Salt Lake Telegram | 1928-12-16 | Page 36 | Week Ends in Wall Street with Stock Market Drifting in Listless Manner

To Wasatch lilt ALF i SUNDAY MORNING DECEMBER w WEEK i ENDS IN WALL STREET WITH H STOCK MARKET DRIFTING IN Traders Find Fid No Incentive to Accumulate stocks i in Face ofA of A r Prospect of Higher Money Rate R Radio dio Drops 12 and Victor TaU r Machine Macine 2 Points When ted Announcement of Merger Is Not d Exp Expected Is en Forthcoming Airplane Shares Make Mae Headway Curtis CurLL Cui Gaming Gaining 12 and Wright 11 1 Points Points' I By CAUDE CLAUDE J JAGGER AGGER Associated Press Financial Writer f 1 ty NEW YORK Dec 15 AP AP The The stock market continued to drift in fashion today as a traders found no incentive to accumulate stocks fn inthe n the the prospect of increasingly tighter money beginning early next week Not enough buying had developed during the week to t cause cause ch weekend week liquidation n Tle Te days day's transactions aggregated but but shares the smallest t days day's ys y's since last July JulI anc and contrasting Ung sharply with the record Saturday turnover of f ajl shares r s piled pled up p In the deluge of s sell sell- lIng l- l Ing last lat week week Prices were inclined to be heavy although the airplane i res' res and ad a a. a handful of ot others m made good headway Interest ce centered on the money market as the turnover of market t funds totaled approximately 1 Jl- The outstanding operatIon operation operation opera opera- tion Was as the issue of ot of tre treasury sury certificates and arid the retirement retirement retire retire- ment ment of about the the saie same amount of ot old Id obligations The Tie operation results re re- re- re In the government putting about bout more Into the market than it i Immediately draws og off fr This resulted in an abundant s supply of or call cal money rey yesterday which will probably be carried overt overto over overto t to Monday and perhaps Tuesday Ne Next In Importance was the coll colle collection col col- col- col l le lection Uon of ot about In In- In conie taxes and the payment of ot ab about ut in interest and dividends dIvidend by corporations The money market Is 15 expected to fell fel the withdrawal of ot tax tx funds about the middle of f next neit week and nd at at the theme tame bam time the peak of ot the holiday Currency demands The The days day's news was w s not particularly particularly lar y favorable E. E B. B Reeser president president dent of ot the American Petroleum I in institute n said in a published statement statement statement state state- ment that that while while- some headway has ha Veen made toward the stabilization of crude oil 01 production present c conditions conditions con con- n- n are ae actually worse worse than they heY were were last lat spring It I was re reported reported re- re ported ort d from Washington that prop propone proponents pro pro- p pone ts of ot railroad consolidation enabling n legislation ton In the house d been unable to stir str up lip p much en enthusiasm en- en senate for such a measure measure in Inthe the A further furter Indication of ot the favor- favor ethic ble condition of the steel industry was seen however in in an increase in ii the h price e of ot sheet heet bars at Youngstown for first quarter dely- dely ery Radio dropped 12 and Victor Vicor Talking aking Machine 2 points when the expected a announcement noU o of a a merger merger mer merger mer mer- ger of ot the two companies was not It I was stated in banking circles h however wever that the merger J seemed assured s red and may be announced next week I. I Aero made an an extreme gain n of 12 points and and Wright of ot 11 1 Pittsburg Terminal Coal and Pittsburg Coal mounted 5 and 7 points int to o new nev peak prices starting n. n recurrence of ot rumors that railroads rUi rail rail- rU- rU i roads ds were we're wr competitively bidding lor or control of oC these American Radiator again agal made good headway recording an extreme gain of tabo about t 8 points St. St Jos Joseph ph Lead Led Universal Pipe PIp preferred and Federal Fed eral Light and Traction also broke in Into new high ground and National Bellas BelIas las Hess Hes stepped up m more re than Rian thana 8 a points 4 I International Nickel recorded anew a anew new new top 1 at 2 1 but closed close at 4 49 off ott 6 points point net Burroughs Buroughs Bu roughs Adding Machine and A. A M. M Byers Jost t 6 and nd d 7 2 1 points respectively an 1 th the rails ris Chicago Great West- West f 2 points in in taking profit taking rd Td dropped 2 points In he motors Packard and Chrysler sagged while the easing of General Geneal appeared to b be bO cheked checked Greene een Cananea Copper a recent trong point lost 4 points In real- real ing Montgomery Ward was again oU v Foreign F exchanges s were quiet and Jinn