Salt Lake Telegram | 1933-07-08 | Page 10 | Stocks Breast Profit-Taking

STOCKS BREAST TAKING PROFIT Session Marked by Minor Ups and Downs Close Is Irregular NEW YORK July 8 f T Financial markets breasted sizable profit ta tak taking tag ing waves Saturday and emerged a trifle wet in spots but with little use for a It was a brief j of minor ups and downs down tocks stocks and only a few showed an inclination to race for higher levels The close was sone- sone some 1 what irregular Transfers mated shares Notwithstanding further bright J reports of business and industry throughout the country a cautious cautious' attitude was apparent in categories The dollar again dropped in n foreign exchange markets al although al- al though its recessions were not so pro pro- as previously Grains were a bit irregular Wheat got up around a cent a bushel and corn prices were nixed mixed Cotton moved narrowly and finished with losses of 5 to 25 cents bale Bonds were steady to firm Radio again proved the t fattest attest mover turning over in blocks o to as much as for a final gain of about a point Gold mining tocks stacks came caine back into popularity in I response to reports the government might permit companies to export metal to the free markets abroad Homestake got up some 13 points in n relatively small transactions while McIntyre Porcupine Alaska Juneau and Dome advanced around 2 int each Gains of fractions to around a point joint were held by General Electric international Nickel Cerro De Dc Pasco Pas Pas- co American Smelting U. U S. S Smelting and Westinghouse Deere Case Tase Bethlehem Steel New York Central Santa Fe Baltimore Ohio Union Pacific Delaware Hudson Drug and United Aircraft were off ott fractionally to a point or more The carriers generally failed to tb re reflect re- re fleet announcement of another substantial sub gain in freight car loadings for the week ended July 1 which showed a gain of nearly 30 per cent above those for the same period of 1932 The steady increase in freight traffic however was believed to have been discounted to some extent during dur dur- ing the past few days when many rail stocks showed their best advances of the year Wall Vall Street noted the warning issued is sued by General Hugh S. S Johnson the industrial recovery director that wage increases and reemployment must catch up with production if the substantial improvement already recorded is to be maintained