Burst of Speed

The bull market last week reached the highest point since the dreary days following the 1929 crash. The Dow-Jones industrial averages rose 3.47 points for the week (3.13 points on the last day of trading alone) to the highest point since Oct. 26. 1929. At the beginning of this week, industrials tacked on another 2.01 points to 296.55.

What gave the market its burst of speed was General Electric Co.'s announcement that it proposed to split its stock 3 for 1, if shareholders approve next month. G.E., which was 661 only eleven months ago, hit 100 3/8, up 3 7/8 on the news. It advanced another 3 1/2 at the opening this week. The company reported sales at a record $3.1 billion for 1953, up 19% over its 1952 gross of $2.6 billion, and net profit up 9% to $5.75 a common share. The split would give G.E. 86,537,781 shares, second in outstanding stock only to General Motors Corp., with 88,208,680.

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