Stocks Dip 4th Straight Session; Dow Slips 4.64

Stock prices recorded their fourth straight loss in a drifting session on Wednesday amid persistent concern about the interest rate outlook.

The Dow Jones average of 30 industrials slipped 4.64 to 1,879.50, bringing its loss during the past four sessions to 39.79 points.

Volume on the New York Stock Exchange came to 140.30 million shares, against 137.52 million on Tuesday.

Analysts said the market was weighed down by speculation that interest rates might have passed their lows after their sharp decline over the past year.

In the credit markets, the bellwether 30-year Treasury bond dipped about 3/4 point, or about $7.50 per $1,000 in face value. The yield rose to 7.55% from 7.48% late Tuesday.

The theory is that the U.S. economy has at last begun to perk up after a sluggish showing through the first seven months of 1986. That would logically give the Federal Reserve less incentive to relax its credit policy further.

Latest reports from major U.S. trading partners in Japan and West Germany indicate that the central banks in those countries are also reluctant to make any moves toward easier credit.

Gerber Products jumped 5 7/8 to 52 on word that Quaker Oats had bought a stake in the company.

Shares of Quaker Oats, which declared a 2-for-1 stock split and an increase in its dividend, rose 5/8 to 76 1/8.

Viacom spurted 2 3/8 to 34 3/8, pushed up by market talk that it might be a takeover candidate.

Western Airlines led the NYSE active list, unchanged at 11 5/8 on turnover of more than 8.8 million shares, while Delta Air Lines rose 1/8 to 42. On Tuesday, Delta agreed to acquire Western for $12.50 a share in cash and stock.

Among actively traded blue-chip industrials, International Business Machines edged up to 144 1/8, while American Telephone & Telegraph was down at 25.

Energy stocks were mixed as prices of oil futures gave up some of their recent gains. Crude oil for October delivery fell 42 cents a barrel to $14.85 on the New York Mercantile Exchange.

Exxon gained 1/2 to 69 7/8 and Mobil was up 3/8 at 37 3/4, but Amoco was unchanged at 69 3/8 and Texaco dipped 1/8 to 33 5/8.

In the secondary market for Treasury bonds, prices of short-term governments fell about 1/16 point, intermediate maturities fell in the range of 5/32 to 9/16 point.