Industrials Start Slump
NEW YORK, April 4 UftÛÓThe stock market failed today to run its gains into three in a row. It closed lower,'</br></br>The market-didnÛªt make much of an effort to extend the upturn of the two previous sessions. It took a downward slant in the industrials'early and continued that way to the finish.</br></br>Rails and utilities showed minor strength during the morning. But the weight of easiness in industrials finally caused the other two major divisions to fall back. .</br></br>The Associated Press average of 60 stocks dropped 20 cents to $175.60 with the industrials dow n40 cents, the rails down 20 cents and the utilities unchanged. Volume slumped to 1,820,000 shares compared with 2,160,000 yesterday.</br></br>Metals were hit rather hard, particularly Phelps Dodge. It fell 3Va to 56*s with most of the selling concentrated in the last hour on reports the firm would show sharply lower first quarter earnings. This brought some selling into other metals.