Imperial Valley press., 1932-08-02
Daily Report OF
Stock Markets


stock market today experienced the
first major reaction since its re-
! covery from the low marks of
July s.
Prices slipped off l to 4 points
with volume of trading curtailed
from the pace of recent sessions
+ Leading issues bore the brunt of
+ the decline which spread to all
/ sections of the market.
Accompanying the break and in
part responsible for it, was a crash
in wheat that carried the cereal
down 1& to cents a bushel from
the previous close. Weakness also
was noted in cotton which was off
nearly a dollar a bale Late in
the day bonds, which had been
carried to new highs since late
April, Softened.
Traders accepted the reaction as
normal procedure, a technical
correction after the long rise.
Those who had them took profits
and the steady decline soon caught
stop-loss orders placed by the cau-
tious operators and further reces-
sionS followed However, ia the
last few minutes slight rallies from
the lows of the day were made.
The American Metal Market" in
its weekly review of the iron and
steel industry noted a decrease of /
a point in the rate of operators. /
The Chicago district was down to +
10 per cent of capacity, while Pitts |
burgh was at 13 per cent. August /.
was expected to show slightly |
heavier production for the steel in
duStry than July, and September /
was expected to show very sub /
stantial improvement.
Steel common declined more than /
q point and the preferred made 4
wider decline.
A break of more than 2 points
was noted in such issues as Case,
Allied Chemical. United Fruit and
Ccco-Cola. Auburn churned about
between a low of 59ls and a high
Of 65, rallying late in the day.
Losses of point or more were re-
corded in American Tobacco,
Can, Standard of New
Jersey and Woolworth.
Late in the day National Biscuit
preferred were wanted for cash.
Whoever wanted them got his stock
for 130, up 13s4 points from the
previous close and equal to the
high for the year; Biscuit common
ost a point.
Railroad shares registered few
sizeable losses among the more
issues. Norfolk and West
ern broke 5 points and Delaware
and Hudson 4&. Union Pacific at
one time sold down to 43, off "a,
While Atchison was off nearly
3oints at 15A Wabash held a
small gain following word from
the interstate COM
nerce commission had approved a
oan to the road from the Recon
;truction Finance Corporation.
American Telephone lost more
han a point as did Western Union.
Consolidated Gas broke more than
points. Oils sold off late in the
lay after ruling firm on a good
earnings report by Seaboard Oil
and regular dividend declaration
1y Sacony- Vacuum.
According to preliminary calcu-
alton the Dow-Jones & Co. indus
rial average stood at 53.16, off
.78; rails, 1899, off 1.35, and
Utilities. 21l8. off 1.61.
Sales totaled 100000 shares, !
ompared with 100000 yesterday.
LOS ANGELES, Aug. 2. U.P)-
lessened during a falling
market on the Los Angeles stock
today.
Standard Oil was the most ac-
i've, selling 2700 shares at 241a,
own a. Union Associates sold 700
hares at 95s, down 4. Union Oil
eclined p to 1094 during sales Of
90 shares.
Transamerica sold 1900 shares at
Z. down 4. Security First Ma
ional Bank lost IL points to sell
90 shares at 48. 1t climbed to so
Southern California Edison
,er cent preferred sold 400 shares
I 221z, up 3 Edison common
old 100 shares at 22is, down q.
L. A. STOCKS
Bid Asked