Imperial Valley press., 1931-09-24
Daily Report OF
Stock Markets


NEW YORK, Sept "a U.P)-Re-
leased by removal of the ban on
short selling, bears staged a specta-
cular raid on the stock market to-
day, and succeeded in hammering
down the leading issues.
Steel common was under terrific
pressure and a drive was launched
against the utility group.
So heavy was the short selling
that long holders were frightened
into unloading. Some covering was
done on the general liquodation
which came late in the day and
prices firmed up slightly from their
lows which represented losses
ranging to 10 points.
RumorS flew thick and fast, many
of them obviously fabrications in
tended to depresS values and create
uncertainty among stockholders.
The bears had in their favor several
unfavorable items such as adverse
dividend changes and sharp
break in the pound sterling.
One brokerage house reported
more than SO per cent of its after
noon business as short sales. This
tendency, it was pointed out, ac-
tually strengthened the markets
technical position by providing a
cushion for further declines.
Traders anticipated a swift rally
before the close on the theory the
market had been hastily oversold;
but the slight upturn that did occur
was Of no consequence. United
States Steel and American Tele-
phone & Telegraph continued to re-
act to within touching distance of
their lows for the bear market.
In addition to the drop in tbs
pound sterling here and abroad. llIc
bears had in their favor dividend
omission by Anaconda Copper Min
ing company and a reduction of 81
annually il the annual dividend of
Delaware, Lackawanna & Western
railroad. Failure of a large Ger
man banking institution was also
an adverse factor for the local mar
ket.
Steel common touched rs, where
it was off IA points. It's low for
the bear market was 747s. At rs
it met slight support. American
Can touched n, off 6l2.
Rails, which yesterday featured
on the upside, experienced a terrific
break. At one time they were off
2 to IS points, Atchison making the
widest decline.
Preliminary calculation showed
the Dow Jones Industrial average
at l0779, off 800, and new low
for the bear market. Yesterday the
average rose 6.59 points.
The railroad average dipped to
1884, off 6.22. The utility average
was down to 4193, a near bear mar
ket low, of, 1856 points.
Sales totaled 100000 shares,
against 100000 shares yesterday.
In the last so minutes turnover
amounted to a million shares.
LOS ANGELES, Sept. "a. U.P)-
Trading returned to normal today
after yesterdays furry when Trans
america was active on the Los An
geles stock exchange.
Transamerica again was the most
active, selling $500 shares to hit
new low at AS, down Y from yes
terday's close Of As.
Southern Pacific dropped 1875
points to 60 when 200 shares were
sold. This sag was caused by the
fact that no sales of this issue were
made on the local board for the past
month.
Southern California Edison COM
mon equalled a new low when 240o
shares sold at "a, down 2. Associat-
ed Gas and Electric A was down
5 at on transfer of 300 shares.
Security First National bank was
off l at 65 on sales of 450 shares;
California bank dropped Z on sales
Of 100 shares at c., Pacific Finance
sold 800 shares at 10, down Is.
In the petroleums, Union Asso-
ciates was active, selling 1900 shares
at 1915, down Is; Standard Oil, 1400
shares, 323s, down 112; Union Oil
100 shares, 1914, down H.