Salt Lake Telegram | 1930-10-24 | Page 17 | Stock Prices Bound Upward

I Rails Join in Recovery Steel Men Hold Hope for Improvement ImprovementS S By CLAUDE A. A JAGGER 3 Associated Press Fina Financial Edif NEW YORK AP s AP-s Si prices bounded upward in tod stock market with the farat resilience that appears when th weight of liquidation Is complete lifted Even the rails a a. contrary yesterday Joined the recovery a j carried into its second day Th market appeared to be govern primarily by technical and trading was light The Tho rev xe marks of leaders of the tho steel indis try at the tho semiannual meeting o otho oi the tho American Iron and Steel neil tute and ending of hos in Brazil were to speculative sentiment Further Farther more the fact that it was the theann arm ersary of the tho critical black Thura day of the selling Belling panic TL year age az brought out in clear relief the exten 10 salutary readjustments have havo been accomplished Vj RAILS RECOVER J JIn In the rails recovery of the V issues was conspicuous Missouri Pacific Erie and peak Ohio gained 3 points o o mor v Other shares making gains included U. U S. S Steel Nation Biscuit Westinghouse and Macy while such sucil shares a American Can Byers and rose 4 to 5 g and Allied more than 7 Montgomery Wart War sagged moderately Leaders aders of t t steel industry the institute meeting a year ago agi were inclined to minimize the probable able effects of the decline in th thi stock market and in steel mill or op orations then apparent hut but today speakers demonstrated that faith 1 the future of the industry had nc no been impaired by tho trying months that have havo intervened The found the basic structure sound and stated that by refraining refrain refrainIng Ing from uneconomical price cul ting and the Industry Indus try might struggle back to in a. a reasonably short time Jam Jaine A. A president of U. U S. S Steel asserted that through cooperation the tho industry could get business bac where it belongs in sixty days News from Brazil indicating that tha the revolution had been beon concluded conclude with little bloodshed or damage caused a fresh decline 1 Ir coffee as a from the up Ul turn which had been hated based on ex ei of delayed shipments Brazilian securities rallied sharply tending further to bolster specula tivo confidence S DIVIDEND PASSED The days day's news was not cheerful directors of Ward omitted the quarterly a development not Wall street has looked for a reduction c tion at least Furthermore prices were reduced fairly general generali to D 9 2 1 cents a pounds pound a new n w lo for more than thirty 3 years ears 5 iV con cor development rumored i copper trade circles however t a an early conference with Africa producers seeking curtailment c o production The large red meLt resources of that continent most undeveloped have havo caused some un Reports of at the tho of statisticians in industry under the auspices of the conference board pointed to sign of recovery but added the tho first ha of October gives gives' little evidence tha the convalescent stage in the tho bus bustness ness cycle is