Dow Slips 2.53; Stocks Mixed in Dull Trading

The stock market meandered through a mixed session Friday in sluggish post-Thanksgiving trading.

The Dow Jones average of 30 industrials slipped 2.53 to 1,914.23, reducing its gain for the week to 20.67 points.

Volume on the New York Stock Exchange came to 93.53 million shares, down from 151.99 million on Wednesday and the lightest total since a 54.99-million-share day on Oct. 13.

Takeover news and speculation accounted for notable activity in several individual stocks.

Chesebrough-Pond’s rose 4 to 65 1/2 on top of a 12-point gain on Wednesday following word that that American Brands was offering $66 a share to acquire the company.

Kaiser Cement jumped 7 to 27 3/8. A U.S. subsidiary of Hanson Trust PLC reached a definitive agreement to acquire Kaiser Cement for $27.50 a share.

Ohio Edison was by far the day’s most active issue, down at 20 5/8 on turnover of nearly 14 million shares. Brokers said the activity stemmed from trading activities by large investors seeking to capture the company’s forthcoming quarterly dividend.

H&R; Block rose 3 to 51 1/2. The stock was added to Standard & Poor’s composite index, prompting buying by index funds set up to duplicate the performance of the index.

In the bond market, yields on 30-year Treasury bonds slipped to 7.41% from 7.42% late Wednesday.

The federal funds rate, the interest on overnight loans between banks, traded at 6.0625%, compared to 5.9375% late Wednesday.