Imperial Valley press., 1932-09-19
Daily Report Of
Stock Markets

NEW YORK, Sept. 10. (U.P)-A
sharp break in United States Steel
corporation issues turned the mar
ket down in late trading today af-
ter several attempts had been made
to rally the list.
Trading was dull throughout the
session as traders remained on the
sidelines to await definite indica-
don of a trend in the market.
Selling in shares of the United
States Steel common and preferred
! stocks came at the opening ana
near the close of the market. A
/ recovery during the session was
wiped out in the early afternoon
and wider losses than the morning
produced were substituted.
Steel common sold down toward
the SO level, against previous
close OF 387s, and high for the re-
cent upward movement of 52l2. The
preferred broke points on top of
a break of 1ll5 points last week.
Pressure on U. S. Steel issues
was heightened l. reports Myron
c. Taylor. chairman of the board
of the corporation, was to issue
statement after the close today. The
U. S. Steel offices knew nothing CT
such a statement. Rumors have
been current for the last few days
the corporation would reduce or
eliminate the preferred payment at
the next meeting of the board.
News from the steei industry gen.
orally was less encouraging than
recently. Rata o: production this
week was down to l5 per cent OF
capacity, against 1872 per cent a
week ago, according to the maga-
zine Steel.
For a time in the early trading,
the market had the support OF
sharply rising cotto nmarket and
firmer g-@;n prices.
LOS ANGELES. Sept. 10. U.R)-
The market continued to be irregu-
lar and inactive ON the Los Angeles !
stock exchange today.
Bolsa Chica Oil was the most ac-
tive, selling 900 shares at ga, down |
"A: Standard Oil sold 700 shares |
at 253s. down Is; Union Oil de-
clined 4 TO u on sales OF 300
shares; Pacific Western hit new
high for the year when 200 shares !
sold at IA, up i. /
Transamerica declined Il to 5h |
on sales of 800 shares. Southern
California Edison sold 300 shares |
at 262. down Is Pacific Gas &
Electric advanced Z TO 80 on sales
of 400 shares.
Cotton later slipped back around
the previous close, while wheat
broke to close at net losses OF Is
to l cent a bushel.
]. I. Case dropped from a high
of as to AIS, the latter off 2 points
on the dip in wheat and other
farm equipments made cores
ponding losses.
Steel shares generally reacted
with the leading issues. American
Can lost more than 2 points and
Coca Cola points.
Railroad shares held fairly well
most of the session. Near the close,
however. they joined the decline
anu lOSI IL dSbAOA1O W l4lOAN SAAHAA -
point. Utilities were having about
the same as the carriers late in
the day.
Aside from the steel reports,
business news was about in line
with recent reports. Dun's report.
ed September mercantile failures
on much smaller
scale than in recent preceding
months. The Dun insolvency in
dex so far this nc>tih is at 1888
against 1858 for August and 1863
for July The index for September
to date is the smallest since Sept.
1881.
According to preliminary calcu-
lations. the Dow, Jones and COM
pany industrial average stood at
6506, off 1.38, railroad 31.43, off b
O.61, and utility 2e70, off 0.41.
Sales were 100000 shares, COM
pared with 100000 shares last
Friday.
Aggregate market value of 10
leading stocks was S5,723, ,691, ,147
against s5,816,031, ,619 Saturday, a
daplir1e nf cQ0 2d0 d70