Salt Lake Telegram | 1935-09-14 | Page 15 | Metal Sheres Hit New Highs

METAL SHARES HIT 1111 NEW HIGHS NEW YORK YOEK Sept 14 UP tJI- tJI Prices turned Irregular in dull trade trad lug ing on the stock dock exchange today on week end profit taking Nonferrous metal shares featured h the early trading with several mak nak making big ing new highs from which they re ro ceded before the close Demand for the copper shares was helped by a rise in the price of foreign copper to cents a pound the best beit level since May Talk persisted per per- slated that the d domestic price which now is 8 8 cents would be advanced t to o 9 cents within another week g gNew Ne New highs wore were made by American Smelting Anaconda and and United States Smelting touched 1 up a 31 3 points Some of the baking shares and ana special made gains Purity Baking made a new high for the year and General Baking was fairly active at a small gain Greyhound t tand and American Bank Note made new j highs highs' for the year American Can rose a point fractional gains were noted in Monsanto Chemical Com Commercial mercial Solvents Solvents' and Alaska Ju Ju-J neau 7 New York Shipbuilding pr preferred t broke brok more than 7 points when di directors di- di rectors omitted the dividend and th the common lost a point Leading Industrial Issues were were fractionally lower Small amounts of short selling came Into the lead leading tog ing motors Electrical equipment sagged Rails dipped fractionally and oils resumed their decline Steel shares were strong early and most of them were steadier than than- the general usE list near the close Building Issues failed to advance on highly favorable reports front the building industry F. F W. W Dodge reported residential construction for forthe forthe the first eight months of 1933 1935 at atthe at atthe the best level since 1931 while all construction made a similar record excepting peak P W A periods Stocks moved irregularly during the week with volume around the largest for any week this year Industrial stocks advanced with the average at a new high since 1931 The rail average broke through tho 1935 1035 high but later declined Tile The utility average also was slightly lower Group after group was given a awhirl whirl and finally in the Friday sos zion sion the coppers had a sharp rise featured by issues whose companies also do a large silver business Rails were being watched for further In Indications In- In of the market trend tren Chart readers were disappointed over their inability to carry on af tec the high of the average was was pene Utilities were sold In seva sev several oral eral sessions but their changes were small at the end of the week Steels were strong v Some traders believed s the stock market was adjusting its technical position as it progressed while others held a substantial reaction was overdue The latter belief led to considerable taking profit es especially es- es after the copper shares be began begar be- be gar gan to rise Sentiment in Wall WallStreet Street is still predominantly bullish on the longer term Numerous favorable corporation reports were issued General Motors August sales were the best for that month since 1929 Western Union increased its net income in the first seven months American Telephones Telephone's Telephones Telephone's Tele Tele- phones phone's July net operating Income gained U. U S. S Steel shipments made a substantial gain in August as compared corn com pared with the previous month and anda nd a year ago Several favorable dividend divi changes were reported Demand for copper shares was Inspired by hopes for a high price shortly on domestic copper Steels gained on outlook for another rise rise- in the operating rate next week Automobile issues continued t to gain under the lead of Chrysler which made a new high since 1929 Allied Chemical Union Carbide and other chemicals made good gains the first netting 6 points points' on the week Oils were laggards again on unsettled conditions in the industry as as regards price Gains in the copper copper cop cop- per and silver department ranged to 5 points