Salt Lake Telegram | 1936-04-23 | Page 19 | Stock Prices Crash in One of Widest Declines of Year

PRICES CRASH RASH IN ONE OF WIDEST DECLINES OF YEAR c r TRADERS DUMP 11 I MART HOLDINGS I IBy II I By ELMER C. C W B United Press Financial Editor NEW NEV YORK April Apri 23 Fright 23 Fright Frightened ened traders dumped their holdings holding I on the tle stok stock market Thursday Prices crashed in one of the widest i declines of the year and trading for a 0 time was wa so heavy that that tickers six si minutes late I Railroad shares dropped to t the I lowest lowet levels since January Januar 27 z while I industrial and nd utility issues at new lows since March 13 Heaviest dealings were wee early erly Inthe in inthe inthe the fourth hour That was wa wa the te ee sec second sec secand ond and in a series of declines tat that marked a a session which began with witha wih a a long ong list 1st of small smal advances in n orderly trading Failure of the ILS list lit to carry through on yesterdays yesterday yesterday rise rie led some somo timid traders to sell sel Meantime Meantime Mean Mean- time European selling orders i reported The unloading spread and stops touched off oft Shorts Short increased commitments Actually there was noth nothing ng in Inthe the news to account for the tho sudden turn turn down Brokers recognized the market market market mar mar- ket was in ma a 3 precarious position and urged caution cauton Traders did the te rest by circulating a a batch of rumors rumor in true true- bear style Adverse interpretation tion ton was placed on all aU items that had an inkling of pessimism and good near was wa ignored Declines in the railroad shares ranged to 8 points point in Union Pa Pa- Carl R. R Gray president of the road reported that April Apri net operating operating oper oper- aUng income would decline from a a year ago because of heavy expenditures expenditures expendi expendi- tures for equipment and repairs Atchison as its It low was wa off off 5 5 points point and declines of 2 to 4 points were noted in Delaware Hudson Great Northern New York Central Southern Pacific and Southern Railway Railway Rail Rail- Rn way issues Steels were driven down down U. U S. S Steel touched 67 8 5 58 in the tho to e early 0 dealings and fell fel to 64 6 which was wa off 3 points It regained a small smal amount of at the loss Youngstown Sheet Tube declined 6 points point at atis its is low Republic 1 8 7 a and d Bethlehem Bete Bethle Bethie- hem 4 8 3 points Losses of 3 to more than tan 4 points point were made by such issues as Allied Aled Chemical American Can Auburn Aubur Auto Deere Deer Co Douglas Dougl Du DuPont DuPont DuPont Pont Industrial Rayon Johns Manville Lehman corporation Owens Illinois Owens Glass Glas Radio Preferred Preferred Preferred Pre Pre- B U. U S S. S Industrial Alcohol U. U S. S Smelting and Westinghouse Electric Electric J J. J I. I Case led the farm shares down dow It touched 16 and then fell tel to 1531 where it was of off O O points point from the previous close National Na Na- Ma- Ma tonal Lead at one time was WB down 13 13 points Radio Corporation Radio was heavily sold voId touching a new low low- for te the year ear a at 10 off 1 8 1 points Ch Chrys ler fell from tt to 96 06 8 8 3 off 2 27 7 General Motors lost nearly 2 points poInt Chryslers Chrysler's first quarter report and dividend action were scheduled for acton this afternoon at 4 p. p m. m r