Salt Lake Telegram | 1937-08-19 | Page 23 | Stocks Hit Lower Levels as Lethargy Holds Market

STOCKS HIT LOWER LEVELS AS LETHARGY HOLDS MARKET DESCEIITS1IIT THREEPOIHTS By ELMER C WALZIB I'nltxl Press Financial Editor NEW YORK. Aug. 1 Stocks declined Hoday-ta-MW Jowa ainca August 6. Japan as bond. mad. new Iowa for th. year, wheat loat S cents a bushel and cotton futures mad. new four-year low. Lack of Interest In th. stock market, mar-ket, with many trader absent on vacation, waa a major Influence. Some were wary of th. railroad waga situation and easiness in carriers car-riers waa a factor In weakness of . th. general list. Buairteaa news waa favorabla, but ignored. Steel scrap price mounted mount-ed as a result of Japan... buying. American Agricultural Chemical reported re-ported for it fiscal year ended June 30 net equal to $8.86 a (hare, against $4 Tl In the preceding year. Mack Truck In th second quarter had net equal to $1.0 a har against 67 cent a year ago. . A disconcerting Item waa weakness weak-ness in U. 8. Steel, which touched 11 8-aVaa 3 8-1, Considerable un. loading was noted and steel's volum vol-um exceeded any other atock on , th board. Bethlehem dipped mora than a point-Motors point-Motors were easier, with Chrysler off nearly 3. General Motor at it low of M T-8 wa down 1 8-8. Talk of a aplit In th stock of J. 1 Cas failed to aid that laarus, and it dropped 4 point. Deer waa down more than three and Oliver Farm Equipment more than a point. American Agricultural Chemical sagged i point to 3, dearplte th good earning report. Losses of a point or more were noted in Cerro de Pasco, Douglas Aircraft, Loew's, Montgomery Ward, Sear Roebuck and U. S. Rubber. Rub-ber. Union Carbide broke below 100. OH Issue held batter than other section. Jersey gave up nearly a point, but Texas Corporation held a small gain in fairly active trading.