Salt Lake Telegram | 1938-02-28 | Page 15 | Light Selling Depresses Leaders on Stock Market

SELLING SELLIN G DEPRESSES LEADERS ON STOCK MARKETt MARKET t LOSSES PARED IN LATE TRADE TRAD By MOTOR VICOR EUA EUBANK J JA A Associated Press Financial Editor NEW EW YORK YORK Feb Feb 28 Light 28 Light sellIng selling sell sell- sel ing sideswiped the stock market market- I Monday and leading issues fell feU back ack bak fractions to 3 or more points at it the worst worst Offerings on the te whole were smal small from the start The Te ticker tickertape tape frequently was wa at a standstill A little buying support appeared d from front time to time and at the te Clo close cose extreme losses loses were cut down dow substantially sub in many cases caes Transfers were around shares News generally was wa colorless if it i not somewhat depressing so far as a the market was wa concerned ad and traders were Inclined to stand tad aside aide pending fresh inspiration from Washington and more confirmation of a seasonal seaonal upturn in business The thought was expressed also aiso that thata a mild set-back set was due because eo mid wa of of- of the fact the te list for three tree consecutive tive weeks had advanced age on aver A. A T. T and ind nd T. T Unsettled Weakness of Telephone American Telephone was wa a bit unsettling unsetting this issue re reflecting re r. r fleeting fears fers the forthcoming federal fed fed- fe eral communications commission on the company might report not be so pleasing Steels tri trailed ed along with wit the rest of the market a as 8 weeks week's mill mi operating rate was wa estimated esti est mated down 11 points pOint at per percent percent pel cent of capacity Power and ad light Issues shifted narrowly although the supreme court did not come through trough with the long-awaited long decision on the of the utilities holding holding hold hold- ing company law Little itte stimulation was found in the courts court's approval of the national labor relation boards board's bod's policy on called so-called so-caled so company unions Bonds Bond and commodities displayed a tendency to give ground ground at Chicago was wa off 7 to 3 a bushel buhel and corn com was w dow down l 1 to 3 Come Como Back at Finish Prominent on the offside most of the day some day some came back at gt the te finish fin fin- ish were ish-were were ih-were were U. U S. S Steel Steel Bethlehem Crucible General Motors Chrysler Westinghouse Allied Chemical U.S. U.S. U. U S. S Rubber Goodrich Oliver Olver Farm Douglas Dougls Aircraft Aircraft Consolidated Edison Edi Ed son Anaconda Aeri American Amen Ameri can Smelting Seaboard Oil Oil Eastman East Eat man Kodak Great Northern Johns Jon Manville Union Carbide Carbide- and Allis Ali Chalmers Chalers Gold mines mine did fairly well wel small smal plus signs being recorded for Homestake Home Home- stake Dome and Alaska Alaka Alaka Junea Junea Coppers lacked climbing vitality notwithstanding an advance dyance in the tho price pries of the export staple Carriers generally held losses lose to o small smal amounts amount although some disappointment dis appointment was wa exhibited by shareholders share share- holders over the delay dely of the te interstate interstate inter inter- state commerce commission in i handing down its is ra rate ruling