Salt Lake Telegram | 1948-09-08 | Page 26 | Stock Market Sinks Sharply

Stock Market Sinks Sharply NEW V YORK YORI Sept Sept 8 WP iD-A iD 1 A sudden sinking spell sent the stock market market sharply lower Wednesday Selling in the final 30 minutes of trading pushed prices down one to three points generally and andIn andin andin in one of two cases cares more The late drop was accompanied by no special special cial cal developments to account for it iL The downward trend was persistent persistent persistent per per- except for a brief period during midday when quotations leveled oIL off Steels and motors headed the procession down on Wednesday as they did Tuesday Rails Rais followed During the earlier earler part of the day volume expanded to a pace exceeding Tuesday but trad trading did not continue in that fashion ns There were quite evident pauses on the ticker tape between transactions transactions trans trans- actions with the rate of bu business iness at shares falling behind Tuesday but volume increased near near the close That Tat performance bore out brokers who have been contending that activity of late has been rising rising rising ris ris- ris- ris ing on the upside but fading away as prices drop indicating a strong position of the list as a whole Among stocks going lower were U. U S S. S Steel Santa Fe Southern Pacific Chrysler General Motors Youngstown Vl Sheet and Tube American Smelting meling Du Pont American Woolen Southern Railway Railway Rail Rail- Rai- Rai way Standard Oil N. N J. J and Paramount