Salt Lake Telegram | 1929-09-29 | Page 42 | Wall Street Stock Market Rallies after Being Swept by Wave of Selling

i ALL lt STREET STUCK STOCK TOC MARKET RALLIES RAfflES AFTER BEING G SWEPT SWEPT BY flY WAVE WAVE lL Ices I Irregularly Iy Higher at t 1 Close Late Upturn Does Little Toward Reducing Fridays Friday's F rida Losses Losse r o IK Houses Say Decin Decline Must Mut Go Fur the Fur 1 Order to Rectify Reify Top Heavy Hev Position of Market U r S. S Steel eel Shows ing Weakness ekes 3 Mot Mot Most of Leading Ind Industrials tas Gain Ground By Y CLAUD A. A JAGGER Associated Press Prea Financial Writer UW t YORK Sept 2 28 2 AP APr Tho Tho tock sock market was washed by r i of selling ng in today's today short sessions session b but t. t the flood food subsided be be- and nd a rush ruh to cover short commitments and together with wal wih I cOI buying buy in n a measure repaired the dama damage e to the tha Closing Clong q quotations were irregularly higher but the th fid did little hUt toward reducing yesterdays yesterday's severe loss tosses losses Trading was wa I ic f id days day's a turnover totaling 2 O shares hare foil house clerks worked r night sending c out hand nd t much nUCh distress selling was via Hl rid t ac durn during the tho to first hour o of It r. r Several leading were d from 2 to 8 S I points bu but the weakened margin accounts account te generally dumped overboard o of ot many traders felt fel ml he technical position o of or th theat the tho tt t at had bad been considerably and that stocks stock had hade nd e attractive buying levels J of the day daYs loss losses s were more more- i before the close bough o the markets swift come- come much b to 10 repair speculative H nce BO severely shaken by brokers loan IOlJ Inon Int In- In heels the higher 5 t on th the o of ot o ol England Yale rate the the- gloom loon ot 1 ct entirely dissipated Somo Some houses expressed the tha theIon theo o Ion 11 that the decline must go before the markets market's top topI n I position Is b fully tully rectified and credit situation wa was still sun reas rel re re- l as II ominous w. w 9 per cent call mone money carried over the weekend an and andri ri tl are Inclined to the opinion are for tor higher Ft than lower mone money n next nett t week payment checks will n t to the banks for payment lament autumn commercial require require- tor for funds Is heavy henvy in earlyw early the effects of w ut at t Bank of oC England rate reS rc- rc M S to ta be seen un Further Farther shipments old Id from L London to Paris were vere d today and It TV was as 05 felt that Bank of England may have o to toi i it III ft rate even higher hie was hut l pda news naVos was meagre V i satisfactory A compilation j I A August net nel operating 11 income mo he Fi first iret U 49 railroads to to report reported ee ed a gain pill of moro more than 10 per rover over August 1928 Ams Allis Chalp Chal- Chal p placed td its now new stock ona 12 2 at g 1 basis equal to 8 be e old which paid H. H 7 Crocker Cracker announced payment o of back Tea Weekend bustI bust bust- I and trade reviews re generally nt 4 to satisfactory wholesale 1 retail trade rad and nd were not In In- jed td tl to find fth anything alarming out the Map kiaI in la steel and automo automo- pr production 18 Steel Slut te again showed Un f T weakness dropping 4 t t to 1 a a. a new ew tOW low lor or the ment ament and closing at sri era were still under considerable ore rr General Motors touching a l low at it 66 Studebaker Bjon on and anc Nash sash again r reached ached low levels leveT for tor tho the year but bute e 4 slightly in n the late lite trading W r Auto dropped 25 points and ei d JI from the b bottom oat t of or the leading industrials td higher after sagon sag- sag considerably on in the first hour TiE l' l dr dropped about C tj Li then thea shot hot up 12 1 closing i a inet net gain ain of or 7 7 National BisWas Bisi Bis- Bis Was i a strong feature rising i 6 6 points to a new peak eal tn i Telephone Eastman Bastman Kol Ko- Ko American l Can CIon sagged mod mod- then the turned upward and 2 J or 2 8 points higher net wean rIan Rolling Mills shot up 11 Mi Li ta and LiLd Pullman Pal reached new newn n ground Columbian Carbon Ped p t to te 4 1 then rebounded 1 1 2 a net nel gain of ot nearly 7 1 lJ Meir ite feI 0 Of ot the rails r responded to r rOOd earnings notably tiso i. i rose 6 1 2 1 points II were under considerable st st. r. r for a time Urne but rallied and closed higher Gu Gas u and ElectrIc shot up tip tints th lb n lost lOll some Borne of Us its gain Coast a t issues were again In tL I. I Pacific Lighting p reaching a Do Peak n and Foreign fr Public Service of ot New Jerlad Jer- Jer lad and Consolidated Gas regained re 1 MM ln and closed a a. little t firm i to close lower lot were can Water r Works Beechnut dg r flush Bush Terminal Delaware a Ion and Lod Oti OU Otis El Elevator which a or orZ a POints Ingersoll Rand In a t small turn turn- Ib th lt markets grains losing lOllIng between 1 and andr In a r on on tho railroad 4 emin em m- mIn Cana and weak cables torn Begging a. a cent nt or M o on ou iT Cotton Colton closed irn exchanges clI Were ere quiet quId and witti tb sterling cables a l. l 1585 ss s. 3