Salt Lake Telegram | 1936-10-23 | Page 27 | Stocks Advance Fractions to Point in Draggy Trading

AD VANCE FRA S TO POINT IN TRADING OILS UTILITIES LEAD INCREASE By ELMER C. C United Tress Financial Editor NEW YORK Oct 23 UP The UP-The The stock market advanced fractions to more than a a. point in trading Friday after a slow and irregular start OiLs reflecting Oils reflecting the good statis- statis tica position of the industry and utility shares started the advance which later spread to the industrial indus indus- trial rial group Rails lagged despite report of the Association of Amer- Amer tear car which showed car car- loadings for the week of October 4 10 0 at cars the highest since J November 12 1930 1 Oils were benefited in early deal deal- by overnight announcement of ofa a Wt lilt in the dividend rate of Mid continent Petroleum This climbed more than a point to toj new high above 29 Texas corpo ion gained more than a point polsi above 45 for a new high on able earnings forecast while ot oil issues advanced fractionally Alter After some irregularity utility issues started climbing under lead of Consolidated Edison which gained more than a point to above 27 American Water Works and North orth American were popular Some of th the buying in iii the utility section reportedly was hedging In view of the approach of the national national- election Steel shares however weakened at the the- the outset outset and for most of the session were lower United States Steel preferred however turned active and climbed to 1 li to a new high as traders bought on expectations of favorable dividend action next week This brought recovery in most of the common stocks Crams Cram's Service reported automobile automo automo- bile production this week at units units units-a a gain of more than over the previous week and brought Interest into motor shares Chrysler gained 2 points to although all of the gain was not retained General Motors firmed fractionally White Motors advanced advanced ad ad- fractionally and Mack Truck gained a point There was considerable selectivity apparent with several special cial Issues going to new highs In Included In- In eluded were were- the cigar stocks Bayuk and Congress each making new peaks on a gain of more than a point Beechnut Packing on a a. gain of more than 2 points Procter Gamble on a gain of more than 2 points Parker Rust Proof on a again again gain of more than a point Minneapolis Minne Minne- apolis Honeywell on a gain of more than 3 points Lehn Fink Waukesha Waukesha kesha Motors and Spiegel May Stern International paper Issues were active and strong the pre pe ferr cl more gaining than 3 points