Imperial Valley press., 1932-08-30
Daily Report Of
Stock Markets

NEW YORK, Aug 80. W.H =
Railroad shares in a spectacular
burst of activity turned the entire
stock market higher late today
after early irregularity, but last
minute break III United States
Steel common and American Tele-
phone brought an irregularly lower
close.
The late break came without
warning just when the whole list
was advancing. Steel common was
carried down to 46& from q high
of 40. 1t closed at AZ, off rs.
American Telephone which had
sold at Hts broke to 113%, off
25s. where it closed.
The day witnessed a series of
sharp advances in various sections
listof the list. Copper led at the
start, rising to new highs for the
year on improved demand and
higher prices for the metal here
and abroad. Then the automobile
and their accessory shares, the
motor equipments and rubbers,
swung into line. Oils had a period
of activity and strength. Late in
the day tobaccos joined the upturn
and finally the rails resumed their
advance after few days of rest.
The upswing in the carriers was
sensational for a time. Delaware,
Lackawanna and Western crossed
38 into new high graund for tht
year for gain of more than 6
points. Lehigh Valley, another of
the so-called anthracite group,
jumped points and Delaware and
Hudson rose nearly 4 points.
Others of the group were up frac-
tions to 2 points New York Cen
tral was an active feature, equaling
its high for the move.
Goodyear led the rubbers, rising
to a new high for the year at 291z,
up 615 points, while the preferred
made a new 1882 top at 6912, up
ia. United States Rubber COM
mon and preferred also were strong
as were Goodrich and Fisk issues.
In the coppers, new 1882 highs
were made by Anaconda, American
Smelling, Kennecott, Noranda
Mines and Calumet and Hecla st.
Joseph Lead reached new top in
its division.
Chrysler led the motors and made
a new top for the year at 17A, up
IA points. Other motors followed
for a time, but lost part or all of
their gains before the close. Nash
gained nearly point. Electric
Auto-Lite, Timken Roller Bearing,
Borg Warner and BendiX shared in
the rise in the motor equipments.
American Tobacco "B" featured the
tobaccos.
United States Industrial Alcohol
met fair demand in its division and
strength was displayed in their re-
spective groups by American
Woolen, National Cash Register
"a" Hahn Department Stores and
Loew'S Inc.
Volume was light when the mar
ket was reacting. 1t picked up
somewhat on the rally in rails and
was rather heavy near the close
when considerable profit taking
came into Steel common.
Selling in Steel followed publica-
ton of the Dow-JoneS estimate of
steep production rate. The rate for
the week ended Monday was placed
at little under 13 per cent of ca
pacity, against figure slightly
above 1872 per cent in the previous
week and a shade under 141a per
cent two weeks ago.
Commodity markets were meeting
profit-taking most of the day, al
though in several the rising tend
ency of recent days continued.
New highs for the year were made
by rubber and cocoa futures and
wide gains were made by wool tops
futures. Silver and silk also ad-
vanced. Wheat, however, sold off
l to IA cents a bushel and grains
dipped smaller amounts. Cotton
dropped more than So a bale in
the early trading, rallied partially
in heavy trading and then slipped
back again. Bonds were irregular