Pre-Potsdam selling drives stocks lower
Decline irregular on increased volume
NEW YORK (UP) – Selling by cautious traders in advance of the issuance of the Potsdam conference communiqué today sent stocks down irregularly on slightly increased volume.
Traders anticipated a favorable announcement. There was talk in the Street of possible alignments that would hasten the end of the war and plunge the nation into reconversion difficulties.
In a few instances, losses ranged to more than a point. A break of more than 7 points in Standard Oil of Ohio preferred was attributed to the fact the stock has been called for redemption at a price below the current market price.
Moderate amounts of selective buying went ahead in special issues which registered gains running to 3 points in Curtis Publishing preferred. Houston Lighting & Power ran up nearly 3 to a new high. Gains of a point or more were noted in Coca-Cola, Midland Steel Products, and U.S. Smelting.
Graham-Paige led in turnover and registered a small net loss. Other auto stocks receded small fractions. Steels held steady to easier with the Crucible Steel issues off more than a point. U.S. Rubber lost more than a point.” Douglas and Bell were off more than a point each. Rails turned easy. Oils and utilities were mixed. Johns-Manville rose 2. Airlines held about steady. Liquors were irregular.