Salt Lake Telegram | 1931-11-12 | Page 22 | Rails Break Four Points at Close

RAILS HAilS POINTS AT CLOSE I. I 0 Br fly Associated Preta NEW YORK NOV 12 A 12 A break brenk of about 4 points In New York Central Imparted a heavy tone to the stock market in the late trading Thursday as asa a dull session drew to a close Earlier gains were largely lost Jost and most of or the pivotal sha shares closed with narrow changes Sales were only about a n million and a half shares Rails Ralls generally were dragged down by the drop dop in New York Central and net J losses of a a. point or orso so were registered by Baltimore Ohio Chesapeake Is Ohio New Haven Northern Pacific and others The late slump in the rails was variously explained in brokerage circles and connected with reports that heads hew of the eastern trunk lines were to meet with labor executives tonight BLOCK R RATE TE MOVE In some quarters it was wan expected that a move for lower wages might be blocked by a proposal that a reduction reduction tion lion be ln In the form of a temporary loan In connection with the NewYork New NewYork NewYork York Central bears were inclined to look for a further reduction in the dividend American Telephone and United States Steel sold up more than a. a a point for a time but cl closed ed about un un- changed An afternoon upturn in Sri the coppers bringing g gains of about a D. point in Anaconda and was largely lost Radio was heavy losing a D. point while Rattle K Keith sagged to a new low Jow Homestake Hom Mining was a 1 strong feature rising 9 points and closing up about 6 Fresh strength In bar silver was an nn encouraging aspect of the commodity markets After dropping I 1 8 7 cents in New York yesterday ered cred 8 7 of a D. cent today selling at 36 4 4 1 cents an ounce Despite heavy unloading of of w wheat cat commission houses were active buyers on the de de- de cline dine SELLING IN RADIO The Thc selling in Radio and Radio Keith was WM generally attributed to the unsatisfactory situation In Radio Keith as shown in the proposal for tor fora tora I a reorganization and the issue O of nearly in debentures On the other hand it was pointed out that both Radio and its subsidiary are entering their active season and that Radios Radio's recent earnings statement showed considerable improvement over o a year ago A statement by Attorney Attorney Attorney At At- torney General Mitchell that he be had little hope of reaching an out of court settlement of the antitrust suit auit against R Radio dio may have accelerated the selling although news new that conferences con con- still are going forward was favorably regarded in some quarters rs