up Is cents at $9.87; Pan
American Air, up so cents at
$10.62; American Airlines, up
81. cents at $13.25; and Sunray
Oil. up 81 cents at $17.25.