Highs Again Posted, but Early Surge Is Trimmed: Trade Contracts Slightly
New York, April 23 (AP)ÛÓThe stock market chugged ahead haltingly today and made new records in some averages because they already were at histohic high levels. Trading was active.</br></br>The list rose from the start and reached its highest level around mid-session. Thereafter, gains were pared somewhat.</br></br>The Dow-Jones industrial average was up as much as 3.70 at 12:30 p.m. but cut this gain to 1. 5 by the close, nevertheless posting a historic high of Û÷.16.41.</br></br>The big financial event of the day was ChryslerÛªs offering to subscribe to 5,611,360 shares of its common stock at $48 a share, at the rate of one share for each seven shares held of record today.</br></br>Chrysler common was steady to a little higher at the start of trading but gradually wilted. It closed with a loss of 1 at 54% on turnover of 120,200 shares, making it the most active issue.