Salt Lake Telegram | 1931-04-15 | Page 16 | Stock Market Hit by Swift Decline

STOCK MARKET HIT BY Drops of 2 to 7 Points Nu Numerous Numerous Only Shares Sold NEW YORK April 25 15 T Thc T-Thc The stock market experienced one oue of the thc swiftest but quietest declines of the year Wednesday Prices gave way easily under light Ight selling pressure There were nu numerous numerous nu- nu declines of 2 to 7 points al although although al- al though the days day's sales aggregated only about shares Bears were active and encountered little opposition although they were Unsuccessful unsuccessful un Un- successful In prompting any important tant volume of selling even though succeeded in depressing U. U S S. Steel to a new low since 1928 The bond market was a little unsettled un Un- settled but grains moved contrary to the trend In stocks the new crop I wheat deliveries gaining about a cent a bushel at Chicago and 2 cents at Winnipeg U. U S. S Steel dropped more than 3 points going below 13 as ns contrasted to last ast Decembers December's low of 8 1343 3 New York Central dropped more than 3 points to the lowest in seven years The list showed no Inclination Inclination tion to rally In the final dealings The widest declines appeared in Vanadium reflecting omission of the dividend and in General American Amen Ameri can Tank and Auburn off about 5 to 7 points Issues down 2 to 4 In Included Included In- In Atchison American and Foreign Power American Can Al Allied Allied Al- Al lied Chemical American Telephone Bethlehem Case Consolidated Gas Lackawanna Westinghouse Union Pacific and Union Carbide While the decline was largely un- un by bearish activity the weekly steel trade reviews gave the bears a good argument to support their cause and the weekly report of electric elec elec- inc power consumption was less fa favorable a- a than those of the past few weeks Iron Age placed raw steel output at 51 per cent of capacity the third successive drop of 2 points While the decline from the years year's peak of 57 per cent reached in late March has been a normal seasonal development devel devel- there had been some hope that the spring peak might be reached later ater than usual this year and that the current decline was only temporary but this hope seems to be on the wane American Metal Market commented corn com that the real feature in steel may be called its failure to improve im fm- prove farther since the middle of March rather than Its decline which is slight and not likely to be Important A March peak and a July low are the usual thing It added that there should be no thought of a reversion to anything like the 35 per cent level touched last December as there are no stocks of or material on hand as there were at tha that time tinie The report of electrical power consumption consumptIOn con con- for the week ended April 11 showed a drop of 31 per cent from a year ago the least favorable comparison since the week ended March 14 The showing Is still considerably considerably con con- better than that of the early weeks of the year The decline in freight car loadings load load- ings as reported for the week ended April 4 4 of cars was interpreted inter inter- on first glance As a matter of fact the decline was less than usually occurs in the week of Good Friday and and- was largely ac accounted accounted ac- ac counted for by a smaller movement of coal The weekly petroleum statistics however were discouraging showing show show- th ing further substantial gains in crude output and gasoline stocks on hand There is talk of a further cut cutIn cutin In crude prices