Salt Lake Telegram | 1940-02-08 | Page 19 | Late Buying Wave Boosts Stock Prices 1to 3 Points

LATE BUYING WAVE BOOSTS STOCK PRICES 1 TO 3 POIWTC MARKET r.!SES : FOilTODAY By VKTOB aXBMJnt a Aaaiulalal rraas f-iiiriil nMer NEW YORK. Feb. A Uta by-lag by-lag ware Thursday sweat stock market leaders ap X to S points. It was the third aiiesscutlv rising seaetoa and votam In the final hour picked ap aspraaaJUy. Traaa fan of around 100,000 shares ware the best In several weeks. The run-up came after eonatdaW able hesitancy during the earls part af the preoeedlngs. Ihort covering, brokers said, bad musai to 4a with the last-tnlnuta spurt: JLlrcrafU ware In front throughout. Steals, Motors and other Industrial specialties Joined the prsesssloa after midday and moat ware around peak prioes at the doee. . There were few outstanding dax, politics or the Eiropeaa war, bub speculative contingents thourb the list appeared more responsiwa to bullish Inspiration than ether wlea. In addition, the opinion we widespread that the recent tndueo trial recession may have beer pretty well discounted. Mew kllgha . . ! New highs for the past yeaV ware record od for Btudebaker and. Priam Manufacturing, amort; others. Prominent oa the upamei were Douglas Aircraft, Boeinr;. Glenn Martin, Chrysler, General Motors, U. 8. Bteel, Bethlehem. 81oaa-8heffleld, Montaomery War te New York Central, Pullman, We-t-lnghousa, American Can, Phi i Mania, Hornestake Mining, Ca ,-fornla ,-fornla Packing and Coneolldati, Coppermlnaa. ' Kails and a till ties tipped U bond departrnent lorward. Whe-t at Chicago swung ap 114 ts 1 senU a bushel and corn gained to cant Cotton, In lata trana-actlona, trana-actlona, was off 5 eemts to ap S ) eents a bale, foreign marker were Irregular. . ' tmpeava aa Oarb . tmpraved ta' the curb were' Brewster Aeronautical, fn' Gas and St Regis Paper. Oa the "big board'' Atlas Pre' der, usually Inactive, moved ap' following word the British government govern-ment had provided funds for additional addi-tional construction by th!s earn-pany earn-pany of a plant wboee total output of explosives would be eonaigned to the allies. The deal came to light ta the wake of a treasury ruling published Wednesday boM-Ing boM-Ing money advanced by a forMsn governmeat for each use was not taxable Income because It waa in the nature af a loan. International Paper pre faired and Brooklyn-Manhattan Transit' preferred managed to chalk oft' new 1839-40 tope, ltaoent strength of the former was attributed to' hopes the concern would soon do-' elare something oa account of as-' erued dividends. New York's tree-' tloa unification program aided the latter.