Imperial Valley press., 1932-09-06
Daily Report Of
Stock Markets

NEW YORK, Sept. 6. U.R) -
Heavy realizing pointed the stock
market lower toward the close to-
day after prices had responded in
the early trading to one OF the
heaviest buying movements OF the
current advance.
After establishing gains of TO 3
points in a morning Of intense
speculative activity, the market
turned irregular in the early aft
ernoon.
This check to the upward move
ment brought in a flood of selling
and prices declined to the close.
Early gains were soon washed away
and sizeable losses established in
most leading stocks.
Declines in many of the leaders
however, were halted at around a
point and many pool favorites OF
the early trading were able to hold
above the previous closing levels,
although well under their early
highs.
Similar movements occurred in
the commodity market which began
the post-holiday session in an
auspicious manner. Grains lost all
and cotton was only rs cents a bale
and cotton was only rs cents bale
higher near the close after early
gains Of s1.50 bale.
Active pool operations in stocks
prevented reactionary tendencies in
the late trading from getting out
Of control. Various favorites like
the copper stocks, United Aircraft,
Canadian Pacific and International
Telephone were able to hold above
their previous closing levels, these
stocks changing hands in large
blocks through the afternoon.
Largest losses We're suffered by
the market leaders. American
Telephone slumped below the lis
level, a loss of more than 4 points.
United States Steel fell below so, a
loss Of more man points from its
early high and similar recessions
occurred in other leaders like
American Can, Allied Chemical,
Consolidated Gas, Dupont and
General Motors.
Activity was at a rapid pace
throughout the session, tickers
falling behind trading on the floor
both during the early buying move
ment and at late selling movement.
Up TO 2:l0 p. m. approximately
3,6O0OO0 shares had changed hands
Nothing occurred outside the
market to account for the late re-
action but it was explained by a
desire of many traders to take
profits at the advantage offered by
the heavy buying movement of the
fore part of the session.
Price movements near the close
were highly confusing and traders
had difficulty in following price
movements. While the main trend
was downward, it was marked by
flurries Of buying in a number of
pool favorites. Closing prices in
most leaders, however, were near
the lows of the session.
According to preliminary calcu-
lation, the Dow-Jones & Co. in
dustrial average stood at 77.3I, off
l02; railroad 39.08, off 1.19. and
utility at 3445 off lib.
Sales were 4,400,00O shares. COM
pared with 3,5OO,O0O shares last
Friday.
Aggregate market value of IL
leading stocks was s6,589. .682. .649
against s6,741 1868, ,795 Saturday, a
decline Of $152,2S6,146.
LOS ANGELES, Sept. 6. UP)-
Most issues were irregular durine
inactive trading on the Los Ange.
les stock exchange today.
Bolsa Chica was the most active
selling 2300 shares at 3h, un.
changed; Rio Grande sold 2OOC
shares at 3A, up a; Standard Oi
1 advanced to 81, a new high fol
the year before declining to 3O1z
where IL was up y, during sales o.
800 shares; Union Associates hit {
new high OF 1885 during sales o.
zoo shares before it declined Il
lSl4, unchanged; Union Oil solC
600 shares at l4l5, down y.
Transamerica sold 1900 shares a
63f down 4 Southern Ca1ifory,i,