Salt Lake Telegram | 1934-05-05 | Page 16 | Stocks Slump to Year's Lows

STOCKS SLUMP TO YEARS YEAR'S LO Losses Range to More Than 5 Points in Wave of Selling By ELMER C. C United Press NEW YORK May United 5 States Steel common and a long list of representative stocks were to new lows for the year in a heavy selling on the stock Saturday Losses ranged to more than at the lows For tickers ran several minutes behind the mar ket Stocks were thrown decline it was said 4 many margin accounts Brokerage clerks were ordered to o duty to go over the books and Iw anticipated many margin calls go out over the Gloom spread over the community when the house housea a big majority the Fletcher stock exchange regulation bill ever the market opened dull firm on the theory the house acta had been discounted Traders to the senate for the act The list was in a sensItIve p. p however and when floor trad ens sought to unload prices broka sharply Steel Drops to 45 18 At the height of the selling wave U. U S. S Steel touched 45 8 1 oIl i American Commercial Alcohol 29 off 5 Case 54 off 45 Commer Solvents 23 off Western Union off 3 and U. U S. S Alcohol 44 off 53 All the fore going were new lows for the year Other issues to make lows In eluded Alaska Juneau Gas Deere Co International liar vester Allied Chemical Johns Man yule Du Pont and LIbby Ford Losses in these ranged to more than a point Railroad shares went down with the main list Utilities were and so were communications In the latter group American Telephone made a new low on the movement at off 2 points Wet issues were particularly weak Aviation issues eased on the poor showing made by United Aircraft In the first quarter a showing that reflected the conch conch- tion of the industry after it had loot its airmail contracts Auto Issues Depressed Automobile Issues were depressed fractionally Brooklyn Transit was firm in the traction Loews Loew's made a small gain in the amusements Silvers held well on a firm tone ill the market for silvert futures Stock sales approximated shares against shares last Saturday Curb sales today were shares against shares last Saturday Fears of stringent government leg leg- unsettled the stock during the week The list plunged to the March 7 lows with wide breaks in many sec Then a tone was noted but late ill the week selling was under way again Washington advices had the ear earmarks marks of carefully studied ganda to give the impression the ad ministration was embarking on a amore more orthodox money policy Art des indirectly quoted high govern officials to that effect Dollar Makes Advance The dollar rose as if there a turn back from inflation theories Shorts were trounced with the most spectacular beating administered in i Shanghai in the rush to buy gold silver was forced to a low The New York market fur furnished a feature by itself Indira there would be no mandatory silver at this time sent SlIver down sharply Suddenly the market steadied A buyer was taking huge amounts of May eon eon- tract and of spot silver His opera reversed the trend Guesses on the identity of that silver sil- sil ver buyer were some many of them grotesque The most often repeated was that the treasury was using itS equalization fund to prevent a crash in other commodities That was not confirmed