Salt Lake Telegram | 1931-12-03 | Page 12 | Market in Stocks Rebounds Smartly

MARKET MARKE IN STOCKS REBOUNDS Y 0 Several Leading Issues Display Dis Dis- play 4 2 Gains Closing f t. t Tone Strong o F By fly Associated Press Pm NEW YORK 81 Dec Dec 3 T 3 The 3 rhe e s stock t c k market again rebounded smartly saty after approaching the bear market lows ofel of ol early October Thursday Several Sevea Is Issues Issues i. i sues el cl closed cosed ed with net gains of 2 to t 4 sue a share Sales Sale approximated gan shares sare The Te coig closing tone was wa strong The Te markets market's maket's refusal reual to t penetrate the October 5 bottom and vague vage ru rumors re remor mors of Impending constructive de developments de- de de development mor in Washington prompted active short shor covering after a a backwash backwash back back- bak wash wah of selling slig had bad had been absorbed d during darIng the morning Leading commodities com coin cm I te to were generally steady t firm and ad te the British pound sterling f appeared to t have achieved achen fresh st st. sta- sta i fluty bUt EXTREME GAINS GANS MADE Some shares share sagged fractionally from the te best in i the final dealings dea but only after extreme gains gais of 3 to t 4 points had ha been chalked up for such Issues pint as a American Telephone American Amer Ameri can ca Can CB Southern Souther Pacific New NewYork York Central Santa Fe and Union Pacific Issues up about 2 points pit Included U. U US U.S. S. S Steel Case Cae Consolidated Gas Gast Public Service Bric of ot New Jersey Jersy Allied Chemical du thi Pont U. U S. S Industrial Industrial In In- Alcohol Lambert and Air Ar Re Re- Re ducton After recovering from the first shock mock of the Wabash receivership Wall street took view Val stet tk a a. more hopeful of the te railroad situation Prominent bankers who discussed the railroad outlook said sid that the plight of a W of the so called feeder feder lines lie should not nol be taken tena as an a indication of the railroad rail rai road ra situation generally Leading Laig carriers car car- ri r ra in need of ot funds are said sad to be r nee receiving support from important banking interests It was wa pointed out outi in i banking quarters however that such aid could not be expected expect indefinitely in I. I definitely and that reduction of operating operating oper oper- costs cost presumably through cutting cut cut- cut Wig ting tg wages appeared Imperative The 10 per wags cent wage reduction advocated by pr the Canadian board bad of conciliation has ha been viewed by railway bankers as a hopeful hopefl sign sIg Watch the Canadian Cana Cana dian case c has been a a widely circulated ed cd tip tp in I Wall Wal str street t. t RESERVE RATIO DROPS The Te weekly bank statements showed a rather rathe sharp sharp drop in the i Bank Bak of England's Egland's reserve ratio rato which fell fel 5 points to a a new low at pints per cent but bat this thi was due primarily I marily marly to a gain of pounds In i I circulation necessitated by the te December De Dc- De cember 1 settlements There have been some ome rumors of or official support for tor sterling exchange in the last day dayo or o two but confirmation has ha been lacking The Te New York money market W was s virtually unchanged with wih a slightly easier tone in i call cal money Outside money was ws available at 2 per cent cent against 2 4 21 4 1 to 2 21 2 2 1 yesterday I