Salt Lake Telegram | 1939-01-05 | Page 17 | Steels and Aircrafts Bog down in Dull Stock Market

STEELS AND AIRCRAFTS BOG DOWN IN DULL STOCK MARKET SHARES RECEDE IN TIMID TRADE By V1CTOK EUBANK Aaeoctated lreee FliuuKial Editor NEW YORK, Jaa. 6 StaaU and aire rafts hogged down fractions to more than I points la Tktiretsay's stock market and most other issues slipped. ' Well Street, with eyes centered on .Washington, found two major places of newa to digest Foremost was the president's budget message recommending con-tinuasico con-tinuasico of huge deficit ependtng. aa presaged la his opening address to congress, with ths public debt in the next fleoal year reaching a new record peak. Secondly eras Mr. Roosevelt's appointment of Harvard's Har-vard's Professor Fraakfurtsr to the supreme court. Some financial Quarter saw "Inflationary" "In-flationary" prospects in the latest budget, but stock buyers apVed timid because of doubts rcfty1"! Just now far the lawmakers would go In the spending plans. Neither the budget nor the Frankfurter appointment ap-pointment was believed to have been a surprise to boardrooms. Prices were somewhat uneven at the start, after yesterday's brlak run-up. A handful of utilities, coppers cop-pers and apecialtlea did relatively well .for a time, but pivotal stocks ware without ruing tendencies throughout. U..S. government securities held well despite to big budget. Corporation Cor-poration loans were spotty. Commodities Com-modities developed Irregularity. Ntar midaflernoon aterkng wes up of a cent at 14.44 1-1 and the French franc was .00 l-l of a cent Improved at 12 cents. Tilting forward in the curb were American Gas, Electric Bond at Share and Niagara Hudson Power.