Salt Lake Telegram | 1935-05-07 | Page 19 | Silver Shares Lose 2 Points

SILVER SHARES By ELMER C O. O United Press Financial Editor NEW YORK May 7 Weakness 7 in n silver shares United States government gov- gov securities and grains lea lea- the country's markets Tues Tues- day ay Silver shares lost ost 2 points or more on the stock exchange and the bo main list with the exception of the ho oils and a few specialties were down fractions to moro more than a point U. U S. S governments lost as much luch ns as a half point In dealings double those of yesterday Losses in ill grains ranged to moro more than 2 cents in rye Wheat closed down 1 to 1 li cents a bushel on the tho day Selling in the silvers gained mo momentum mo- mo late in the day after some somo of the group had firmed U. U S. S Smelting Smelting- touched up 14 points but later fell to Howe Sound dropped from 51 to 49 Cerro de do Pasco from to 55 55 and American Smelting from to s Coppers were about steady Gold old shares lost slightly Railroad stocks and bonds depressed again At one time losses bosses ranged to 2 points In Union Pacific A firmer tone developed before the tho close The selling followed a de decline dc- dc dine cline In rails after a brief spurt when the supreme court announced its decision yesterday on the railroad railroad rail rail- road pension bill Unloading of the silvers had no basis in the news Some traders looked for a clarification of th tho silver situation when Secretary speaks on the radio Monday and lightened commitments commit commit- meats ments in the market Deman oil shares was a fea fea- fea ture Several including Seaboard Oil Dil Stan Standards lards of New Jersey and California and Phillips Petroleum made new highs for the tho year at gains ranging to a point Others were fractionally higher aid in fairly good demand In addition to the Improvement In the industry through reduction in output of illegal tile ille gal oil and higher gasoline prices the stocks have on their side the arrival of the best season of the year for gasoline sales Losses In steel shares ranged to more than a point Automobile issues is sues were steadier