Stocks Turn in Mixed Showing; Dow Off 4.93

The stock market closed out one of its best months ever with a mixed showing Friday as prices churned around the record levels they reached Thursday.

The Dow Jones average of 30 industrials, which had risen 17.09 points Thursday to its first close above 1,700, dropped back 4.93 to 1,709.06.

Trading was heavy, with New York Stock Exchange volume totaling 191.66 million shares, the fourth-largest on record, against 181.74 million on Thursday.

Friday’s erratic performance didn’t stop the Dow Jones industrial average from finishing February with its biggest gain ever--138.07 points--for a month.

The weakness in the Dow on Friday stemmed in large part from a 5-point drop, to 150 7/8, in the share price of International Business Machines.

Most other, broader market measures wound up the week at new highs.

Activity prompted by takeover news and rumors continued at a brisk pace. Anheuser-Busch, for example, rose 2 to 44 1/8, despite the company’s assertion that talk of a takeover or buy-out was unfounded.

CBS was up 11 3/4 at 138 1/2. The company said it knew of no explanation for the activity.

Libbey-Owens-Ford rose 6 1/2 to 70 1/2. The company said Thursday that it was negotiating the possible sale of its glass business.

Trans World Airlines gained 5/8 to 16 5/8 and Ozark Holdings, traded on the American Stock Exchange, dropped 3/8 to 17 5/8. On Thursday, TWA agreed to acquire Ozark for $19 a share.

Large blocks of 10,000 or more shares traded on the NYSE totaled 3,964, compared to 3,642 on Thursday.

In the bond market, most government bond prices wound up the session little changed but showed substantial gains for the week.

Corporate and municipal issues rose.