Salt Lake Telegram | 1931-07-25 | Page 10 | Mining, Financial and Commercial News

4 1 S j Quotations J Mining Financial and C Commercial News N e w s 1 Price t. t r STOCKS HUV HEAVY ON I I DROWSY 1 u U. U S. S Steel st Steadies adies Rumors r of ot Dividend Cut Seen SeenI I as Market Feeler I By Bj CLAUDE JAGGER Associated Press Financial Editor Edior 25 FinanCial 25 Financial NEW NW YORK July 5 markets dragged through a slumberous slumber slumber- ous ou market halt half hU day with a n somewhat heavy y hea tendency cadency Saturday Losses Loes Le in i stocks generally ranged from minor fractions to a n little more fi than mor a point Bonds were fairly fairl p steady te S Lave pint In 11 the foreign division The Te turnover in stocks held around the re recent nt year five year minimum with witha a 8 two-hour two turnover of roughly I coo O shares thares j l l With prominent traders mostly out of price trends trend were without without without with with- out much significance It I was notable notable nota nota- ble however howe that U. U S. S Steel which lost ost 3 points poInts yesterday In response to t widely published reports that the he dividend would be b redu reduced d next mek encountered no further futher selling I of or importance and closed cosed off only a n small maI fraction NO o HARM I SEENI SEEN If I indeed as it has been suggested in some quart quarters rs the widely reported forecasts of a cut in i the steel divIdend dividend divi divI- dead were put putout out as a a feeler for the effect upon financial sentiment the limited selling which ensued might I convince the directors that a a reduction a tion Hon In i the dividend would do little littleS S harm har at this time National Biscuit was a a soft spot selling off nearly 2 points pit Although I this thi company earned eared all al but 4 cents of its it dividend requirement for the first half of the year car the rac fad fact the upward upward up up- ward curve cune of Its earnings was wa Interrupted Inter Inter- for fOl the first time Ume in 14 1 years ear seems sem to t have been used as a bear argument Miscellaneous Issues isue losing a point I or so so- included American Telephone American Can Bethlehem Steel E Eastman tan American America Waterworks Al Allied Allied Al- Al lied led Chemical Mathieson Alkali Akal and Case Ca Gains of abut about a point pit were shown by Public Service ice of ot N. N J. J Stewart- Stewart V Warner and Studebaker The last- last an named was wa hel helped ed by advance e estimates estimates esti esti- t- t mates s indicating that its It second secondI I quarter earnings report will wi show an al Improvement ement over the like period of last year large largely through reduction of expenses I MAY lIAr SAVE CHEMICALS I Although some of of the chemicals were again agai somewhat heavy heavy it was reported that tt the international ni nitrate nl- nl trat sales cartel might be rescued after its it rec recent nt coIa collapse e. e It I is felt that the Chilean ChUen financial difficulties ties tie may make an accord with wih the I European group Imperative and save S e the chemical industry from a flurry fury of 4 price cutting The rhe eUm estimate tc of the te Youngstown district steel stel operations for next week indicated a sharp gain from a week eek ago no Next weeks week's output w was wa placed at 42 p per cent o of capacity against 34 a week ago and 41 per percent percent cent currently Report from Paris Part that sterling strIng exchange had hd risen sufficiently to tomake tomake make snake further gold takings from frem London Ln- Ln Lon Lon- don unprofitable was vas wa received favorably favorably favor favor- ably abl here but it was felt In i international tiona banking banIng quarters that the real w t test t will wu come next w week ek Wall Vahl Wal street I banking ban circles regard the fresh freh drain upon London's gold distinct distinct- rai as a ly 13 l unfortunate and an are watching developments development closely cosely Sterling exchange ex cx- ex- ex change enge of New York was again firmer firm firm- rm- rm er cr but the franc was as also In demand 1 Sterling cables cable reached 4 3 up C. C 14 of a cent The commodity markets market were largely quiet with changes narrow narow Cotton sagged close cloe with wih stocks stock fu fu- fu lower tures tues closing 25 2 to 50 cents a bale