Salt Lake Telegram | 1932-02-20 | Page 10 | Security Prices in New York Markets

r SECURITY PRICES IN NEW YORK MARKETS rj 1 1 STOCK MARKET SINKS Small Losses Appear as Business Reports Fail to Encourage By CLAUDE A. A JAGGER Associated Press Financial Editor NEW v YORK Feb 20 The MU-The The stock stoc market sank quietly under its OWE owr weight at the close of the week Sat Sat- Trading was quiet and losses were largely limited to a point or two although al though a few issues lost 3 or 4 Weekend Week Week- end trade and business reports failed L lo to provide any fresh encouragement and traders with profits decided to tc cash in at least part of them in advance ad advance ad- ad vance of the Washington's birthday week Auburn was an isolated weak feature fea ture tumbling more than 10 points as a sized fair block appeared on the market and found no nearby bids American Telephone also was under pressure losing more than 3 points Santa Fc Fe fell 4 The turnover for forthe forthe the two hour session however was only about shares The closing dosing dos clos ing tone was heavy BEARS WARY VARY If short selling was not entirely checked by President Hoovers Hoover's statement statement state state- ment on the subject late yesterday brokers said that bears were verc at least extremely wary ary Losses of 1 to 2 points appeared in such issues as U. U S. S Steel General Motors American Can American Tobacco B New York Central Dupont Dupont Du- Du pont International Harvester North American Eastern Allied Chemical Consolidated Gas Johns Westinghouse Electric and others Estimates indicating a substantial slackening of steel mill operations Inthe in inthe the Youngstown area next week were an adverse influence An announcement announce announce- ment nent O of a price increase by Stude- Stude baker corporation was interpreted as indicating that motor manufacturers were having little success in efforts to get further price concessions from the steel makers but this failed to have a notable market Influence On the whole Wall ValI street still regards automobile buying thus far as dis distinctly dis- dis disappointing Hudson Motor omitted its quarterly dividend of 25 cents WATCH CHINA The far eastern developments re received received re- re considerable attention in Wall Wail Wallstreet street and on the whole were rc- rc as disturbing Most International international bankers say they cannot understand understand under under- stand how either cither Japan or China can regard itself as economically able to engage in a prolonged major con con- filet It was understood that Japan was planning to substantial in m internal loans and undertake more rigid control of foreign exchange transactions The Japanese yen a weak feature o of the foreign exchanges in the past two days recovered a little evidently indicating support It ruled 8 1 cent higher at 33 2 1 cents The Shanghai Shanghai Shang Shang- hai tad however was a notable strong spot rising 8 7 of a cent to 3 1 cents a new high for the year This was presumably in part a re reflection re- re of firmness of the silver market mar mar- ket bar silver rising 4 1 of a cent an ounce Other foreign currencies generally moved noved narrowly but there was a notable recovery in the French franc In the principal commodities cotton cotton cot cot- ton held up well futures closing virtually virtually vir vir- unchanged Wheat encountered some pressure