Salt Lake Telegram | 1936-04-20 | Page 15 | Stocks Suffer Sharp Decline in Last Hour Selloff Move

STOCKS SUFFER SHARP DECLINE IN LAST HOUR MOVE ii MARKET DROPS 1 TO 5 POINTS By ELMER a United Press Financial Editor NEW YORK April 20 A 20 A last hour shook the stock market out of a narrow rut Monday and broke prices one to more than three points The whole list was affected Rails were hardest hit in fri percentage dc deline de- de line clime while the widest losses were weri in n the higher priced issues of arious categories Allied Chemical was down more than three points Columbian Carbon off more than five ive and Paramount First preferred off ff more than live five Many Losses Noted Losses of two points or more were noted In American Smelting Cask Case Crown Cork Sc Seal Du Pont International Inter Inter- national Harvester Monsanto Chemical Phelps Dodge New ew York Central Southern Pacific Standard Oil il of California Timken Roller Scaring Bearing Union Carbide United States Smelting and Electric Johns Mansville Saturdays Saturday's Satur days day's weakest lost two points Deere was down more than three Chrysler which touched 99 in inho ho tho early trading plunged nearly five ive points front from the high and other automobile shares followed it down at a slower pace General Motors and Auburn lost a point or more each Trading was wa dull until the last hour lour Prices showed signs of re recovery recovery re- re covery in many sections notably steel and automobile Some traders were so impressed they were predicting pre pre- dieting return of activity under leadership of these stocks Then in inthe the last hour without apparent reason rca rea son the selling began in earnest Soon tickers were running late and prices were declining generally Some Recovery A lull came around p. p m. m and some mild recovery was noted as shorts covered The was unloading resumed before the close with particular particular par par- emphasis on Chrysler A Along long list of issues made new lows for the year Amusement shares were actively sold at moderate concessions con cessions for forthe the common stocks Traders have been disappointed over recent behaviour of th the list and sellers increased on the tho first turn down Wall Street anticipates trouble in Europe this week with the French elections approaching The tax tac bill also is considered a a. alively lively factor in itt determining the immediate im fm mediate trend Meanwhile however business con con- continued tinned its advance Steel operations according to the American Iron Sc Steel Institute set a new mark since June 1930 at per cent of capacity capac capas ity up 25 points from froma a week ago agot