Salt Lake Telegram | 1936-05-28 | Page 27 | Stocks Drift Lower as Senate Gets New Tax Program

DRIFT LOWER OWER AS SEN SENATE TE GETS NEW TAX PROGRAM PROGRAM BUYING DEMAND TURNS WEAKER By fly ELMER EUlER c. c ALZER United Press Pras Financial Editor NEW V YORK May Senate 28 confusion contusIon over the new tax bill brought further disappointment to Wall street Thursday and the stock market again turned listless as 53 prices drifted lower Trading volume slipped under the share million mark as M s the depressed tone lone developed In early trading the market gave signs of extending the Tuesday and Wednesday recovery ery particularly cry particularly as steel and avIation aviation avia avIa- tion Lion shares snapped forward but the buying force was not toot sufficient to carry carryover over and even some of these Issues lost their gains Franc Frana Near Gold GoM Point The market was wu without any new business de developments to serve as asan asan an nn impetus to trading The foreign monetary situation continued d tense as s the tho French franc held neld eld around the gold point after point After additional supplies of gold ba had bad been I engaged for shipment to the tho United States and States and served as a retardant to stock market operations The price of bar gold on London dropped to a a. a anew new low since November 1934 Aircraft shares maintained the best tone some some of ot tho issues Issue rising to new highs late in the trading United Aircraft crossed 24 2 for more than a point gain while Do Douglas Dougas glas was strong and Wright Aero which climbed 10 points yesterday at onetime onetime one ono time was was almost 10 points higher again today Wright later eased used from this level slightly Youngstown Sheet and Tube led the steel shares rising to 61 to equal the 1936 high Later It was wu back at the previous close while United States Steel after a fractional fractional frac gain dropped as much as as a 8 point under yesterdays yesterday's final figure Bethlehem also turned weak after early strength Prices Taper Off Of f Fairly good buying came Int into utility util ity shares in the early trading Electric Power and Light showing p particular activity on the basis o of a good 12 months earnings report But toward the close these issues drifted lower with the remainder of the market Rail Ran shares had little mUe zest and held fractionally lower in lato late trading Farm equipments showed some lome early strength J. J I. I Case rising to 2 1614 for 1 IH gain only to drop back to for 2 points loss Some mIning mining ruining min ruin ing shares Improved Dome Mines rising more than a point to 68 58 Motors Motors Mo Mo- Motors tors were dull and generally fractionally frac lower