Salt Lake Telegram | 1931-04-16 | Page 14 | Slow Decline in Stocks Continues

DECLiNE IN INI I Closing Tone Heavy U. U S SL S. S L Steel Lowest Since 1927 I f. f Dividends Watched NEW V YORK April 16 P The P Th stock market did not respond as a readily to bearish prodding Thursday Thursday Thursday Thurs Thurs- the day as it did Wednesday but on whole a the dd bears bear encountered no dc de- de opposition A few spasmodic and rather feeble rallies rames were merely incidents in a further slow decline Trading Tading was wa in a little Ute larger volume In the prevIous previous previous pre pre- session but the days day's transactions transactions totaled only about abut shares share tons The closing clasing tone was wa heavy The bond market maket was wa inclined to recover re- re cover cove in spots particularly the rails rals The commodity markets moved na- na nar nar- U. U S. S STEEL SINKS U. U S. S Steel common continued to sink ink into Int new low ground gound touching a new low since 1927 at 3 4 off ot 1 8 5 and closing cosing at Union Pacific Pa Pa- cub cUJe dropped 2 points going below its it minimum of or last lat December National National National Na Na- Biscuit was a weak feature losing 4 points ponts Auburn Aubur dropped 9 Losses were largely smaller than Le ee larely Wednesdays Wednesday's however Issues Isue closing closing clos cbs ing ng 1 to 2 lower Included American Can American Tobacco B B. B Chrysler Lews Lew's Loews Loew's North Norh American Southern Souther Pacific Radio Studebaker Union Carbide and United Corp Cr General Motors and General Geneal Electric sagged only fractionally Among other things the market Is waiting to see how far tar the shrinkage of dividends is likely to go While few earnings statements for the first quarter are ae available as yet enough fairly conclusive estimates are available available avail avaU- able to Indicate that many of the leading industrials and railroads are not hot earning the current dividend rates This applies apples to such corporations corporations coro- coro corpo corpo- rations as a U. U S. S Steel Bethlehem Betlehem and General Electric If I several promInent prominent prom prom- inet corporations see sec rc fit ft to continue current crent dividend rates by dipping in into into into in- in to their surplus funds fund Wall Wan street will Interpret it as s a indicating confidence confidence conf- conf dence ina ma revival of corporate earn carn- cr- cr Ini newer bv by the end of the year or at least the the start of of the next t. Several adverse dividend rumors have been denied Wednesdays Wednesday's declaration by Pennsylvania Railroad Railroad Rail Rail- Ral- Ral road had been generally generall expected al although although although al- al though some apprehension was ex expressed ex- ex pressed presed in brokerage circles circle a fe few weeks ago President Clarke Clake of Fox Film said Wednesday that the tile current current current cur cur- rent rate rat would be bo maintained There is a feeling that U. U S. S Steel will al almost almost almost al- al most certainly maintain its is current curent rate rat Some inkling as to policy poley is i exp expected at the annual stockholders stockholders' r meeting Monday Dividend action acton is not due until April 28 Little Lite of a decisive nature appeared in the days day's corporate or trade news A sale of ot copper coppe at 9 4 3 cents a pound af after r the recent recovery from 9 2 1 to r 10 cents was wa not en encouraging encouraging en- en coura but the market is 1 so s dull dul that little significance nce can be b at attached attached at- at to tol it Credit conditions remained sta sta- n. n