Salt Lake Telegram | 1928-06-04 | Page 10 | Wall Street's Close is Weak

Wall Streets Street's Close Is Weak j Markets at a Glance V E YORK Weak Radio cracks wide open on denial of negotiations with L 1 T. T A 1 T. T Bond Dull bonds Dull coppers keep atten atten- lion tion Foreign exchanges exchanges Easy Easy Japanese Japa Japa- nese yen rises 22 21 points Cotton firm excessive rains Sugar Lower easier spot market Coffee higher Coffee Higher better Brazilian CHICAGO Wheal damage reports Northwest Corn Corn steady good rains Central West Cattle attic Loner S Hog hogs ActU I NEW YORK June 4 AP AP ing ng credit conditions cast cant their over ver the market again today end and prices broke roke sharply after an early period of strength Call mooney money renewed un unchanged un- un hanged changed at G 0 per cent but banks called bout about In loans loans' and the large institutIons reported a growing scarcity In n the volume of funds available for brokers brokers' roker borrowings The days day's business news was nixed mixed In character Official denial that Ions tiona were pending for the tale aie of ti this ladio corporations corporation's communications business business busi busi- ness by a drop from to In that hat stock but scale buying e were ware supplied on persistent rumors of an n inauguration of cash casio dividends divIdend end and an early arly of the stock American LI-fl- LI seed eed ran up 6 points poInt to on report that hat the company would be absorbed by Gold COuld Dust but the Utter latter ran Into 57 profit Prices ran up 1 to 7 points In th early trading with more than han a score moving Into new high American express ran up 9 S points to a a. anew new record high at and American Railway Express 6 on a denial of re recent recent re- re cent reports concerning negotiations for forthe the he taking over of the American Hailway Railway Rail Hail way Express company stock by the railroads railroads rail rail- roads at a price arice substantially below its current market value Brothers moved Into new high ground on reports of further accumulation by uck interests Case Threshing Threshing- broke from an early high of 34 to and General Motor from to International Telephone Tele Ile phone sold down 6 points and Western Union sagged 5 points to tile lice lowest price this year and within a a. fraction of last ast years year's low Despite the widespread interest in current transoceanic Wright and CurtUs Airplane stocks Mocks sOck each sold down about 5 points Substantial recessions also alco were recorded in suck such recent leaders as American Telephone Consolidated las Gas Westinghouse Electric Ward Montgomery and Packard The closing was waa weak speculative selling for the short account met with much success in the final hour hoot of trading trad trad- log ing the jacking up of call money for tor new loans to 7 per cent ceni for the time since June 1921 coincident with extensive liquidation of priced high shares caused many representative to sell from franc 5 to 18 10 points under last weeks week's closing figures Radio went vent down IS 30 points Curtis 9 Wright 8 I. I General Motors 7 i. i Case Cans Threshing Machine t 7 General Electric 6 and Du Pont American Amen Ameri can International and Western Union S 5 from where they left off last week A. A