Salt Lake Telegram | 1936-02-28 | Page 25 | Stock Prices Move Lower

I ISTOCK STOCK PRICES MOVE LOWER N W w YORK Feb 28 23 UP New UP-New New taxes axes proposed by by President Roose Roosevelt velt volt a lower than expected Montgomery Mont gomery W Ward d dividend and an L I. C. C C. C ord order r reducing passenger fares farea combined today to send tho the stock market into lower territory Prices held well until the last hour when selling attained such proportions proportions that tickers tell fell b behind They caught up before the close and 1 d prices fluctuated irregularly around th their heir lr lows Iowa for tor the day The Montgomery ward dividend ordered was 20 cents a share tho the first sinco August 15 15 1930 The Tho Street had looked for 41 1 however ho and promptly sold the stock down downto downto to 38 8 6 8 off oft 2 28 8 5 8 points Rallies S Slightly 1 l. l Montgomery Ward had hat touched 41 3 8 2 in active tra trading where It was NIlS va only 8 1 under I Its high since lince 1930 It rallied slightly from the tho extreme low tow before belore the tho aloes cloae New Now Y York rk Central Railroad fell from 40 to 88 where it was waa off oft 1 points Atchison sold doWn nearly 2 points front from Its Ita high and nd other carriers made corresponding declines The Street believed some of the roads would profit by by- lower rates but that others would lose Hence the immediate move was to sell Copper shares slipped back after their recent advance and silvers joined the tho decline Early in the session American Zinc Issue and andSt St St. Joseph Lead rose on higher prices for those commodities Oils Irregular Oil shares were irregular with Amerada and Texas corporation outstanding outstanding out out- standing favorites on the upside Each made a now new high on gains gain of ofa a point or more Utilities dipped with the general market but most losses were held to fractions Steel shares shares- resisted selling for fora a time but finally dipped with the main list Predictions were made that the steel operating rate would be increased to between 60 and 70 per cent next month Automobile production rose this week and further further fur fur- ther gains were looked for with consequent orders for additional steel Steel companies were in the scrap markets today and the scrap price at Pittsburgh made a new high since 1930 1030 Rails EalIs Prove Strong There were several strong spots Including the tho railroad equipment group where most issues made new tops White Motors made a now new high in the truck division where Mack Trucks also was firm National National Na Na- Dairy Products ts made a new high New tops also were made by such issues as Baking flaking flak Bak ing A and Cuban American Sugar Aviation issues Were firm with Douglas up UR moro more than 2 points points' at Its high