Salt Lake Telegram | 1939-08-28 | Page 19 | Motors Lead Stocks up after Sharp Dip

MOTO u. u RS LEAD I STOCKS UP AFTER SHARP HARP DI DIP TRADERS WATCH EUROPEAN NEWS By fly MOTOR EUBANK Associated Press Pres Financial Editor NEW YORK Aug 28 Under 28 Under the leadership of steels stel and motors motor stocks stoc rallied red selectively In I Mondays Monday's Mondays Monday's Mondays Monday's Mon Mon- days day's market maket after an a early tumble tuble of 1 to 4 points pit attributed mainly to a revival re iva of European war w ten ten- te- te teson sion son Prices began to Improve around midday and ad In i late dealings ex extreme e- e etee ex- ex tee losses were reduced in many Instances Itc or converted Into Ito modest advances Most closing quotations however vever were on the offside re recoveries re- re re giving away here her and there at the finish fi With Wit axis a and axis anti ant ant-a military mt forces force poised pie for what could bethe be bethe bethe the g greatest combat since sic the start st of the world debacle In I 1914 tradel's traders trad trad- ers els er in inline the he forenoon reverted to t pessimism and scurried to neutral neuta territory Offerings however were comparatively light and this t bro brokers brokers bro bro- br kers ker said sd tended ended to bring brg In I a alte little support Transfers for the te five hours hou ap approximated ap- ap ap shares share Showdown Impends The Te feeling In i boardrooms was wa that war or peace would be decided de do- de probably within wt the e space of hours hour That Tat the showdown sho ow was was seen in the return Ip jp tip of Ambassador Henderson Henderon w h England's reply to Gerany Germanys Germany pr proposals sal regarding Poland Poland which rep had it It was vas wa Jar far fa from Indi- Indi catinga a n new e v appeasement Traders Trader Taden consequently while refusIng refusing refusing refus refus- ing to gt panicky ge panicky were hardly In Ina Ina i a mood t eap to bullish sion Some financial quarters quarter at the te tese same se time wate w re encouraged by talk tk of mediation e by y Mussolini and by the fact te verea conflict currently w was washing a s being Ing confined largely to a wa ot words Several Several Several Sev Sev- eral professed to see see si signs the fuehrer fuehrer fuehrer was willing to postpone der tag and negotiate Tumble In I lor Morning 1 Although stock prices in the forenoon to within wih re reaching distance of last Junes June's Jues Jue's loss IOS m mission houses suggested the small smal amount of selling accompanying the decline was mainly maly of ot a se iL sp u. u lathe character and that Investment invest- invest Jj ment portfolios on the whole sti were undisturbed Prominent shares in the resistant class cass were Chrysler General Generl Motors Motors Mo Mo- Mo tors tor U. U S. S Steel Bethlehem and Standard Oil Oi of ot New Jersey Inclined to lag were Montgomery Montgomer Ward Wad Sears Roebuck Douglas Aircraft Aircraft Air Air- Ar- Ar craft caf Anaconda American Can C Eastman Kodak Philip Phlp Morris Mor J J. J C. C C Penney American Telephone North American and Goodrich Steels Steel were aided by an unexpected unexpected unexpected officially estimated jump jup Inthis in inthis this weeks week's mill mU operations The Te rate rte was placed at 8 of a point above the te previous week at 63 6 percent per percent percent cent of capacity a top mark since October U 11 1 1937 Bond Market Ie Heavy Bonds Bond especially U. U S. S governments govern govern- gover- gover ments and a number of foreign loans loan were heavy Commodities w were re mixed Wheat at Chicago rose 8 5 to 1 8 15 8 5 cents cent a bushel and corn cr was wa up 8 7 to 1 5 5 Cotton In I late dealings was off of 45 to 80 cents a bale Retreating In the curb cub were Aluminum of America Electric Bond and Share Gulf Gul Oil Oi Lockheed Lockheed Lock Lock- Lck- Lck heed and Pittsburgh Plate Glass Gla Sterling at London dived to anew a anew anew new low Jow for the last six si years and bar gold at that center was wa lifted the to a pound new record peak pea in terms ter of ot