Salt Lake Telegram | 1930-01-30 | Page 12 | Stock Market Turns Heavy

TURNS HEL Sear Bear Pressure Wipes Wipe Ou Gains Made During Early Trading By STANLEY W. W J NEW YORK TORK Jan 30 AP Tb AP-Tb Th stock market turned heavy tills this afternoon losing most of the ground around gained In a general during tile the morning hours Bear pressure and liquidation In International Telephone Simmons and ind United Aircraft which fill fell 2 to 4 points below belov the Wednesday choose was extended to shares throughout the tho list United States Steel after touching 34 its highest lor br the year sod off to 10 ISO 8 1805 S 5 against yesterdays yesterday's final quotation of 1St 3 S International Telephone mad made a a. new low for the yar ar at 62 8 3 representing rep rep- resenting a a. new loss of 3 14 Th The weakness of the tho shares was attrib- attrib In part to the tle Imminence of ota bond offering by tho Uto c selling In Simmons was ba based cd on on reports that tho company also was wis planning some new financing Supporting orders caused partial recoveries In the tho late dealings Th closing tone ivas Irregular Sales approximated shares Failure of the tle Bank of England 16 to cut Its discount rate today wa construed a s a-s on an indication that no change would he made In the tho York federal reserve rate this if af although th drop In th the lank Bank of France rate today ivas re regarded as paving the wa way for aa sa early reduction In the London rats rate which has been held up by the theof fear of further gold exports from En England En gland to France Call money dropped from 4 2 1 to 4 per en c-en cent despite thin Iho preparation of t to meet nearly half a a. billion dollars dollar In Interest and dividend payments around the tho first of tho month Auburn Auto and preferred pro pre each soared 11 points but the tha former lost nearly all Us Ito gain gainon on a midday flurry of profit taking Otis Elevator was marked up T I points International Match pro pre erred 6 S. 3 and May Deportment Department StOres May Spiegel Sears Sears- Roebuck common Vulcan A and Snider preferred sold 4 to 5 points Although current traffic traffic- aud earnings reports have teen eon extremely unfavorable with a year ago th railroad shires fol nevertheless attracted a a. good lowing Atchison and New York k Harlem each cach advanced 3 points and New York Central Union Pacific New Haven and Nickel Plate j climbed 2 points or more J NtY York Central rights expire tomor 1 row lOW and today was wag the last kIt day on which they could be traded In th regular way as is tomorrows tomorrow's trans transactions transactions actions must be for cash ca U U. S. S Steel crossed crested to a ne sic high on this the current recovery an anthen then ran Into some profit taWne Crucible Gulf Cult States and New tot Steels advanced 2 points or more mor American Telephone American Can can General Motors and Johns also moved up 2 points or more Renewed weakness developed I I International Telephone which I down more than 3 i points Simmon and United Aircraft also v heavy tIle tho last named touching new lowA low low- 1 A further break of a or more in cotton futures to no 1101 low levels for tIle the feature the markets