Salt Lake Telegram | 1931-06-11 | Page 16 | Rails Pull Stock Mart from Slump

n RAILS PUll STOCK MART FROM SlUMP Prices r ces See Saw During Durin j Quiet Quie 46 Session Slow Sag at Close Arrested NEW YORK June 11 V Ris Rails pulled the stock market out of a late lat decline Thursday Prices seesawed see during durn th the quiet session but a slow ow sag in Iii the last lat hour was Wa-S wa a arrested td when a buying movement began In il th the carrier Issues Sales Sales were under uder I Z oooo shares hae Interest In the te rails rall quickened with ith the meeting of southern souther eastern eat eat- east east- ern ernand and western executives for a genell general general gen gen- eral ell d discussion lon of freight rates rats for Wall Street believes it probable that the tho pr presidents will 1 agree agee on a pet pet- pet tion to be 0 presented to t the Interstate interstate inter Inter- state l commerce commission Leading Lading industrials recovered virtually vir Ir tunny all al of 01 their moderate declines closing cosing with wt small net changes but bul mostly lower The rails ril were up 1 to 6 A few utilities were fairly strong Atchison advanced 6 and Union Pacific 5 Delaware Hudson Baltimore Baltimore Bal Bal- Ohio Pennsylvania New NewYork York Central Centra and Rock Island rallied rUed 3 to 4 4 and ad Northern Pacific Southern South South- ern Im fl PA tc and IHno Illinois Central 2 or i more re S Southern tE-erl-P tE Pacific which had been off of 3 on 01 the dividend dl news re recovered recovered re- re covered its it loss Jo oss Nickel Plate was wa soft r. r losing 13 SHOW RECESSIONS U. U S. S Steel Stel American Can General Generl Electric and d Radio showed minor fractional recessions V Westinghouse was wa dov down 1 3 American T Telephone Tele lo- lo phone r rose roe e 1 and Electric Power Po Light 2 Fox Film Fl provided a highlight at atthe atthe the thc opening rising 3 points pints on the strength of the board bard reorganization and the optimistic statement of the company's position which included the tho expression of a hope hop that the former dividend rate rt could be re restored restored reo re- stored in i the third quarter The c das days dividend news was wa largely unfavorable In addition additon to th the th reduction by Southern Railway directors rs 0 of the Chicago Indianapolis I oiLs olis fc Louisville Luivie omitted d pa payments on the Uie common and preferred issues al a substantial te majority of which is i owned by Southern Railway and Louisville Lut Nashville Real Silk Sik Hosiery passed the preferred pay pay- payment m ment ent and withdrew the previously de declared lared stock dividends dividend on the common EXTEND ENTEND GAINS Vo Woolworth w rth extended its it recent gains gain on the news that recapitalization tion of the English subsidiary was adding to the parent company's surplus brn bringing ing that I Item to more mor than The addition additon Is equal to 8 S-S a share shae on al the stock and Wall Vial Street is wondering wondering won won- dering whether and to what hat extent this will wi be b passed along Today's s meeting pae of the railroad executives roa was wa folio followed ed with wih interest and ad there thero was wa a n belief belef that definite defnie agreement on the size of the freight Increase o to be b requested would be reached Decision In favor of i a. 15 per r cent rise has ha seemed likely since this would boost gross revenues revenue th g about abut 10 per r cent Reports that copper had been sold soldat soldat soldat at 8 S cents cent were discredited in some I quarters and the days day's transactions were erel at at 8 B 4 1 cents cent Call Cal mOle money firmed fInned d in the outside market market where funds fund at 1 I per cent again dried dred u up and all aU offerings pr were at the stoc stock stok exchange renewal rate 2 1 2 11 12 per cr cent