SECURITIES

Investment Advisers Slightly Less Pessimistic: A survey compiled last week by the Investors Intelligence newsletter shows that bearishness among advisers as to the outlook for stocks remains near a 12-year high. About 50% of 140 letter writers described their mood as bearish, compared to 54.7% the previous week. Readings in early December were the most pessimistic since March, 1982. Meanwhile, the proportion of bulls rose to 35.3% from 34.2% the previous week. The percentage of advisers expecting a short-term decline in the market rose to 14.7% from 11.1% the previous week.