Aircrafts Buoyant as General List Sinks: Steel Shares Lead Drop
NEW YORK, Dec. 9 VPiÛÓSelling in steels led the way for todayÛªs declining stock market but aircrafts and selected issues Û¢ provided a minority of gainers.</br></br>The argument for a lower market, however, prevailed by about 2-to-l there being 652 losers to 327 gainers. The 1202 issues traded made it a broader-than-usual market.</br></br>Rails sagged to a new 1957 low. Motors, oils, chemicals, nonferrous metals and most rubbers were on the downside. It was a fairly selective market with a number of special situations bucking the trend. Some key stocks were off 2 or 3 points.</br></br>Steels were depressed not only by industry reports forecasting the sharpest output cuts since 1954 but also by the latest industry operating rate, scheduled at under 70 per cent of rated capacity and the lowest of the year.</br></br>Aircrafts were boosted by demands for bigger spending and more intensive effort following last weekÛªs failure of the Vanguard satellite project and also by prospects of a number of new missile tests this week.