Salt Lake Telegram | 1928-12-17 | Page 8 | Stocks Dip to Lower Levels

STOCKS DIP TO Few Rails and Specialties Gain but General List Shows Losses Markets at a Glance k I V YORK Storks National climbed 23 points Bonds Bond luli miners coppers soft In ym- ym with steady J Js all all- c Jen sen u UI 20 point Cotton higher higler better spot d ugar trade Coffee foreign buying Cli CHICAGO ra eay v excellent SnOW Know cor corer corer- rIn r- r In log r ro Corn steady Improved foreign de de- de mind mand firm finn Hogs By STANLEY W. W Associated Press Financial Editor NEW YORK Dec 17 API- API Fears of another credit stringency over the year end had a restrain restraining restraining ing effect on trading in n today's stock market which moved irregularly irregularly lower A few rails and special specialties ties were marked up 3 to nearly 24 points on pool buying but the gen aen eral list was under selling pressure most of the day clay several of the ex extreme cx- cx declines ranging from 4 to nearly 10 points Call money renewed at 7 and dropped to 6 but the ease case in rates Is expected ih banking circles to continue only a day clay or two longer with a strong likelihood of another flurry to 12 or 15 per ir cent possibly higher before the end of tile the year Time and commercial paper rates continued firm With the bulk of brokers brokers' loans Joans now made for lor tIle tho account of others Wallstreet Wall Wallstreet street fears that the heavy withdrawal with with- withdrawal of these funds for year end readjustments might temporarily impair the volume of credit avail avail- able called So-called tax selling between now and the end of year Is an another another an- an other factor to be taken into consideration con con- but funds thus obtained are expected to come back into the market after tho turn of the year Fear Vall street also is counting on an as unusually heavy reinvestment de demand domand do- do mand early next month but much of tills this is IA likely to be absorbed by new bond and stock offerings Except for tile the gathering of war clouds in South America there was little in Sn tile tho week end news to in influence In- In fluence tile the price movement Cornin Corning Corn Corn- ing in Crude was advanced 10 cents a barrel National Bellas Hess common was the tho spectacular individual feature soaring 23 4 4 1 points to a new high record at while the tho preferred moved up 5 S points to a new high at Western Pacific common and preferred also were in brisk demand tile the former touching a new new- high at 38 I Violent fluctuations continued i ithe in the tho priced high specialties Radio Wright Aeronautical International Nickel Packard Motors A. A M. M By- By ers du Pont and Curtiss Aeroplane fell 5 S to nearly 10 points but good recoveries were overe made In a tea few cases International Telephone Wes ern Union and Greene Cananea Copper sold Kold down points or more and a along along long list of others reacted 1 to 3 points belo vv Saturdays final quo quo- Bear sharpshooters uncovered anew a anew new soft spot in the farm implement ment group In tile the late afternoon when bull traders were ing to rush up a tea few Individual stocks to Influence sentiment In International In- In Harvester old fell 13 4 4 1 points and advance B. B American International Granby Copper end and Standard Sanitary Manufacturing were among those that exhibited marked strength General Motors made up nearly alt all altof of its 2 21 2 2 1 points decline The Tha closing was Ivas irregular Sales ap approximated ap- ap