Salt Lake Telegram | 1939-08-21 | Page 17 | War Fears Seize Stocks, Losses Run to 3 Points

t FEARS F ARS SEIZE STOCKS LOSSES RUN TO 3 POINTS POINTS' i i it CURRENT WEEK HELD HED CRITICAL By VICTOR EUBANK Associated Press Financial Eitor Editor NEW NW YORK Aug 21 New 21 New European European European Eu Eu- war wa fears assailed the sto stock k market Monday and drove down leaders 1 to more than 3 points point many to lowest quotations since early eary July a Dealings speeded up for a brief interval at the start with wih motors and steels changing hands in blocks of 1000 to shares The pace slackened thereafter and ad closing cosing priCes prices were a point or so above the bottom in many cases Transfers for the five hours approximated shares Overnight headlines apparently soured speculative s sentiment e n t i m men e n t t. t bringing the opinion from continental continental cont- cont conti conti- sources a show-down show for week hostilities or peace was likely this Trade Pact Depresses The Te picture brokers said was darkened by announcement of the Russian German-Russian trade agreement massing masing of both nazi and Polish I troops on the borders border of these countries and the summoning of cabinet meetings at London and Paris to deal with what most agreed was one of the most serious crises debacle since the last lat world military mitar Stressing the gravity of events was the action acton of Belgium BelguIn in callIng callIng caling call call- cal cal- Ing a conference of six small smal nations nations na na- na- na tons to discuss a compromise plea plea to the conflicting powers To some this was constructive in view vew of the thought It i might offer a way out for those totalitarian chieftains chieftains chieftains chief chief- who are ae presently on jon jona a limb At home the business scene re remained remained re- re as cheerful as ever Feeble support came caine cae in when the American Amen Ameri can Iron and ad Steel institute estimated estimated est est- esti esti- mated this weeks week's mill mi operations w would uld be Up tip tp 1 of a point at per pe cent of capacity a new top since last November War Staples Boom War staples put on a burst of strength but other commodities were mixed Wheat at Chicago jumped 11 to 2 24 cents a bushel and corn cor was up a 7 V to 1 J Cotton Cotton Cotton Cot Cot- ton in late transactions was wa off of 5 to 20 cents a bale Stocks under pressure the greater greaten geater great great- geat- geat er en part of the day were U. U S. S Steel Bethlehem Chrysler General Motors Motors Motors Mo Mo- tors American Telephone Douglas Douglas Douglas Doug Doug- las Aircraft U. U S. S Rubber i Goodyear Goodyear Good Good- year Woolworth Safeway Stores Celanese May Department Stores Western Wester Union American Smelting Smelting Smelt Smelt- ing Great Northern Norther Union Pacific Loft Lof American Can du Pont Pont- J. J I. I Philip Morris Moris Generally restricting losses to minor amounts were Texas corporation corpo corpo- ration raton Phillips Petroleum Anaconda Anaconda Anaconda Ana Ana- Ana Ana- conda New York Central Southern South South- em ern Railway and Sears Roebuck I All Al foreign markets pointed low low- low 1 er en Bonds including U. U S. S governments governments govern govern- gover- gover ments and central centra European loans loan weakened Wilt in Curb Trading Wilting in the curb were Lockheed Lockheed Lock Lock- heed Electric Bond and Share American Cyanamid B Amerl- Amerl Amen 1 can Gas and Aluminum Ltd Those watching the motors heard predictions the coming model year would eclipse the 1939 season by 12 per cent or on more with volume of some units Aided by lessening lessening less less- ening material costs earnings prospects prospects pros pros- for the principal manufacturers manufacturers were understood to be bright