Salt Lake Telegram | 1930-09-29 | Page 14 | Stocks Decline as Day Closes

AS DAY CLOSES U. U S S. Steel Breaks to New Low Drop Taken by Coppers 1 I Markets at ata a Glance GInce- heavy nt at view new bottoms bottom for rails rail Curb Irregular utilities and mich 1030 low lows Cotton lower southern hedge ing and grain Sugar lower easier spot Coffee higher European CHICAGO 4 Wheel Wient easy l Rail Increased German Germen import C Corn rn rosy easy KOO good I weather and d v markets nub lower liege lower C By CLAUDE A. A JAGGER Associated Press Financial Editor NE Sept 23 After 29 After ar are advance that lifted representative Industrial and utility shares one to three points tho market broka under a w renewal of liquidation in the tha late afternoon trading today Bear ish professionals made mado liberal oN of the rails oils coppers and specialties selling freely a 3 point drop li in Texas corporation on reports that the dividend might be reduced This rumor was In authoritative quarters U. U S. S Steel broke below to 4 I new low for tho decline International Telephone New York Tork Central and Warner Brothers Picture dropped 3 points to new lows Bali Ohio and St. Louis ouis South Southwestern western lost 4 4 Canadian Gillett and Vanadium 6 and Case 9 The close was weak Sales ap p shares A report that steel operations the Youngstown district were off 3 per cent this week was disappoint ing In view of earlier advices IndU eating a smaller change With th season rapidly advancing It I Ii feared In several quarters that th the Industry's gains will vIl be little more than normal and that no pronounced and extended upturn will develop Hesitancy of the railroads In ordering order ing their requirements found re reflection In the statement of Atchison's Atchi- Atchi sons son's president that IsIs his system might first fill Its minimum needs needs' and then Increase its takings if dc dc- were favorable On cof the days day's phenomena was the 2 11 per cent renewal rate on on call money tile the lowest In fifteen years During the past week funds were freely offered unofficially at 1 per cent Lut not until this morn morning mornIng morn ing did the stock exchange loan desk pare its figure from the familiar 2 per cent The Tho result was considerable consider able loan calling High grade domestic bonds especially espe espe- daily rail liens moved forward with vigor Banks have been virtually forced Into the bond market by tho yields on short term credit for with prime commercial paper at 3 percent per pee cent and the best acceptances averaging aver aging a yield of 2 there has been no alternative to extensive purchases purchases pur pur- chases of medium and long term fixed income obligations Much o othe of the publics public's interest in the security markets Is Is In the same direction Non callable senior equity issue ar decidedly popular U.S. Ui U. S. S Steel preferred made another all all- time high today