Salt Lake Telegram | 1938-01-05 | Page 15 | Ate Selling Turns Early Stock Gains into Losses

ATE SELLING ELLING TURNS TURNS' EARLY STOCK GAINS INTO LOSSES LOSSES RAil AND STEEL SHARES DECLINE By VICTOR EUBA EUBANK Associated Press Financial Editor NEW YORK Jan 5 Last hour selling in the stock market Wednesday Wednesday Wednesday Wednes Wednes- day converted many early gains into losses and leading shares tilted backward fractions to around a point or more Rail issues proved the weak point as traders took note of unofficial estimates last week would show a drop from the pr preceding ceding period Steels also failed to make headway headway headway head head- way and aircrafts which had been strong in a morning rally slipped in most cases below Tuesdays Tuesday's final levels Oils and some selected specialties specialties ape ape- were resistant taking Profit-taking appeared and there was some switching from the so- so called armament issues so favored in recent sessions Transactions approximated 1000 shares Bonds were mixed with United States government issues higher and some secondary rails down Commodities mostly pointed upward upward upward up up- ward although wheat which had pushed ahead early in Chicago finished finished fin fin- unchanged to cent lower Corn was unchanged Baltimore Ohio was a weak spot in the rail stock list and re retreated retreated retreated re- re treated more than a point to a anew anew anew new low for 1937 Santa Fe re reversed reversed re- re versed an early gain and finished off about a point Others lower lawer were Chesapeake Ohio United States Steel Bethlehem Boeing Anaconda Copper General Motors Chrysler Montgomery Ward Johns Johns- Manville Westinghouse Electric Du DuPont DuPont Pont Western Union and Allis Chalmers