Salt Lake Telegram | 1937-08-21 | Page 13 | Firmer Tone Develops in Stocks with Trading Light

FIRMER TONE DEVELOPS IN STOCKS WITH TRADING LIGHT COPPER SHARES UOVEJPVARD By ELMER C WALZEK United rreaa Financial Edlter NEW YORK, Aug. 21 A firmer tone developed in stocks Saturday mm .Hjnlirrimnt pt congress nearct Trading continued very light, with many absent because of the blistering blister-ing heat. The market opened fractions to more than a point lower, but slowly rallied. Many leading issues registered regis-tered gains. A part of a reputedly large short Interest covered. Small demand In the present thin market resulted In quick recoveries. Covering In U. S. Steel sent It up more than a point. U. 8. Rubber gained substantially. Chrysler came back more than s point Others to gain a point or more included American Amer-ican Smelting, Anaconda, Bethlehem Bethle-hem Steel and National Biscuit. Amusements showed strength on-lead on-lead of LoeWs. which rose to 3. up 2. Paramount gained a point to 23 1. Universal Pictures preferred pre-ferred reached 62, up 1. Rubbers recovered. Farm Implements Imple-ments firmed, except Deere St Co, which lost JH to 132. Mall order and oil shares picked up. Steels were higher, with U. 8. and motors following Chrysler up. Boeing featured fea-tured a rise in the aviation group. Otis were active, with Pure Oil most heavily traded. Large amounts of business were noted In Consolidated Consoli-dated Oil and Phillips Petroleuea, which fluctuated narrowly and were firm. Firmer copper abroad accounted for a rise In copper shares. The rise In steel shares was based on outlook for early pickup In operations opera-tions whsn the automobile companies compa-nies Increase steel orders for near models. Stocks, bonds and commodities declined during the week, whll-business whll-business held Its own. Industrial Issues led stocks lower, but soma support for pivotal sharea developed. Japanese Issuss were heavy losers on the bond market, the entire group touching new lows for the year. Selling was based on fears Japan may be forced to default en Hs loans because of a budget unbalanced un-balanced by war expenditures. United Unit-ed States government bonds had a sinking spell and the general domestic do-mestic list was lower. Grains led commodities lower. Heavy declines alao were noted la other leading commodities. Cotton futures made four-year lows.