Salt Lake Telegram | 1949-07-02 | Page 15 | Mart Edges up during Week

Mart Edges Up During Week NEW YORK, July 2 (UP) Stocks gained slightly In most roups during the past week on reduced volume which averaged only Me, 700 shares daily. Railroads made the poorest showing of the week although they featured In strength on Friday. Fri-day. Utilities, the best performers, perform-ers, hsd weekly gains that ranged to more than a pouit. The Indus In-dus trials were up fractions to 2. points. The list ran Into opposition on Monday and Tuesday after a week of advance previously. Then firmness firm-ness developed again, improving through the final session when some short covering helped the upturn In advance of the three-day three-day holiday through Independence day. Two Favorable Items Two favorable Items were cited, namely the vote for the Taft amendments and the federal reserve re-serve change in its open market policy. The federal reserve board aald It would gear tta operations on bonds henceforth with a view (wrtnerfssing the amount of money available for business loans. Business Busi-ness loans are not In demand just now, but the time may not be far off when they will be, it Is arpued. Several other credit restrictions went out the window as June ended because conirreM refused to extend them. They include the instalment in-stalment ejrulation which aet limits on down payments and instalment in-stalment payments for autos and other Items. The market Improvement came without benefit of an improvement improve-ment In business. Most major lines receded further and there wars Indications of a sharper de- ciuie in coming weeks aa Industrial Indus-trial plant close for annual vacations. vaca-tions. Car Output Slip Automobile production during the week slipped down to 144.188 ears and trucks, against tha postwar post-war record of 158.001 In the previous pre-vious week. Production for the first six months, however, stood at S, 178,830 unit, against J.eiS,-133 J.eiS,-133 units In the corresponding period pe-riod last year. Steel production fell back to 7-i of rated capacity. Coal production fell again aa workers vacationed. Construction declined from the previous week but waa over year ago and the total for the year to date exceeded 1948 by 18. For the month of June the market lost ground slightly. Because Be-cause of a sharp drop In tha rails, ths market value of all listed sharea gave up about a billion dollars.