Salt Lake Telegram | 1935-03-11 | Page 15 | Stock Market Hits New Low

STOCK MARKET HITS NEW LOW By ELMEE C. C United Tress Financial Editor NEW YORK UP The UP-The The stock market Monday broke to a new new- low level for the year on increased sales volume Heavy selling came In the third hour when cotton futures here crashed nearly 10 a bale Grains weakened and stocks followed the general commodity drop Rumors alone were responsible for lor the cotton decline the principal one connected with the government loan value on cotton Cotton and grains rallied sharply from their lows May wheat theat touched 95 cents broke to 92 fc 92 cents and rallied to 93 cents off 1 cents on the day Sugar futures alone were able to make gains and they were vere aided by the difficulties in Cuba which might hold up shipments of sugar to this country Another influence toward lower stock prices was the treasury bond call which automatically wipes out national bank notes The financial community construed it as further evidence the government was steer ing away from inflation Markets generally generally gen gen- reflected its char acter The stock market market- fluctuating Bar nar narrowly in dull turnover swung into action and prices broke when cotton plunged downward Heaviest losses were in farm shares whose companies would lose ose by curtailed cotton in Income In- In come Gold and silver mining issues declined on the treasury bond calL Rails weakened as did building shares packing stocks and special Issues United States Steel broke to a new low for the year at 29 5 8 off 1 points and other steels followed While U. U S Steel reported a sharp rise in shipments for February present pres pres- cal ent operations are much lower ac according according ac- ac cording to Wall street estimates Most issues closed at or near the lows although trading quieted front from the pace reached during the major break United States Stales government bonds joined the decline with the long Jong terms bearing a 3 3 or smaller coupon the heaviest losers reportedly because the bonds lose the circulation lege in July and the market may therefore be forced to absorb to-absorb them in the meantime Behavior of the American dollar was vas exactly the opposite of any lion tion psychology The dollar declined in sterling currencies but rallied in ingold gold currencies