Stocks Manage New High; Trade Is Mixed: AT&T Slips, Chrysler Up
NEW YORK, Jan. 23 (APIÛÓThe stock market made a churning advance to new peaks today. Trading was active.</br></br>The advance was an irregular one. Recent leadersÛÓsome of them the bluest blue chipsÛÓfell by the wayside as others were bought.</br></br>The backdrop of news continued encouraging, with progress reported on shaping up the tax-cut legislation, a rise in department store sales and higher production scheduled for the auto industry.</br></br>Sales of cigarettes were reported declining following the Government report on smoking and health. Cigar consumption was said to be rising. The stocks representing these two sections of the tobacco industry reflected these reports, but not emphatically.</br></br>Little group leadership was displayed by any of the major stock groups. The market seemed to be going through a crab-wise motion as buying interest rotated from one stock to another.