Salt Lake Telegram | 1938-06-13 | Page 17 | Major Issues Lack Support

MAJOR ISSUES LACK SUPPORT By VICTOR EUBANK EUA Associated Press Financial Fanc Editor Edior NEW YORK YORK June 13 Stock 13 Stock market leaders leader turned in a 8 losing losin performance Monday Mondy with wit industrials Indus Indus- idus- idus trials rials tra yielding to around 2 points and a few volatile Issues more JA j jAs As A In the te last la several weeks week vo vol volume vol ume time was wa conspicuous by its It ab ab sence Transfers were in the te neighborhood neighborhood neighborhood neigh neigh- of 30 shares saes another one of the te lowest full ful day turnovers in n about four years year Boardroom analysts derived their ter principal consolation from front the te fact Important blocks block of stocks stock refused to come out on the te downside It was recalled that what little activity activity tat av- av ity h has appeared In i the te last month mont or so has been in rallying periods the te only ony good news from front te the markets market's maket's standpoint was wa the te likelihood congress would pack up and go home within the n next x two to toor or three tree days dys A quick passage of ofte te the thoroughly amended wage-hour wage bill bil now nw generally conceded conceded left speculative forces cold Lack Lc Support Steels motors farm implements aircrafts aircraft coppers copper and ad specialties lacked support throughout although utilities and ad rails rb put up mild mUd re re re- The In commodities wa wad w reversed reversed with wit grains gain weakening Crier Carrier bo bonds ds gave ground In I the te loans division One or two cheerful Items iem were discerned in the te business picure picture but these tese were mostly ignored Scant attention was wa paid to t the official estimate placing pd this weeks week's steel production at 21 per cent of capacity up 9 of a point from front the te preceding week Unsatisfactory op operations op op- in this department were shown by comparison comparion of the te output rate rte with wih the te same week last l year yea when the fi figure e stood at per percent cent cent Registrations Decline Motors Motor were no worse than others oter although new passenger car registrations regis regis- regi- regi in May were fixed fied at more moretha than tha 9 per cent under April and were less than tan half of the aggregate te in May Maya a year yer ago General Generl Motors preferred was w an exception with t a a fair advance Aircrafts Aircraft were rather sickly despite de do- spite dollar volume deliveries of airplanes air planes and parts during the first four months of 1938 topped those for the corresponding corresponding- 1937 period by more than Wheat at Chicago lost 1 to 2 8 1 cents a corn was off 1 8 11 8 1 to 1 Gold mining stocks did moderate ly well with Homestake and Mc Intyre up a shade at one time