Imperial Valley press., 1932-09-14
Daily Report Of
Stock Markets

NEW YORK. Sept IA. U.P) A
break of cents a bushel in De-
cember wheat set off a secondary
reaction on the stock market today
after an early advance of l to
more than points The gain
were quickly turned into losses that
ranged to points.
Trading was dull as compared
with yesterday until the last hour
when volume increased with the
decline.
December wheat recovered part
of its loss but closed off 2 to pa
cents a bushel and other months
were down rs to 2ls cents. Cot
ton, which had been up more than
81 bale, also broke below the pre-
yiouS close. Bonds turned irregular.
Leading shares of all sections of
the market bore the brunt of the
selling. Steel common dropped more
than points from its high of the
day of 4414; American Telephone
almost 6; Case nearly 10 and West
inghouse Electric 6.
Pressure was severe on the farm
equipment stocks following the
break in wheat. Earlier in the day,
j. I. Case was carried up to SIS,
where it was up 2A points net.
International Harvester lost more
than points in the late selling.
Mail order issues also broke on the
wheat situation.
United Aircraft led IN activity.
Pool operations were said to be re-
sponsible for a rise in the issue to
264, up "a. Near the close sup
port was withdrawn and the stock
broke more than points from the
high. Other aviation issues were
active.
Allied Chemical dropped more
than 8 points from its early high
of 79&; American Can more than
4 and Auburn Auto Z. Eastman Ko-
dak reached 551a, up 81, and then
lost nearly all of the gain.
Rails Drop
New York Central dropped below
% after reaching 2624, up rs.
Southern Pacific sold down around
25 from its high of 29A, up rs.
Utilities turned early gains into
losses that ranged to 8 points.
Paramount was sold in large blocks
in the amusements.
Today'S decline was considered
natural secondary reaction, al
though it followed closely the drop
of early yesterday. At the open
ing many margin accounts were
sold out after the impairment of
the preceding session, but the mar
ket experienced no pressure. Abil-
ity of the list to absorb the early
selling helped restore confidence.
Business news was considered
favorable in many lines, including
steel, electric, textile, tobacco, re-
tail sales and banking. Numerous
regular dividends were declared. |
Car loadings of the leading roads
made a favorable comparison with
last year.
According to preliminary calcu-
lation, the Dow-Jones & Co. indus
trial average stood at 65.92, off
3.e3 points; railroad 2971, off 2.86,
and utility 1880, off 1913.
Sales were 100000 shares, COM
pared with 100000 shares yes
terday.
Aggregate market value of 10
leading stocks was $5,780,190,171,
against S6,O59 ,674,O ,OS4 yesterday, a
decline of $279, ,483,913.
LOS ANGELES, Sept. Ia. U.P)-
A steady decline during inactive
trading was reported on the Los
stock exchange today.
Transamerica continued to be the
most active, selling 270o shares at
51a, down Il. Security First Ma
tional Bank declined l point dur
ing sales of 200 shares at Sd.
Standard Oil sold 500 shares at
261s, down a. Bolsa Chica de-
clined u to 3% on sales of 200
shares. Union Oil sold 100 shares
at 13, down u.
Southern California Edison de-
clined point when 500 shares sold
at 261a. Edison 6 per cent pre-
ferred advanced Is to 281s on sales
Of 200 shares.
Douglas Aircraft continued it's
climb when 100 shares sold at II.
up 2 points, a new high for the
year. Claude Neon declined IL
points on sales of 300 shares at 71a.
L. A. STOCKS
Bid Asked
Security First National. ...55 55h
Transamerica ................... sig SIS