Salt Lake Telegram | 1928-12-18 | Page 12 | Undertone Firm in Wall Street

UNDERTONE FIRM FIRMIN IN WALLSTREET Prices Point Upward but Session Is Dullest in inMany Many Months C Markets at a Glance YORK Stork Stocks copper and dise Issues to favorable trade ness s. s S flon l Irregular International Tele Telephone phone convertIble 47 e new peak ForeIgn sterling trong S elton Cotton large exports export rn easy y lower loner pot Coffee higher firm slat mar lets CHICAGO Wheat lowert poor export d deman WOrn branch bearish weather Cattle atIe Irregular Hogs flogs steady to higher By STANLEY W. W Associated Press Financial Editor NEW YORK Dec 18 AP AP Th stock market displayed a atron strong undertone today in one of the dullest sessions since sinco last summer With widespread predictions of another money squeeze before the end of the year several of the large traders Slave bave practically suspended opera tiona for the time being Most of the commission houses also continue to urge caution in the mak making maKing ing of new commitments at this time Business news generally Is fa fa Tile Tho copper Industry is ix again talking of cent 37 In tho tilO rear near future Ono One of tho largest larg larg- est eat New York department stores reported record breaking holiday sales Each Bach day also brings forth new merger reports a 0 consolidation consolida tion of New York meat firms be being be- be bIg ing ono one of the tho days day's developments Call money renewed at 7 per cent and dropped to 6 6 delaying the ex expected ax- ax stiffening at least another day but time money continues firm firmat at tile the highest levels In several years Mail order antI and merchandising shares were vero buoyant in anticipation of record breaking holiday trade National Bellas hess ran up 10 points to a new high at S. 7 S Ward Montgomery climbed 91 2 points Sears Roebuck C 5 and a a. number of others moved up S to 4 points Coppers also extended their early gains American lag ing selling 5 51 4 4 1 points higher Greene Greeno Cananea Copper 4 4 3 and Howe Sound 3 3 The Tho long awaited show bullish demonstration in the tho automotive shares also developed with Packard Timken Roller Boiler BearIng Bear Bear- lag Ing and Electric Auto Lite marked S up gains of 3 points or more and Chrysler 2 3 Arrow common corn com S mon touched a new top at 27 7 3 34 Columbia Carbon was bid up moro more than G 6 points to a new high at Ill Other OIlIer stocks to more Into new high ground Included Federal Light Traction and Granby Cop Cop- per National Tea jumped 23 points du Pont 7 I S 5 A A. M. M Byers 6 1 i Texas Pacific 6 Wright Aeronautical 5 1 4 Western Union and National National Na Na- Biscuit 5 each and Allied Chemical and Bush Terminal 4 each Case Threshing off 6 5 was one of the few soft spots Prices continued to creep upward with the the- popular high priced shares In demand as the session entered the final hour Montgomery Ward id i'd reached 4 3 approximating the tho high figure for the tho present stock dams Express rose 9 Greene Greeno Cananea Copper 7 and Midland Steel Products preferred 6 Amen Ameri American can Can Corn Products Shattuck and Johns also ruled maS materially ma ma- S higher The Tue closing was strong Sales approximated 2000 shares S