Salt Lake Telegram | 1932-10-29 | Page 12 | Market Loses Upward Slant

MARKET LOSES UPWARD SLANT Decrease in Revenue Freight Has Bearish Effect on Issues NEW YORK Oct 29 F Thc The stock market was unable to maintain Its upward up ward slant Saturday in the face of A moderate decrease in the movement of revenue freight as reported for last week The list stiffened in the early trading trading trad trad- ing showing signs of continuation of yesterdays yesterday's slow advance but the appearance ap of the freight car loadings statement showing that the week ended October 22 registered a decline of cars from the previous week prompted floor traders lo to switch to the bear side The market was unable to break out of the narrow trading range of the past week but closed with several losses of 1 to 2 points which about canceled yesterdays yesterday's gain The final tone was heavy Among a few shares losing as much muchas as s 2 points were Union Pacific Santa SantaFe SantaFe Fe and Lackawanna while losses of a pot point or so appeared In New York Central Southern Pacific Chesapeake Chesapeake peake Ohio Northern Pacific Great Northern and others where in the list losses of a point or orso orso so appeared in such issues as U U. S. S Steel American Can American Telephone Telephone Tele Tele- phone American Tobacco B National Biscuit United Aircraft Western Union Westinghouse Electric In the industrials and utilities however most net changes were limited to fractions Week end trade surveys recent gains were being maintained Steel production was placed at between between be be- tween 19 and 20 per cent of capacity for the industry at large Earnings statements indicate that industrial earnings generally reached a new load in the third quarter Foreign exchanges were marked by further signs of restored stability of sterling Cables ruled at 2 1 up l 1 The French franc was a shade lower In commodities silver futures future which had a sudden bulge yesterday lost much of their gains today Cotton Cotton Cot Cot- ton turned moderately reactionary losing 65 to 75 cents a bale Labor troubles again loomed In the Lancashire Lanca shire spinning industry threatening to disrupt foreign business in that staple