Salt Lake Telegram | 1949-02-05 | Page 1 | N. Y. Exchange Sees Stock Prices Plunge

j Y Exchange Os es Stock ices rices Plunge v r YORK Feb 5 UP UP- UP dropped more than 1000 1000 in value on the New York I Ik Jck k exchange Saturday under I vy STY y selling selling- attributed to weak- weak rin jn grains and cotton general generale e e declines and reports of ris- ris ft L was the widest break reak since Nov Noy 9 and came on the heels A loss of some in inIe lc Ie values alues Friday when Creole oleum Corp cut its dividend use uise of a reduced demand forde lorde for lor Ide de oil trading ading ading quickened ened as stocks e dumped on the market and if 1 f days day's turnover of res es was the largest for or any Saty Sat- Sat ly y session since last Nov 6 compared with ith shares a ak Jc k ago 1 1 Turn Cautious Vail aU Street quarters said small i old rs had turned extreme because of the downin down down- 1 in ir commodities and indica- indica is L of ot further price cuts in coner conier Conner Con con- ner ier er goods lines ignoring the thet t that such major lines as steel If r automobile production areng are ling ding ng up well was as brought to f I See Page 2 Column 8 S I iSTOCK STOCK PLUNGE Continued from PIP I market f ft the forefront as a by a census bureau report II number of employed persons country now no stands at 51 which is under thI ure a month ago The Pennsylvania in Philadelphia S St that it will furlough 2500 maintenance II result of a more than s 7 decline In traffic Cut Margarine Z Traders also have been Over the decline in prices This was pointed up Saturday in w F Durkee Cleveland by the Foods that it was cutting rutting 20 a 8 athe athe sale margarine prices sit reduction the second first of the year Losses in individual I 1 ranged from 1 51 to and virtually ever every lea leading f C chip was hard hit I P Steel American Tobacco General Motors and arid stan of California There was heavy Saturday in the Chicago gT which trade quarters caused mainly by he tion to lii high h prices price both t abroad Losses ranged t than a a. bushel in rye rye time t. t r rhad The New York cotton I Ia loss of ot n na had an extreme a bale but sta staged ed a late law t close down to u l-u net neL