Salt Lake Telegram | 1935-09-13 | Page 27 | Stocks Climb in Quiet Period

STOCKS CLIMB IN QUIET PERIOD By ELMER C. C United Press Financial Editor NEW YORK YORE Sept 13 Stocks Stocks' gained further Friday In quieter trading Leadership was surrendered bytho bytha by tha tho recognized High grade gradi groups to tho coppers The latter at atone one onetime onetime time had gains ranging to more mora than 8 points and held fairly large portion of them Steels were firm although relatively dull and and motors were the same lame Rails had hada A period of ot strength butt but lost vart of their gains near the close Utilities did little better than hold heir own Demand for the coppers cOpper was Inspired In by two factors prospects foran for foran an increase in the domestic price and by speculators who bought hought them on the on-the the assumption they were behind the market It is an axiom In Wall street that when the coppers cop cop- pers s join an advance its duration durations Ii s apt to lie be short lived On that theory caution considerable caution was ex exercised late in the day and man many traders traders' took profits United States Smelting Refining and common stock stack reached up 8 84 points and held most of IL it American SmeltIng Smelting Smelt Smelt- ing rose o a new high for the year above 50 Cerro de do Peace Pasco was bid bid- up more than 2 points Ko n and Anaconda made n new w highs on ott heavy turnover Wall Wair street expected a cent 9 price for or copper metal before beor an another another an- an other week passes Demand for the metal was reported increasing abroad much of it for war pur pu- poses Foreign copper advanced Higher prices for steel stock were inspired by further indications the tho nations nation's steel operating rate rato 53 would uld rise again next week k Some predicted 2 a new high for th thi In Pittsburgh the rata will bo boat at 48 S per cent on Monday a new high for the Iho year Birmingham's rate was expected to hold at p per percent r cent U. U 8 Steel common stock rosemore rose roo more Inore than a point and held most of it National was up more than a a point and so was Republic Steel preferred Others o of the group croup gained fractions to a. a point Railroad shares had a bit of strength despite B a more than seasonal seasonal sea sea- decline decline car in car loadings for Labor day day- week reported today However the total was above a year ago and traders anticipated a substantial sub rise in the tho present week New York Central closed at off 8 1 after touching 26 3 L Pennsylvania Penn Penn- sylvania lost 4 on the day Atchison Atchison Atchi- Atchi son closed at 51 58 5 off 5 58 It had bad sold a as high as 53