Salt Lake Telegram | 1934-04-21 | Page 12 | Dollar's Drop Upsets Stocks

DOLLARS DOLLAR'S DROP Several Issues Advance to New Highs However j Wall Street Trading Sly ELMER C. C United Financial Editor V NE YORK April 5 irregularly Saturday dollar sank to new SI it official devaluation early js the year For a time the dollar wa which would profitable of gold to Europe It rallied however and toward the clos ci t stock market it was again abo gold shipping point Meanwhile was considerable uncertainty g the government position with to further gold price advances it w indicated the administration w averse to a change at this time ar that It was likewise against a legislation Silver futures dropped sharl Spot price was down cent at cents an OUnce Silver stocks dropp Gold Rally Gold mining Issues rallied early j the day with Homestake up 15 points It lost a third of th gain and other gold Issues dIpp from their highs Commodities aside from steady to firm Wheat rose more than thana a cent and other grains were frac higher Cotton futures a few points Rubber futures were strong I stocks were firm at the out outset set They narrowly in th early dealings and held small gains near the close Rails were by sharp gains In Kansas City Southern both of which made new highs Other carriers moved narrowly tics steady to firm Several Set Several special issues nad highs Columbiano Carbon touched a anew new 1934 top at 76 up 3 points Greene Cananea preferred 40 up 5 Armour of Delaware preferred up and International Paper 9 24 up 14 National Lead recently weak ral lied 5 points to Auburn Automo bile continued weak breaking to a anew new low at 41 off 2 points units sagged with Ml corporation at 8 off a pont Farm equipments firmed with grains Motors were slightly lower a rubber shares Wet lost fractions to a point Aviation generally were higher despite the low bids submitted for airmail American Telephone American Cs Westinghouse Electric Sears Ito buck Radio corporation were among leaders to lose small amounts Advance Despite Grains Stocks and bonds advanced during the past week in the face of decline in wheat which at one tune was off nearly 12 cents a bushel moB last weeks week's close The low in grains was made on Thursday and thereafter a moderate recovery took place Wall street was impressed with the resistance the stock market displayed Silver broke first Then grains ded downward in one of the wildest grain markets of the year Probably the biggest influence In buoying up stocks later was weak weak-i ness In the American dollar which broke below the new gold parity In terms of the French franc and Dutch arid was down in all EurOpean currencies Expect Higher Price Vall street was of the opinion the American gold price of 35 would soon be advanced to 35 The latter mean a dollar per percent cent old parity Gold mining Issues were severely depressed following action of the Ca' Ca government In levying a IO per cent tax on newly rained gold Producers protested so severely it the tax would be modified Silver shares sold off on the legisla legislation tion difficulties and later rallied with the main list Silver futures and bar silver broke sharply and closed on the week IndustrIal issues made a good show ing Steels rose on a 6 per cent rile in steel Motors held steadY despite some more labor as reports showed output at a new peak since Jul 1930 Utilities ties rallied when the electrIcity out put index advanced Rails apprecIated on a gain in loadings a that was sharply above or favorable business factors rise in retail trade and a high in bank clearings