Stocks Become More Stable
NEW YORK, May 5 (tf)ÛÓA new study published today indicates the stock market is becoming more and more stable over the years.</br></br>The New York Stock Exchange in'a survey sought the reasons back of every major market change of the last 21 years and tried to detennine what kind of a pattern was created.</br></br>The results will be published Monday in ÛÏThe Exchange,Û the official magazine of the New York Stock Exchange.</br></br>From the survey it was concluded that ÛÏthe market, on a day-to-day basis, seems to have gradually become more stable over the past two decades. There is some evidence, too, that the marketÛªs annual price movements have become less pronounced. This trend becomes even more apparent when the marketÛªs action is traced back to 1920.</br></br>1	more sensitive to news inher-! ently or potentially unfavorable to the market than to favorable developments. To put it another way, the market found it easier, during the 21-year period studied, to decline suddenly than to advance.