Salt Lake Telegram | 1932-07-08 | Page 18 | Stocks Gain, n Deflate

STOCKS GAIN GAI y THEN DEFLATE t NEW YORK July 8 The R-The P The market gained but momentary comfort com fort from the Franco German Franco German agreement agree agreement agree agree- ment meat at Lausanne Lawanne Friday An opening open open- ing bulge was quickly deflated and while net losses were largely trivial a handful of stocks closed 1 1 to 5 points lower The closing tone was heavy and transfers approximated shares The bond market gave a good account account ac ar count of itself rising irregularly under un der leadership of the foreign issues but traders in stocks appeared to be bemore bemore more marc concerned over the more immediate im ii- mediate implications of the low state of corporate earnings than with themore th the more distant prospect of world economic economic economic eco eco- improvement as result of removal removal re- re moval of f the burden of reparations Selling was distinctly selective and the list as a whole showed no inclination tion to break through the June lows low But a few issues including American AmeriC Telephone Peoples Gas Cola Coca-Cola First National Stores Safeway and Santa Fe Fc preferred dropped 2 to 4 41 points to new lows National Lead and Detroit Edison lost about 5 International International In In- J j Harvester and Public Sc Set vice of New Jersey lost about a polo point but such issues as United States Steel American Can Santa Fc Fe Fe New York Yok Central and Consolidated Gas lost only minor fractions j