Blue Chips in Late Rebound; Dow Up 13.92

Stock prices were mixed Monday in a session marked by buying concentrated in a few blue chip issues.

The Dow Jones average of 30 industrials, down about 8 points in the early going, was up 13.92 at 1,869.52 by the close. The average climbed 72.98 points last week.

Volume on the New York Stock Exchange slowed to 112.84 million shares from 123.49 million on Friday.

Analysts said traders were struggling to sort out the economic and financial implications of the final version of the tax-overhaul bill approved over the weekend by a House-Senate conference committee.

Brokers also noted that market participants were proceeding cautiously while they awaited a series of statistical reports on the economy this week.

The Commerce Department is due to issue figures today for the gross national product in the second quarter of the year. In a preliminary estimate reported earlier, the department said GNP grew at a 1.1% annual rate, after adjustment for inflation, in the April-June period.

Gainers among the blue chips included International Business Machines, up 2 at 135 3/8; Procter & Gamble, up 1 3/8 at 78 7/8; General Motors, up 3/4 at 71 1/2, and International Paper, up 1 7/8 at 68.

Energy Stocks Mixed

Energy stocks, which were strong late last week, turned mixed. Exxon rose 5/8 to 65 7/8 and Chevron 3/4 to 43 3/4, but Atlantic Richfield dropped 1 to 55 7/8 and Occidental Petroleum was down 1/8 at 27 5/8.

Jet America, traded on the American Stock Exchange, climbed 3/4 to 4. A Delta Air Lines subsidiary is making a $4.25-a-share tender offer for the company. Delta shares dropped 1/2 to 40 7/8.

In the daily tally on the Big Board, declining issues slightly outnumbered advances.

Nationwide turnover in NYSE-listed issues, including trades in those stocks on regional exchanges and in the over-the-counter market, totaled 136.38 million shares.

Large blocks of 10,000 or more shares traded on the NYSE totaled 2,045, compared to 2,367 on Friday.

Bond prices edged higher in lackluster trading, with the biggest gain in long-term maturities.

The bellwether 30-year Treasury bond rose point, resulting in a decline in its yield to 7.27% from 7.29% late Friday. The price of the 20-year bond rose 5/16 point.

The movement of a point is equivalent to a change of $10 in the price of a bond with a $1,000 face value.

The federal funds rate, the interest on overnight loans between banks, traded at 6.25%, down from 6.5% late Friday.