List Continues Broad Decline: Aluminum Shares Up Merger Figures Drop
NEW YORK, Jan. 13ÛÓThe stock market continued its decline today with all the major indices showing a loss.</br></br>Jones Industrial Û÷Average dropped 2.42 to 92B|T^e^hiIå¤w^>t^eWaI^dtk Stock Exchange Index ffifipW^s^r^s^SoUdicating Û¢ an easing on a possible additional tightening of credit by the Federal Re-serve, which meets Tuesday. After last monthÛªs meeting,</br></br>and banks passed the cost on' by raising the interest rate to j j their corporate borrowers.!' Since then consumer loanii rates have been increased by ; ÛÏThereÛªs a lot of bearishness : around,ÛªÛª said one analyst, jj ÛÏPeople think the Fed really means to put a damper on the j economy and cool inflation.Û !;</br></br>One bright spot in an otherwise dull day of trading was aluminum. Kaiser raised the price for the metal to its highest point in a decade and gains from the reaction were scored by Alcan and Alcoa, both up 1; Kaiser, up 1% and 1 Reynolds, up 1-1/8. Declines led advances on The New York Stock Exchange and at the close, 1008 issues had fallen and 371 gained. There were 1581 issues traded, and volume was 11.16 million shares compared with 12.68 traded Friday. New lows 'j were reached by 40 stocks while six had new highs.	|</br></br>American Electric Power ' was the most active stock, boosted to the top on a block of 246,400 shares traded before noon at 36^. The stock closed up % at 36-3/8.