Imperial Valley press., 1932-08-26
Daily Report Of
Stock Markets

NEW YORK. Aug. 26.-U.P)-
The financial community today ac-
claimed the opening of President
Hoovers economic conference with
a demonstration of strength in
stocks, bonds and cotton.
After going through a period of
profit taking that brought losses
into many issues, the stock list
turned definitely upward.
Buying orders came from all parts
of the country. Tickers that had
been tagging along in volume
more than a million shares under
Yesterdays pace soon became
swamped and fell behind the actual
market.
Prices spurted to new highs on
the upward movement which today
entered its eighth week. Shorts
covered hastily New buying came
into bonds which also had eX-
perienced selling. Cotton, which
had been depressed to small losses,
came back with the stock and bond
markets. The rally came too late
70 DIlllB COi ilColSOllNiiib oPeA -
grains and wheat closed with
fractional losses.
Industrial stocks led the rally
steel common being the outstand-
ing feature. Issues in which 81
short interest had been built up
in the last few days made wide
gains. Railroad shares participated
and made gains of l to more than
2 points. Utilities also moved nigh
er with American Telephone
reaching 119, up 3% points and at
a new high on the movement.
Gains in general list ranged
from / to more than points. Au-
burn reached 1874 where it was
up to 7%.
Steel common made new hlgn
on the movement at AZ up rs
net and up AS points from its low
of the day. steel preferred touch
ed 90 p up Az points. National
steel made new high for the year
at 3OA up 22s and American roll
ing mill at 1914 up "a.
Shares Make Gains
Farm equipment made gains o.
. points while the fertilizer shares
mounted also ON expectations OF
further commodity price gains that
would help the farming commun-
ity Mail order and other mer-
chandising issues participated IN
the advance with Safeway stores
rising more than 2 points to 53%.
American Smelling made a new
high for the year in the coppers
at 2O% up |. Standard Brands ana
Remington Rand were among other
issues to better their previous 1882
hiphs Baldwin was bid up nearly
a point to 90, new high for the
wear in the railroad equipments.
Eastman Kodak rose more than
3 points and similar gam was
made by United States Industrial
Alchol
According to preliminary calcula-
tion. the Dow Jones and Co., IN
dIstrial average stood at 74.43 up
10. railroads 1896, unchanged;
utilities S2.86, up 0.58.
sales totalled 100000 shares,
against 4,2UO,OUO SIldIoS yooVSh N3
Aggregate market value OF ~
leading stocks was $6,419 1853 ,309.
against S6,32o, 1885, 1921 an advance
of 500 ,469, ,488.
LOS ANGELES, Aug. 26. UP
A general advance among majority
of issues was reported during fair
lv active trading on the Los Angeles
Stock exchange today.
Transamerica continued to be the
most active stocks, selling $500
shares at 61a, up Is. Pacific Fin
ance sold 400 shares at 8, up u.
Union Oil sold 900 shares at IA,
up Il: Pacific Western advanced
Il to 5A on sales of 900 shares;
Union Associates sold 400 shares at
13. up q; Standard Oil was un-
changed at 231a on sales of 200
shares.
Southern California Edison 7 per
cent preferred sold 400 shares at
26A, up 4; Edison Common SOLD
800 shares at 2oA,. upA.