Show rHe Heavy vy Sales Sale t to Est Establish T Tax a Losses Deflate t Stock Market 1 BIDDERS TIMID ON LABOR FEAR FEARBy By VIcOR VICTOR EU EUBANK A K Associated Pre Tress Press Financial Editor NEW YORK YORK- Nov 12 12 Stocks continued their slide sUde into lower lowert t territory Wednesday with wih a large larg part of the market p pressure sure at attributed attributed at- at to selling to establish tax ta losses losses' Trends were mixed at the stara start star a few steels a and and special special- specialties ties tes accounting for some some small smal gains Buying initiative was wa held In check ceck by a moderate but rather steady flow of offerings and near the fourth fourt hour leaders generally were off of fractions to around aroud a 8 point with several in low ground for the te year Potential bidders bidder were inclined to h hold ld off because of forecasts of a drastic hiking of taxes for next year fears of trouble in th the te x f fat east and more labor tension as' as asan asan uan an outgrowth ot the he te resignation of high high- C CIO ClO I 0 officials from the tha te defense mediation board Stocks on the loss side sid included I U. U S. S Steel Bethlehem General Genera Motors Chrysler Montgomery Montgomer Ward Douglas American Smelting Smelting Smelt Smelt- ing Western Union Telephone Manville Johns Johns General General Gen Gen- eral Electric and Santa Fe Given occasional support were ere United Aircraft and Goodyear Showing losses losses losses' in the te curb were Aluminum of America American Gas Electric Gulf Gul Oil Oi and Sherwin Sherwin Sher- Sher win Williams The urge to dispose of stocks for tax purposes purposes' purposes has has ha been made keener keen keen- er than tan usual brokers pointed out out by the increased levies on 1941 incomes and by the te reasoning of many of the sellers seler that tat rep repUrchases repurchases r- r chases may be arranged within narrow spreads of current selling prices On this conjecture the te guiding sentiment was Wa apparently that the te market was not not likely t to move ahead sharply until relieved of the restraints which have operated operated op op- crated against bullish action acton since the beginning of the te emergency |