Salt Lake Telegram | 1930-02-17 | Page 8 | Stocks Rally in Wall Street

STOCKS IN Prices Swing Upward Af Al ter Irregular Opening J Close Is Strong By STANLEY W. W Associated Press Financial Edit Edits YORK YORK- Feb 17 AP- AP Strong tendencies In fri today's stock marketa market a heavy y week end accumulation o ot selling orders had g cn a aty appearance to early eari Many Mans of the lit early declines of ot l I t to C Gl 2 2 1 points cut In half o 07 wiped out by early arly afternoon wt s a ra rather thor long list of issues wen up UI 1 to nearly 6 points i abO list weeks week's final quotations Trad Tr-os Ing was sas only moderately hears hears' li il volume Call money which opened at per cent and advanced to 4 1 2 ci to li Iday renew rene ved r-d r at 4 2 1 today will only a moderate supply of fund fuMo available The time money market was dull with a fl marked scarcity li in foreign fund which up to have hi been one of the chief Sources source of supply Renewed weakness ii in the tho commodity mart ts wheat futures sagging snore more than c cents a bushel cotton sold o off about a. a bale balo In the tho earl early trading hading Early selling was as generally dc dc scribed as aa a correction of or a tern tern- o position bui buIlt up In the tue rall of tile the last month of the fact that thit stock lia have liao o advanced ad much faster thi thas is' is loins loans Wall street Is In dined lo to the lie that margin buying Ins has not reached very cry proportions although t tr of funds loaned by banks bank throughoUt country on securities ties collateral Is still above e that c ca of a a. year car ago j In the morning reaction Auburn Aubur Auto dropped 6 61 2 2 1 points Valca 61 1 6 1 11 1 and Newton Steel Stee American Machine Foundry Va nad Electric an cd Lackawanna dropped 3 4 33 4 3 to 5 points Coppers and oils were weak because lecause of the uneasiness tile the price in those Indus Industries tries Standard Oil of New Jert sinking to a s' s low Ion level Ie for ti year ear States Steel sold down 1 2 1 points to IS-i IS 2 1 bJ recovered its loss bj by carl after afternoon noon 1 Strength and activity of th Woolen Issues In tic fac ot of unfavorable trade report aroused considerable American Woolen preferred ran J nearly C points to 44 and the tho com coth mo ed up 4 to 20 or than double their loss lo prices of U th year Near American Tobacco a new ie high record for S t tili time just under after bavin sold down to 2 2331 Union Gas Consolidated Gas M Air ir Transport Liggett t tM M Myers A and B Ft and Brooklyn Mm hattin alto also moved mo into r high ground t Michigan Steel was pushed up points and American Rolling M Mil 1 3 buying of tho tilo last st named Mini bels influenced bv by expectations c of In Increased creased earnings through received on its rolling roiling mill Pt Jl this year ear Radio international TM Phon and International Machines also were well bought A number of stocks were ere pUS up IP in iti the tue list last hour with several tie the high pi priced Iced i issues ues l' l lable able progress Auburn Auto Auto- wbk Ind been depressed to 1 earlier to where It d gaill of S 2 1 points net Kodak rose S 1 4 Electric AUtO 5 51 1 NatIonal Supply I. 1 Jr gett 3 H M Myers ei D B 4 and Union Gas Consolidated Gas CIaS 3 Columbia Carbon 3 8 I acKard Q IS a largo large lu tors crossed i on over o Iho rho closing closing- tone W was siro Total sales approximated shares I