Salt Lake Telegram | 1934-08-10 | Page 17 | Slump Occurs on Big Board

SLUMP I OCCURS S ON BIG BOARD Wall IatI Street Quickly Loses p Enthusiasm Raised by Silver Action By ELMER IER C. C United Press Financial Edl Editor r NEW YORK Ag Wall 10 street lot got over Its silver In in less lessy less the stock market marke turned y than a day daj r bonds with prices sagging t lethargic 1 were mixed with U. U S. S governments t P down cotton lost 1 l a bale balc I l. l wheat p more more re than a cent a n. n bushel and o other er grains grams except corn lower the dollar rallied after were an tn early decline I Traders had misinterpreted the treasury announcement on silver rationalization nationalization Th Thursday and had overbought the silver mining issues The latter latler in no way profit by the nationalization plan since the price paid aid for br newly mined silver remains remains' 0 at It t 64 8 1 cents and there has been 12 no indication on of oC a 6 change Foreign traders who viewed the k plan lan as inflationary and sold the dollar dollar dol dol- i I lar r covered to some extent and a moderate mod mod- t I erate rally ensued after a further de- de in early dealings Longs in ingrains ingrains grains rains took the opportunity to take profits So did those who had Md profits in rubber cotton and copper futures Silk lead and hides firmed Business ess News Mixed Business news was mixed with a better seasonal as nal showing in car loadIngs loadings load load- ings and building and a wider than anticipated drop in July shipments of r United States Steel corporation In Ia the silver mining section on the stock exchange U. U 5 S. S Smelting f broke to 2 1 off oU 3 2 1 points American Smelting 36 4 3 3 off 2 2 Cerro Cerro ro de dc Pasco 39 4 1 1 of off 1 8 5 and Howe Sound 52 4 3 34 of off aU 2 1 Gold mining minin shares were down a point or more r r. r except Homestake which make up a loss incurred in the preceding session Railroads resumed their decline in inthe inthe the face filce of oC the weekly car loadings report for the me week ended last Sat Sat- It showed loadings of j cars a rise of 2450 over the previous week at a time when a decline would I be seasonal Union Pacific fell back to 92 4 3 34 while New York Central and Southern ern Pacific were down a point or orso so Copper chares slipped back with the other miners Should there be beil heavy production of or silver a copper r product by-product in many mines copper v stocks would increase sharply jeopardizing It k the price of that metal Late in the day pressure developed i In the automobile section Auburn automobile dropped more than 2 I. I points Chr Chrysler lost nearly 2 points I ond end General Motors more than a aI t. t I point 3 The setback in wheat brought selling sell ing into J. J I. I Case Casc which lost more morer r than a point and into the mail order shores shares which lost a point or more American Telephone eased cased more than thana a point as did American Can Goodyear Dome Mines Du Pont L Johns Manville Loews Loew's McIntyre Porcupine National Steel New York YorkI Central Patino Mines Western Union I and Westinghouse Electric California Packing had a loss from I the previous close of oC more than o Q point after equaling its high for the year at 39 5